Loopring AMA with Asia Blockchain Community (ABC): a Recap
By: Daniel Wang
Tags: Loopring, Decentralized Exchange, Ethereum, Zkrollup, Ama

QUESTIONS FROM ABC

If you want to learn about us, please visit https://Loopring.org, you will find a lot of information regarding our technologies, products, and progress.

1) Tell us more about yourself. What you have done before Loopring, your educational background, hobbies, and anything you can share.

I’m Daniel Wang, the CEO of Loopring. I graduated from the University of Science and Technology of China with a major in Computer Science. Later I got a master’s degree in CS from Arizona State University.

I believe technologies will make people’s lives better, and blockchain will radically change the way people and companies organize and collaborate. We hope Loopring can contribute to the blockchain technical stack, which will eventually solve real-world problems.

2) We understand that you studied and worked in the US for quite a long time. How was your life there? How is that experience affected your life, especially your experience in Google?

I had worked for Google for four years as a software engineer and later as a tech lead. I enjoyed my life at Google and learned a lot from my managers and colleagues. The experience had a very profound and positive influence over my career after I left the company, and I have also found role models to look up to and learn from. Now I can be more dedicated, focused, and staunch. Meanwhile, I became more open-minded to new things and ideas, such as Blockchain, Ethereum, and Rollups.

3) How did you get into blockchain? What is your role in Loopring? What excites you most in Loopring?

I bought a few Bitcoin in 2013 and started a crypto exchange in 2014 called Coinport. Coinport offers CEX service as well as a Bitcoin payment processing solution. In 2017, I founded Loopring to build a decentralized, non-custodial exchange protocol on top of Ethereum. At Loopring, my job has always been managing resources and general directions. I also wrote many contract code and am now focusing on the business model and user-facing products.

We are excited about Loopring because we are the first team that had implemented zkRollup on Ethereum, and have proven that this idea is one of the best approaches for scalability without sacrifice in asset security. The next version of the Loopring protocol will be even more ready for production to serve millions of users. We have gained so much experience no only in contract level, but also zkRollup in general and relayer implementation. We firmly believe that zkRollup based fast payment and exchange will prevail soon, and we will see even more rollups become production-ready in the years to come.

4) Tell us more about Loopring, what problems it solves? What is the application scenario? What is your happiest and saddest moment while developing it?

Loopring now focuses on two products. The first one is the Loopring protocol; the second one is the Loopring Wallet.

Loopring protocol is a zkRollup, layer-2 protocol for non-custodial exchange and payments. It scales trade settlements by 1000 times (TPS 2025) and reduces the cost per trade to 300 USD per million trades. For payments, these metrics are even better. Our next version, Loopring 3.6, will be code-complete this month and becoming ready for a third-party audit. We expect 3.6 to be production-ready later this year.

Loopring Wallet is a smart contract-based “smart wallet” app. It provides social recovery, inheritance, quota management, and more functionalities. Most importantly, all these modules are upgradable with user permissions. Loopring Wallet is 100% non-custodial and is designed to provide the most user-friendly experience to end-users. A prototype is available, and we are working very hard on user experience.

5) Tell us about the tokenomics and how individual investors like our community members can participate in and benefit from it?

Our token is a utility token that can be used as follows: 1) staking to get Loopring protocol fees. If you stake LRC for more than 3 months, you will start receiving the Loopring protocol fee, currently 0.06% of the trading volumes on all exchanges built on top of Loopring. 2) staking for exchange. You can also stake to help a Loopring DEX to reduce staking fee so the exchange will get more revenue than otherwise, 3) exchange owner can also stake LRC to build up their reputation, so if they do not follow the protocol rules, some or all their staked LRC will be burned. If you are interested in LRC’s utility design, please visit https://loopring.org/#/lrc.

6) The blockchain and crypto markets have been changing. What do you want to see in the near future for this industry?

I expect zkRollup will become more popular, and more tools/libraries will become available for developers. The current R&D cost for zkRollup is still very high, and the turnaround time is still too long for small teams. There is a lot of room for improvement in both theory and implementation.

From the ecosystem’s perspective, I wish blockchain projects can work even closer. We should be the last type of entities to fall into the anti-globalization pitfall.

7) Share with us an inspiring quote for our readers. Eg “I believe in blockchain, it can change the world.”