Loopring Bi-Weekly Update — 09/15/2018

We have just launched a new blog for our Chinese communities: https://blogs.loopring.org considering our WeChat public account got banned last week due to “violations” of using terms such as ICO, token economy, etc.

We will also skip the next bi-weekly report as we have scheduled an offsite during that weekend. All updates will be incorporated in a later biweekly report.

Protocol

We fine-tuned the design of the Loopring Protocol 2.0 and improved the fee model, fee burning mechanism, and burn rate rank mechanism. The corresponding code was updated, and the tests were enhanced.

We re-discussed and agreed that it is no longer necessary to register ERC20 tokens at the protocol level to enable them for trading. So we decided to yield the token listing decision making power to relays completely. Protocol 2.0 will unconditionally support all ERC20 tokens for trading. We have updated corresponding code and unit tests. In the near future, relays and wallets will have all and absolute power to make business decisions regarding token listing and adding more trading pairs, which will give Loopring 2.0 a more decentralized nature.

The EIP712 support has been partially submitted to the EIP712 branch and is expected to be finalized and tested next week. Supporting EIP712 by showing structured data to users before signing will improve trading security and user experience.

We developed a simple voting smart contract based on user’s LRC balance (other types of data, such as age, will also be used in the future for calculating voting weights). This work is a small step towards decentralized governance. The code is now part of the master branch.

We also improved the smart contract simulator protocol2-js to log more details about each micropayment of each settlement transaction.

As of now the two Protocol 2.0 key repositories, protocol2 and protocol2-js, are still close sourced. We will get ready and open source them in about two weeks.

Relay

Relay 1.0

We added an API to get the price from CoinMarketCap which is now pushed online. Relay 1.0 also added support to hide trading pairs with low volumes, and display certain trading pairs according to custom configuration in the relay. We are now working on different levels of order aggregation in order books.

Lightcone Relay

We wrapped the code for accessing multiple Ethereum nodes into a small library called ethcube. It will monitor each node’s data synchronization status (via eth_syncing) and block height (via eth_blockNumber) for dynamically load balancing. Ethcube will be open-sourced together with the Lightcone relay codebase.

We have also committed more code in several critical modules including order-database, matching, and balance/allowancing cache.

Frontend & Product

Ring Tracker

We finished the integration testing for Ring Tracker and resolved some issues we found. This tool is being used and further tested internally. We will improve the UI in the near future and then migrate it to the new domain: ringtracker.io.

iOS App

We are happy to announce iOS app 0.9.9. You can download this new version on https://upwallet.io. We have redesigned the QR code. You can scan the QR code to transfer token and submit orders, as well as sharing the QR code of wallet address and P2P orders. The new QR code will become your wallet’s new “business card”.

The latest version has improved security. Password protection is now available when backing up mnemonics and exporting private keys. We have implemented hiding app data when switching app in iPhones. In the trading view, we have added a price alert feature to warn users from submitting orders with irrational prices relative to third-party prices. We have unified UI across many views, especially the size of fonts. We have also fixed an issue where the nonce value has not been updated when switching wallets. In the meanwhile, we have improved the user experience when the app is loading data, and have fixed crashes caused by network unavailability.

Android App

For our Android app, we have refactored the original codebase by introducing a better design pattern called MVP which is widely adopted by Android developers. The adjustment of design concept accelerates the rhythm of subsequent development, reduced development cost, and more importantly, improves the performance of the app as a whole. At the same time, we have achieved the following:

  • Finished wallet total fiat value calculation and enabled fiat currency selection in Settings;
  • Finished fetching token’s price in fiat using the backend API;
  • Enabled applying different precision settings for each token based on configurations in the relay.
  • Added a component to refresh UI triggered by drag down views; added ticker component to display price updates.

Looping.js SDK

We optimized the interface and released the V1.0.8 version, and also optimized the library’s documentation which will be released as part of a better version of our Developer Portal.

H5DEX • Circulr DEX • Loopr Wallex

These three web-based products with DEX functionality listed BRM/LRC, BRM/WETH, RTE/LRC, RTE/WETH, MRL/LRC, MRL/WETH, APPC/LRC, APPC/WETH trading pairs. We also optimized the projects’ dependencies on the Loopring.js library and enabled the “price alert” feature.

Operations & Marketing

  • 09/02/2018 — COO Johnston Chen conducted a live broadcast to introduce Loopring’s “V Plan” for the Chinese community. The plan is about recruiting, training, and rewarding Loopring evangelists in China.
  • 09/04/2018 — Johnston was invited to participate in a video interview organized by Gold Bull Finance.
  • 09/05/2018 — We concluded the second LRN airdrops. This airdrop distributed 2302811.7 NEO to 1128 NEO addresses in two batches and burned 2,590,467,3.8 LRNs (18.57% of the total LRN supply).
  • 09/06/2018 — Matthew Finestone, Director BD, presented Loopring at a blockchain event that examined different crypto projects and how they funded themselves. The event was hosted by Timechain, a wallet and dapp browser integrating Loopring protocol.
Matthew at Timechain event in Montreal
  • 09/08/2018 — Released our new fee model for protocol 2.0.
  • 09/08/ 2018—Our CMO, Jay Zhou, was invited to participate in the Ethereum Industry Development Summit — Expansion and Industry Integration.
Jay @ Smart Contact Security Panel
  • 09/10/2018 — Loopring team attend the ECF - Ethereum Community Fund Shanghai opening at Neutrino. CMO Jay delivered Loopring Fee Model 2.0 to the community.
  • 09/10/2018 — Loopring sponsored CryptoBazar to hold an international online hackathon. Our chief smart contract architect Freeman Zhong was invited as a judge of the finals. We request a task that designs a solidity struct definition language and a compiler for it to help solidity-based smart contracts serialize and deserialize solidity structs.
  • 09/12/2018 — as part of Loopring’s “V Plan” we trained the first group of Loopring evangelists in China.
  • 09/12/2018 — Our Token Listing Application has been updated to allow token teams to express if they’d like to work with third-party market makers to provide extra liquidity for their tokens on the Loopring network.
  • 09/14/2018 — Daniel conducted a live video broadcast to interpret the economic model of protocol 2.0 for the Chinese communities.

Ecosystem Activity

  • Timechain hosts event to introduce their comprehensive wallet platform and launch their private sale.
  • Dolomite showing a quick peak of their Portfolio layout and a poll that says low-liquidity is the biggest DEX pain point.
  • UP Wallet, mobile wallet based on Loopr-iOS, releases updated version, fixing notifications and other small things.
  • Huobi Wallet launches with Loopring protocol natively integrated to offer users in-wallet non-custodial ERC20 trading.

We created a new Loopring Discord chat to focus on technical support for relay/ring-miners, wallets, DEXs, and any other project seeking help to integrate the protocol.

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⭑ Discord: discord.gg/KkYccYp
⭑ StackOverflow: stackoverflow.com/c/loopring
⭑ Kakao: open.kakao.com/o/gJbSZdF (Korean)