Buy Loopring (LRC)
What is Loopring?
Loopring is a layer-2 solution for the Ethereum network. On the Loopring network, transactions are bundled. This bundle is sent as one transaction on the Ethereum blockchain. This way, high Ethereum network costs are avoided.
People who have traded with Ethereum have probably noticed the transaction fees. With the Merge completed, the Ethereum network remains immensely popular. Fortunately, Loopring (LRC) brings a solution through its layer-2 (DeFi) protocol. But what exactly is a layer-2 protocol? Layer-2 is a secondary network built on top of the main network. In this case, the first layer is the popular Ethereum network and the 2nd layer is the Loopring network. In the case of Loopring, the secondary network relieves and supports the first network in terms of transactions and scalability. Currently, larger networks like Bitcoin and Ethereum cannot handle the transaction numbers like giants as Mastercard and Visa (yet). In the case of Ethereum, this is due in part to the sheer volume of applications and smart contracts running on the network. To ensure that these applications can keep running, transactions are bundled "off-chain" via Loopring, for example. Through this system, Ethereum, can continue to build its network and process multiple transactions at the same time.
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Why buy Loopring with Anycoin?
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Extra information about Loopring
What is zkRollups?
These off-chain transactions are possible through a technique called zkRollups. Through zkRollups, Loopring can bypass high transaction fees that currently apply to the many decentralized exchanges on the Ethereum network. The zk in zkRollups stands for zero knowledge. By this they mean that transactions are processed anonymously. The transaction and its "authenticity" are verified without providing unnecessary data. Zero-Knowledge tells you it's bad weather outside without having to look out the window. Rollups is a system that focuses on scalability and does so by aggregating transactions. The system "rolls" transactions together into a single transaction and then places it on the Ethereum network. This system allows Loopring transactions to share the costs and does not clog up the network. zkRollups is the combination of these two techniques. The token that makes all this possible? The LRC token!
How can I store LRC?
It's best to store Loopring in the Anycoin Vault. You can activate your personal Vault in your account dashboard. Once activated, you can select your Vault when purchasing Loopring. It's actually quite simple. Another method is through the Anycoin App. Download the Anycoin App via the iOS App Store or Google Play Store and login with your account. All purchases through the Anycoin App are automatically placed in your Vault. With the app, you buy and store Loopring (LRC) within seconds.
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