Loopring team announced on Jun 6 that zkRollup powered Loopring Pay system has gone online. The functionality was previously limited to trading, but has since been expanded to include payments and transfers. Using the Loopring Pay facility, users can send and receive Ethereum (ETH) or Ethereum based assets, instantly and for free. The Loopring.io Web front-end, protocol and relayer have been updated to reflect the change. The layer 2 scaling solution has the same network security guarantee as the parent chain of Ethereum.

The UI and UX of Loopring Pay will be further improved and it will be properly integrated with upcoming Loopring wallet. Soon, other wallets and DApps will be able to harness the power of this fast, secure and scalable payment system.

Loopring Protocol

The layer 2 scaling solution for the Ethereum network, actually started as a decentralized exchange (DEX). The team developed zkRollup which was used to power Loopring exchange. The zkRollup scales Ethereum 1000x over its nominal capacity by transferring most processing on another chain, which means higher settlement speed and low cost of transactions.

Since all transfers and transactions occur first on the Loopring zkRollup, before finally being settled on chain. The users must be on the Loopring network, to benefit from it. The onboarding process is quite simple and users need to make only one on-chain transaction to bind the held Ethereum mainnet address in the off-chain account system. As the Loopring network grows, the benefits will grow also. Other wallets will get the Loopring Pay functionality soon and users will be able to onboard from the wallet interface itself.

About Layer 2 Protocols

The Layer 2 scaling solutions are decentralized protocols applied to increase the processing capacity of a blockchain (hence scaling) and as a result relieve congestion on the network. They work by delegating the network processing “off-chain” to their own chain, processing it there, before settling the final balances on the base layer mainnet.

In order to support and motivate the CryptoTicker team, especially in times of Corona, to continue to deliver good content, we would like to ask you to donate a small amount. Independent journalism can only survive if we stick together as a society. Thank you

nexo-logo

nexo-logo

Nexo – Your Crypto Banking Account

Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.

Ad

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission – but the prices do not change for you! 🙂

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 


Posted By

Taha Zafar

Blockchain Expert. DeFi Enthusiast. Skilled in Fundamental Analysis and All Things Crypto.


More from Blockchain Companies

(Excerpt) Read more Here | 2020-07-08 18:51:48
Image credit: source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.