Loopring

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A blockchain research organization pioneering the future of finance. Loopring is building protocols, infrastructure, and user-facing DeFi products atop Ethereum, envisioning a digital economy that empowers its participants with full and guaranteed self-custody of their assets.

DeFi doesn't have to be a trade-off between security and performance. With this in mind, Loopring's Layer2 solutions work in synergy with Ethereum Layer1, enabling low-fee, high-speed, Ethereum-secured platforms for trustless trading, swapping, liquidity providing, and payment.

Ongoing projects led by Loopring:

Loopring Protocol: powered by zkRollups on Layer2, enables Ethereum to scale effectively without sacrificing Ethereum Layer1 guarantees
Loopring Layer2 Dex: An orderbook and automated market maker (AMM)-based non-custodial decentralized exchange (DEX) built atop Ethereum using the Loopring Protocol (v3).
Loopring Wallet: A mobile app for Android and iOS featuring an Ethereum Layer1 and Layer2 social recovery smart wallet.

founded 1 year ago

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Hey Loops! Community Question: if you had to create a new Loopring account - would you create it on the website App or the Android App ? Why? (alien.top)

submitted 11 months ago by FDAz@alien.top to c/loopring@blockchained.world

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I want to create a new LRC account and don't have clear pros and cons of the 2 solutions.

I like the Website app site, but what about the Android App?

My understanding is that we can't have an address that works on both.

Thanks in advance for your feedback!

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[–] the77helios@alien.top 1 points 11 months ago (2 children)

by “website app” do you mean that you have a hot wallet like MetaMask.. and created a L2 account with it on loopring.io?

It is important to understand the different TYPES of wallets.

MM is what is referred to as a hot wallet as well as EOA (Externally Owned Account). You can take an EOA wallet, and create a L2 address with it

Now having the LSW on your mobile phone is a totally different wallet. There is no seed phrase (as with MM and EOA wallets). It is a smart contract actually, not just a wallet. And that smart contract has access to L2 and L1.

So it’s really up to you. If you have an EOA wallet, and you set up guardians for socia recovery.. but someone find your seed phrase. They can steal your wallet. With a LSW there is no seed phrase, but you must have properly set up guardians (or cloud backup) in order to recover it.

Personally I have the phone app. I have 2 hardware wallets I use for other stuff, but they do not have a L2 wallet set up

Hope that helps

[–] FDAz@alien.top 1 points 11 months ago

That's exactly it man, thanks for defining it with the correct terms!

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