Loopring Announces Launch of iOS In-Wallet Trading App

The recently growing number of DDoS attacks and cyber thefts targeted at centralized exchanges have started the conversation on the need for decentralized exchanges (DEXs). Currently, only half of the DEXs listed on Index are live.

The iOS app is built on the Loopring protocol for creating DEXs, and supports ERC20 tokens. One of the protocol’s key features is the ability to run on any smart contracts blockchain which had deployed NEO (LRN) and Qtum (LRQ).

The new application allows users to create orders without actually sending tokens to any third party. Once created, the orders are signed with the private keys of the users and don’t require deposits.

Furthermore, the application supports P2P trading through QR codes - the order is complete once the app generates a QR that gets scanned by the other user. The QR code is required, as these types of orders would not be submitted to order books.

Loopring’s CEO, Daniel Wang commented that trading tokens should be as simple as sending tokens to blockchain addresses.

“There is no more trust, deposit, nor withdrawal. In the worst case, when a DEX or relayer goes out of business, we can still relax because our crypto-assets are secure and we can always cancel existing orders with another wallet.”, Wang added. 

Daniel added that DEX’s and non-custodial wallets can work together with the ultimate aim to provide crypto traders with an improved trading experience.

“Imagine when users can use their wallet apps to scan a QR code to ‘log into’ a DEX website that doesn’t hold any of their crypto-assets but only the orders associated with their addresses. None of these operations will demand user’s trust.”, he explained. 

The Loopring team works on the release of the protocol’s second version, scheduled for the autumn. The new version will introduce a separate owner and signer during the ordering process. This allows owners to authorize brokers to place orders on their behalf.  

Moreover, the current contract giving will be empowered by a callback system, giving users the option to add an interceptor. Another novelty in the protocol is the token registration enhancement, opening the doors to new tokens which are registered by smart contracts.

Loopring team’s summer is busy, as the devs team is working on a web-based wallet called Circulr. The wallet will be offering decentralized trades while bringing the familiar to the user appearance of a centralized exchange. The wallet release is set for August.

Earlier this year, in the middle of May, Bithumb added the Loopring (LRC coin), as well as TenX (PAY) and Wax (WAX).