Loopring
Loopring
Token: LRC


Decentralized Exchange and Open Protocol

ICO dates
Start date: 2017-08-01
End date: 2017-08-16

Registrated in: China

Platform: Ethereum
Type: ERC20

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https://loopring.org Screenshot
Loopring categories
Platform
Loopring whitepaper
Loopring token sale
KYC passing required No | Whitelist No | Restriction for countries No
Soft cap 50,000ETH
Hard cap 120,000 ETH
Tokens for sale 13,950,760,545,239
Sold tokens 13,950,760,545,239
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Random whitepaper excerpts

Contents
1 Background
3
2 Market and Industry
3
3 Design Protocol
4
3.1 Definition of Symbol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
3.2 Rate Immutability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
3.3 Order Reducibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
3.4 Match-Ring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
3.4.1 Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
3.4.2 Fill Volume . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
3.4.3 Cost and Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
3.4.4 Fee Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3.5 Fraud and Attack Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3.5.1 Exchange Covered Interest Arbitrage . . . . . . . . . . . . . . . . . . . 9
3.5.2 Denial-of-Service . . . . ...

1 Background
Blockchain[1][2] technology was created to facilitate the cryptocurrency Bitcoin[3]. It was
originally intended for use as a decentralized system to enforce financial agreements[4][5].
The technology that underlies such agreements can be applied to other transactions such as:
trading stock, IP, purchasing and saling of real estate, purchasing music, and much more.
Both consortium blockchains and private blockchains have been developed and implemented
during the last few years, however the value only exists within a closed set of entities. Con-
versely, fully public blockchains operates through a large number of participants, resulting
in trust through numbers. According to coinmarketcap.com stats, the total cryptocurrency
market cap value has reached 113 billion USD, including 32 billion USD for Ethereum[6] as
June 12, 2017.
Blockchain has a massive influence across many domains, particularly in the finance
sector. It is strongly believed that tokenization[7][5][2] offers many solu...

such as bitUSD, bitCNY, bitBTC, bitGold, and others. These assets can all be traded
withzerocounter-party risk, putting the user in total control of their funds. However, the
Bitshares project has many limitations.
The OpenLedger Dex[13] is a cryptocurrency exchange. It allows users to exchange Bit-
coin into smartcoins and then withdraw the smartcoins and convert them into cash through
PayPal, Ripple, or NanoCard. Additionally, Openledger relies greatly on the BitShares 2.0
platform and Graphene Toolkit’s operation.
The Bancor[14][15] protocol enables built-in price discovery and a liquidity mechanism
for tokens on smart contract blockchains. These ”smart tokens” hold one or more other
tokens in reserve and enable any party to instantly purchase or liquidate the smart token
in exchange for any of its reserve tokens. This is done directly through the smart token’s
contract, at a continuously calculated price according to a formula which balances buy and
sell volumes.
”0x”[16] is ...

1. User X, Y, and Z authorize the Loopring smart contract to access their accounts for
token trading. From the above figure, such a contract may transfer out 1000 A tokens
from User X’s account, transfer out 9 B tokens from User Y’s account, and 100 C
tokens from User Z’s account;
2. User X, Y, and Z place their own orders with signature using their private keys. Thus,
all orders go into a medium and are ready to be exchanged - Order 1 is selling no
more than 1000 A tokens and purchasing no less than 10 B tokens; if the order is
partially matched, then the exchange rate between tokens A to B should be no less
than 1000/10=100.00 (number of tokens sold divided by number of tokens purchased).
Furthermore, to illustrate other parameters involved in chapter 3.7;
3. User X, Y, and Z continue to send their orders to one of the other multiple exchanges;
4. After the exchange received all three separated orders, they will replace them into
a corresponding order-book, while updating a new block and c...

We underlined the symbols to place emphasis on their original numbers. For example
s
i

j
and
b
i

j
stands for the number of tokens from the original order.
3.2 Rate Immutability
Loopring requires that the max-return exchange rate in an order remains immutable until
the order is closed:
s
i

j
/b
i

j
=
s
i

j
/b
i

j
. This guarantees that after an order is partially
filled, the remaining order still satisfies the user’s original intention.
3.3 Order Reducibility
We can use token
C
j
to connect two orders (
O
i

j
and
O
j

k
), to recognize it as one single
order for selling token
Ci
for buying token
C
k
. we use
O
i

j

k ...

3.4.1 Price
We will provide an example for a better understanding of the pricing mechanism. Assume
three kinds of token are
C
0
,
C
1
and
C
2
, and three separated orders:
O
0

1
,
O
1

2
and
O
2

0
. Easy to approve: if and only if
r
0

1
·
r
1

2
·
r
2

0
= 1, all three orders could be filled
using their respective exchange rate; If
r
0

1
·
r
1

2
·
r
2

0
>
1, all these orders can be filled
using a rate lower than their implicit max exchange rate. We named the first situation as
original-price matching
, the second as
discount-price matching
.
According to Loopring protocol, each ...

If Loopring requires every order to set up a margin split
θ
i
, and minimum margin split
percentage is Θ. Then order
O
i
should pay to exchange:
f
i
= ∆
i
·
Θ =
b
i
·
r
i
·
γ
·
Θ
Income from margin among each matching trade is explicated by:
n

1
F
=
b
i
·
r
i
·
γ
·
Θ
i
=0
In order to encourage
LRC
usage, if the order has no preset token fee
m
i
, or
m
i
= 0, then
the actual ratio is 100% regardless of the relevant hash in this order. If none of the orders
have set up this rate Θ = 100%, then all of the margin proceeds will go to the exchange.
In the next chapter we will introduce a token pledge policy, and explain how the smart
contract will out each exchanges depositing token...

Figure 3:
LRC
token deposit rank and cost for discount
3.5 Fraud and Attack Protection
3.5.1 Exchange Covered Interest Arbitrage
Loopring endeavors to create a fair ecosystem and to find a balance between customers
(users) and exchanges. First, we will explain how an exchange could archive a zero-risk
covered interest arbitrage.
Assume there are two orders
O
a

b
,
O
b

a
that form a loop,
r
a

b
·
r
b

a
>
1. An exchange
can input three new orders between those two.
O
b

c
,
O
c

d
,
O
d

b
, to create a five order
loop,
r
a

b
·
r
b

c
·
r
c

d
·
r
d

b
·
...

Loopring Roadmap

1
2016.10
Loopring concept born
2
2016.12
Ring-match concept verified
3
2017.5
Whitepaper published
4
2017.6
Team set up, token sale planned
5
2017.8.1
Token sale kicked off
6
2017.8.16
Token sale concluded successfully
7
2017.11
Loopring smart contract to be released
8
2017.12
LRC listed on exchanges
9
2018.2
Open source ring-mining software
10
2018.4
Open source & launch a wallet to trade with Loopring Protocol