The cryptocurrency industry is ever growing. With all the growth being experienced, still, there are some challenges that people face. One of them if the ICO. The ICO is a controversial aspect of the industry. Loopring is a blockchain startup based on the entire blockchain ecosystem with an ICO method of gathering startup capital for its projects. The platform aims at addressing issues presented by an exchange that use the blockchain ecosystem today. Some of the issues include ICO controversies and freedom of users.
According to the Daniel Wong, the founder of the platform, he says, “Our project is pure blockchain, where transactions are based on using tokens and have nothing to do with the real economy. This means we do not earn revenue from the real economy, and all our income and profits are used for reference only. So fundraising through ICO is the best and only method for us.” He adds, “Financing through ICO is fast and the amount of funds raised is high, which is beneficial to our project team.”
How does platform work?
The Loopring platform functions as a decentralized exchange where it delivers greater levels of transparency and liquidity. The process of using the platform is simple. After users place their orders, the orders are executed automatically while the users’ trade funds remain under control. This mechanism drives the platform and breaks orders down into pieces that identify that best place and time to trade the pieces. As the official website puts it, Loopring is a decentralized exchange and an open protocol.
- Decentralized: all orders on the platform are automatically executed.
- Reduced counterparty and exchange risk: members are not required to send to exchanges for customers as token all held in their blockchain addresses during a transaction process.
- Order sharing: the mechanism on the platform allows an order to be broken into pieces before being shared.
- Cross-chain protocol: the platform uses the blockchain agnostic and smart-contract support.
- Ring-matching: the decentralized automated intelligence interferes between blockchain and crypto exchanges and enables users to realize liquidity.
Who is behind Loopring?
Loopring was founded by Daniel Wang who is a Google tech lead and co-founder of Yun rang Technology. The CMO of the platform is Jay Zhou, and coo, Johnston Chen. Chen is the Product Expert in Finance Industry and Chief Information Officer at 3NOD while Zhou is SJ Consulting Founder and PayPal Risk Operations. The team also includes a group of advisors.