Loopring LRC Current Price, Market Cap, How And Where To Buy LRC Token: Due to massive adoption of the Crypto market for the past few years, A lot of developers has come up with their crypto projects and more is still coming as far as the market continue to boom. Without wasting much of your time, we will go directly to the reason you land on our page, which is to know much about “Loopring [LRC]” and How And Where To Buy Loopring LRC.
Loopring [LRC] has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats currency. However, You can still easily buy this coin by first buying Major Crypto Currency like Bitcoin from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade Loopring [LRC] coin.
What Is Loopring LRC?
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.
Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.
LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019. The current CoinMarketCap ranking of LRC is #46, with a live market cap of $4,339,880,977 USD. It has a circulating supply of 1,327,062,164 LRC coins and a max. supply of 1,374,513,896 LRC coins.
Who Are the Founders of Loopring?
The founder and current CEO of Loopring Foundation, which manages the development of Loopring protocol, is Daniel Wang, a software engineer and entrepreneur based in Shanghai, China.
Wang has a bachelor’s degree in computer science from the University of Science and Technology of China, as well as a master’s degree in the same field from Arizona State University.
Prior to starting work on Loopring, Wang has held multiple managerial and executive positions in major tech companies: he was a lead software engineer at the medical device manufacturer Boston Scientific, the senior director of engineering, search, recommendation and ads system at the Chinese e-commerce giant JD.com, as well as a tech lead and senior software engineer at Google.
Wang has also co-founded several companies: Yunrang (Beijing) Information Technology Ltd. and the cryptocurrency services firm Coinport Technology Ltd.
What Makes Loopring Unique?
The main idea behind Loopring is to combine elements of centralized and decentralized cryptocurrency exchanges to create a protocol that will enjoy their unique advantages and eliminate inefficiencies.
Centralized exchanges are currently the main mode of operation for crypto trading services. While highly popular and convenient, using a centralized exchange carries a number of risks, the chief of which is their custodial nature. Because these exchanges hold users’ funds for them between the points of depositing and withdrawing, those funds come under the risk of being partially or fully lost due to potential hacker attacks, malicious actors inside the exchange or regulatory intervention.
Another major problem for centralized exchanges is the lack of transparency: the fact that trades are not settled on the blockchain, but rather stored in the exchange’s internal records makes possible price manipulation by the exchange and allows it to use user funds for unauthorized purposes while in custody.
In order to eliminate these problems, a new type of trading service has emerged in recent years: a decentralized crypto exchange (DEX). Instead of holding user funds in custody and processing trades internally, it helps buy and sell orders connect directly with each other and settle trades on a public blockchain.
While removing the custodial and transparency risks, DEXs introduce disadvantages of their own: mainly, lower efficiency (when compared to centralized alternatives) associated with the limited capabilities of the underlying blockchains and fragmented liquidity.
Loopring protocol seeks to keep the advantages of decentralized exchanges while reducing or eliminating their inefficiencies via innovative hybrid solutions. Through managing orders in a centralized manner but settling the trades on-blockchain, and combining up to 16 orders into circular trades instead of allowing strictly one vs. one trading pairs, Loopring expects to increase the efficiency of order execution, as well as enhance the liquidity of DEXs.
How Is the Loopring Network Secured?
Loopring is operable on Ethereum and Neo blockchains with plans to add support for the Qtum blockchain. Each of these networks has its own token: LRC and LRN for Ethereum and Neo respectively; when launched, the Qtum network token will be called LRQ.
These tokens are secured by the hash functions of their underlying blockchain platforms: LRC by Ethereum’s Ethash, LRN by Neo’s SHA256 and RIPEMD160 and LRQ by Qtum’s proof-of-stake PoSv3 algorithm.
Where Can You Buy Loopring LRC?
LRC is available on many exchanges, some of the major and most trusted ones are:
- Coinbase Pro
Where To Buy Loopring LRC Coin.
