ChainLink Price & Charts
What is ChainLink?
Loopring is a decentralized cryptocurrency that provides its’ blockchain for merchants, users and institutions to trade across many cryptocurrency exchanges at a low cost and in a secure way. It is built on ethereum blockchain, and it is not an exchange but an open source protocol.
Loopring exchange fees are of two types namely ring matching cost saving fee and transaction fee. Loopring was launched to address the problems of centralized exchange system such as lack of security, lack of transparency and lack of liquidity. One of the unique features of Loopring is that it shields users from counterparty risk.
When an order is made, Loopring mechanism allows the breakage of the order into small pieces. It will pick the best exchange and time to trade those pieces using game theoretic logic to boost the trading results. The high-security system put in place prevents any DDOS attack.
Since it makes use ethereum blockchain with the support of the smart contract, all ERC20 are traded under Looping. The Loopring smart contract involves the anatomy of order and management of order.
Loopring is made up of seasoned professionals in their various endeavors. We have Daniel Wang as the founder, Jay Zhou as the CMO and Johnston Chen as the COO.
The advisory group is made up of men who have contributed immensely to the cryptocurrency industry. We have Xuefeng Li (CTO at Zhongan Tech), Da Hongfei(NEO founder), Hitters Xu( Nebula Blockchain founder).
PRACTICAL USES OF LOOPRING
It provides an exchange trading platform.
It has an API supported by smart contract for application development.
Widely accepted ERC20 token for payment of goods and services.
MINING OF LOOPRING
Loopring network can be mined the same way like ethereum using two methods. They are CPU/GPU and Mining pool.
CPU/GPU Mining: CPU/GPU is a computer that has a graphical interface. It uses Proof of Work(PoW) to mine and to secure both the transaction records and the rewards. The Proof of Work(PoW} is an SHA-256 algorithm. The GPU is more efficient and faster than the CPU. Both delay a lot in recording the transactions to the blockchain, and this also delays rewards. The advantage CPU/GPU mining has over others is that it gives better privacy. Loopring does not support ASIC mining. Please note that one needs to disable antivirus to allow mining take place.
Mining pool: This method involves forming a group and putting resources together. Once a computational problem is solved, new blocks added to the blockchain and the transaction records updated, the reward will be given to the pool. The ether coins being offered as a reward will be shared amongst the members of the group based on the contribution.
NOTES FOR INVESTORS
Loopring (LRC) is USD 0.06 per coin and investing as little as $50 is not a bad investment. They have a great team, good developer and their roadmap shows that they have a clear vision of making Looping, one of the top five cryptocurrencies in the market cap in a few years from now. This is the best time to invest because market analysts have predicted a rapid increase by the year 2018.
Cryptocurrency investment is speculative, and it involves unquantifiable risks – the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may Seek advice before investing.