Store and manage your LRC in Lumi Wallet
Since the crypto industry is still relatively young, our currency managing routine circles around various exchanges. Everyone who’s into crypto dedicates a lot of time and effort chasing their ultimate exchange. We all look for an honest and secure platform with exceedingly low fees. The most persistent ones go even further and build exchanges of their own.
And here’s where Loopring might come in rather handy.
Loopring is a protocol for building decentralized exchanges. Using their smart contracts and open-source software, you’ll get one step closer to creating that universal exchange that has the most crucial and much-needed features:
- Low trading fees
- Shareable liquidity
- Maximum flexibility
- Ultimate security
- Utmost transparency
One of the greatest things about Loopring is that it does not require you to send your tokens to any third parties and your assets stay in your possession during the entire transaction cycle. Your digital funds won’t be locked so you can transfer tokens around even after orders have been submitted. Loopring will simply adjust the amounts.
Forget about exchanges going bankrupt or hacked, with Loopring this won’t be your problem anymore.
The Loopring protocol can be used on top of any public blockchain, considering it supports smart contracts. Also, it can be integrated into blockchains as part of their native codebase.
Ring Matching for a Better Price
Loopring matches orders in the form of order-rings, which has a positive effect on the price. Each ring may consist of 2 to 16 orders, where tokens are transferred atomically in a circular manner during ring settlement. The orders are unidirectional, there are no takers and makers involved.
As Loopring orders do not actually hold any tokens, they can be shared. Order sharing tends to speed up matching and avoid single points of failure. This model also allows forming a consortium and creating a shared liquidity pool to compete with established exchanges.
The company developed “Dual Authoring” technology, which prevents orders and rings from being stolen by anyone, be it middlemen or blockchain miners without binding orders to anyone in particular. This is what makes orders truly shareable.
And if you really want to get to the bottom of it, here’s Loopring’s whitepaper, where you can find all the technical data.
LRC Token in Lumi Wallet
LRC is a ERC20 token and it’s not just an investment. You use LRC as a fee that you pay to ring-miners. You can buy it on the majority of exchanges, including Changelly.
Lumi Wallet allows you to safely store, send, and receive LRC. And there’s nothing complicated about that.
Here’s our mini-tutorial.
- Download Lumi Wallet and set up your account (don’t forget to write down your mnemonic and keep it in a safe place).
- Tap on the ‘Manage Wallets’ button in the ‘Wallets’ section.
- Choose LRC from the list (you might wanna check out the other ERC20 as well) and tap the ‘Ok’ button.
- Go to your new Loopring wallet and tap on the ‘Receive coins’ sign to get your LRC address.
- Use this address to transfer the funds from exchanges or other wallets.
Also, you can use Lumi Wallet to check the token’s price graph and monitor all your previous transactions.
Apart from LRC, you can manage more than 1200 ERC20 tokens, as well as major coins such as BTC, ETH, EOS, and BCH in Lumi.