With the recent hike in the price of Loopring [LRC], there has been a high demand from potential investors who wish to buy and own Loopring [LRC], A lot of crypto investors are online trying to get the right information on how to how & where to get their LRC asset as well as storing them in a secured wallet. According to data gathered from CoinMarketCap and many other crypto websites, It’s clear that LRC is not available on many on many Crypto-Exchanges.
NOTE THAT: LRC cannot be directly purchased with fiats currency. However, You can still easily buy this coin by first buying USDT or any major Crypto Currencies like BITCOIN from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy LRC .
Register on Fiat_to_Crypto Exchange
Since you can’t buy LRC directly with Fiat Currency, You will have to first buy one of the major cryptocurrencies (BTC, USDT, ETH). But in this case let’s consider USDT (USDT). You can perform this transaction on fiat-to-crypto exchanges, Uphold.com or Coinbase.com you can decide to use any of them as they are widely adopted in the crypto world, They are both rated among the largest crypto exchanges that accept fiat deposits in the world.
All you need to do, create account with them ( ensure you keep your password safely) after creating an account then move to the next step which is to buy USDT.
Buy USDT with fiat Currency
Once you finished with account creating and verification process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer.
NOTE: You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer attract lower charges but slower purchases, Though it sometimes depends on the country of your residence, some countries will offer instant cash deposit with low fees.
Transfer USDT to an Altcoin Exchange
After buying your USDT, it’s worthy of note that since LRC is an altcoin that can’t be traded in all Crypto exchange, we need to transfer our USDT to an exchange that LRC can be traded. Many exchanges has their own policies as some has restrictions to some countries, for example Binance does not allow investors from USA as customers. So you have to choose an exchange that suit your location and create an account with them before proceeding to the next steps.
PLEASE NOTE: It will always be advised to set up 2FA authentication as it adds extra security to your account.
Deposit USDT to Your Preferred exchange
Depends on the policies of the exchange you might be required to go through another verification process, this usually takes minimum 0f 30 minutes and a maximum of a day, After the whole verification process you are now good to go.
Since we are now transferring our previously bought USDT on Coinbase to this wallet, click on ‘Copy Address’ or right-click on the full address and click copy to grab this address to your clipboard. Now head back to Coinbase, go to Portfolio page and click on the USDT on your asset list, then click on ‘Send’ on the right.
Under the Recipient field, paste the wallet address from your clipboard, for security and accuracy reason, you should always check if both addresses are matching and Click ‘Send’ to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to your preferred exchange.
Now go to your exchange to confirm your USDT arrival, don’t worry if you haven’t seen your deposit almost immediately, It might be undergoing some network verification in the blockchain network and this should take a few minutes for your coins to arrive. Depending on the network traffic condition of the USDT network, during busy times it may take even longer.
You should receive a confirmation notification from your exchange once your USDT has arrived. guess what? You are now finally ready to purchase your LRC
At this stage which is the final of your purchase, held to your exchanging platform, then go to ‘Exchange’. make sure “USDT” is selected to be able to trade USDT to altcoin pair of your choice, in this case LRC . You should see LRC/USDT, select that pair and you should see a price chart of LRC /USDT in the middle of the page. All you need to do is to execute your order and you are done getting your LRC asset.
Some Top Exchanges You Might Love Base On Your Location
BitMart – Is one of the most trusted cryptocurrency trading platform which provides real-time trading services including Bitcoin (BTC), Ethereum (ETH) and other Altcoins. It accept American customers unlike BINANCE that doesn’t support American customers.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here.
The Last Part And Conclusion.
After Purchasing your LRC , and your plan is to hold it for long. You will have to open a secure wallet online or you make use of appropriate “Cold Wallet” as there had been too many hacking incidents associated with online and funds had lost severally.
Thank you for your time, note that this page is open for update and corrections. Please Note That, buying of crypto currencies is at your own risk, all our post is for education purpose and it’s advisable that you buy according to the dollars you can afford to lose.