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Loopring is a decentralized exchange and open protocol on the Ethereum blockchain. It’s designed to provide traders and institutions with a decentralized, automated trade execution system that implements trades across crypto exchanges, ensuring protection from counterparty risk and reducing the cost of trading.
The LRC token is the native token of the Loopring system, so let’s take a closer look at what these tokens are used for and how you can buy LRC in Canada.
You can buy and sell LRC on a wide range of popular cryptocurrency exchanges, including:
If you want to buy LRC, you can follow these three steps:
Do your research to find an exchange that offers LRC in the currency pairing you want to trade, and then sign up for an account with that exchange online. You’ll need to provide your name and email address to register and, to comply with Know Your Customer (KYC) laws, some exchanges will require further contact details and proof of ID before you can begin trading.
It’s also recommended that you setup two-factor authentication on your account for added security.
At the time of writing, several exchanges, including Kraken and Crypto.com, will allow you to exchange US dollars (USD) for LRC directly. You can also exchange LRC for popular currencies, such as Bitcoin (BTC) or Ethereum (ETH)..
To deposit funds, login to your account and click on the “Deposit” link. Enter the amount you want to deposit and generate a wallet address to transfer your chosen crypto from another exchange or your own wallet into your account.
Now it’s time to exchange your chosen cryptocurrency for LRC. The steps you’ll need to complete to do this may vary slightly between exchanges, but you’ll generally need to search for your desired pairing (such as ETH/LRC) and click on “Buy LRC”.
You can then enter the amount of LRC you want to buy and, if you’re happy with the transaction details and total cost, confirm your purchase.
If or when you decide to sell your LRC, you can do so via your chosen crypto exchange. You’ll essentially need to follow the same process outlined in step 3 above, but with the obvious difference that you’ll be looking to sell rather than buy. You should also be aware that exchanges don’t offer every possible crypto pairing, so you may not be able to directly exchange LRC for the currency you want.
Storing cryptocurrency on an exchange for any length of time is not recommended, so you should consider transferring your LRC to a wallet. LRC is an ERC20 token on the Ethereum blockchain, so you’ll need to store your LRC in an Ethereum-friendly wallet. Examples of suitable wallets include:
The main aim of Loopring is to solve the problems associated with centralized cryptocurrency exchanges. Despite the fact that cryptocurrencies are designed to be decentralized, most people still buy, sell and trade cryptos on centralized platforms. Not only does this expose us to an increased risk of fraud and a lack of transparency, it also means higher transaction fees and, in recent times, inconvenience as several exchanges have struggled to keep pace with rising demand.
Loopring is a decentralized exchange protocol, but not a decentralized exchange as such, for ERC20 tokens. By acting as an automated trading interface between crypto exchanges and blockchains, its role is to implement a user’s trades across the world’s crypto exchanges, providing protection against counterparty risk and reducing trading costs.
The Loopring system allows traders to retain control of their tokens rather than sending them to an exchange, with smart contracts used to automatically execute trades while the funds remain under your control. Loopring is designed to break each order into small pieces, identify the best exchanges and times to trade those pieces and apply game theory logic to produce the best trading results.
Ethereum is the first public blockchain to be supported by Loopring, but the protocol is designed to be blockchain-agnostic, so other blockchains with smart contract capability could also be supported in the future.
The Loopring concept was first developed in 2016 and its whitepaper was published in May 2017. An ICO took place in August 2017, and raised US$45 million in funds.
Cryptocurrencies are complex, speculative and risky, so you’ll need to thoroughly research any coin before you decide to buy. If you’re thinking of buying LRC, make sure you take the following factors into account:
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