Guide to Loopring Layer-2

Loopring introduced complete guide to Loopring Layer 2 & some insight into how they are building the, today.

• Loopring is building an all-encompassing Ecosystem for the entire Cryptoverse
• Upcoming major releases (EthPort + new web app + new mobile app + AMM/pool upgrades) will move us a huge step closer to this vision
• Think of Loopring Layer 2 as the self-custodial, trustless, secure version of Binance or Coinbase
• Depositing to a CEX (Centralized Exchange) + withdrawing from a CEX is expensive (gas/miner fees)
• Same for Loopring L2 (deposits + withdrawals still incur gas costs) — this is why we are building an all-encompassing Ecoystem — so once your Layer 2 account is funded, you should never need to leave!
• The future is trustless and self-custodial —
  users will ultimately choose to not trust centralized third parties with their funds (this is the foundation of crypto after all!)
• Loopring: a CEX user experience + all-encompassing Ecosystem but without the need to trust anyone else with your funds — powered by the magic of zkRollups + Ethereum base layer

🔹What exactly is Loopring Layer 2

In a future where physical banks are no longer needed, thanks to the advances of blockchain technology, Loopring is harnessing this technology to build an all-in-one digital bank of the future.

Payments + transfers
Trading + swapping
Borrowing + lending
Earning + saving

Loopring aims to be the home-base for millions of people around the globe to securely self-custody their funds, while simultaneously having access to the entire stack of what the crypto universe has to offer.

All-in-one, trustless, self-custodial banking in your pocket — for the masses.

In the crypto space, a good parallel for Loopring is a Binance / Coinbase ecosystem, but completely trustless and self-custodial. A CEX (centralized exchange) experience (near instant transactions + cheap fees) but without having to trust anyone else with your funds.

To accomplish this future, we have taken on the ambitious approach of building the entire technology stack ourselves. A complete, vertically integrated approach that is truly unique in the crypto space.

🔹Here are the important points of Loopring Smart Wallet:

• Basic EOA wallets (like MetaMask) are not secure for any significant amounts of funds — if your passphrase is lost, stolen, phished or hacked, your funds will likely be gone as well — this is far too common
• Hardware wallets (like Ledger) are better, but still are a single point of failure — private keys are stored offline, but still can be easily lost, stolen, phished or hacked — if they are, you have no recourse
• Smart Wallets w/ Social Recovery are the future of self-custody
• If your device (wallet) is lost, stolen, phished or hacked — you have all sorts of protections in place to protect your funds
• Guardians can lock your wallet if you lose it — if it can’t be found your Guardians can also recover your funds onto a new wallet!
• With Smart functionality enabled, you can add white-lists of addresses you trust — your funds cannot be transferred out to other addresses by potential hackers or phishers — daily limits can also be set to add further protection

What is Loopring?

Loopring is an Ethereum zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our Layer-2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring Exchange — an L2 orderbook and AMM DEX.

📰 INFO:

https://medium.com/loopring-protocol/loopring-welcome-to-the-future-3a42c5c7eba8