Unpopular opinion: Not the official announcement of a NFT Marketplace will shoot Loopring to the moon, but loopring itself.
TL;DR: I´m going to show that mass adaption of loopring is here the real end goal.
Preface: I´ am just a smooth brained ape and not a crypto expert. If I have described something wrong, Corrections are always welcome. Since English is not my native language, please forgive the grammatical mistakes. I am open to any discussion. Apes together strong.
A quick overview of loopring.
Loopring is an Ethereum zkRollup protocol. A layer-2 solution for securely scaling Ethereum, and building high-performance, non-custodial exchanges and payment applications. Loopring provides a secure transaction infrastructure for the crypto world, to improve the trading experience of crypto asset holders, and promote the development of a new generation of financial systems. The loopring protocol guarantees his user security without sacrificing performance. Loopring, with its smart wallet and decentralized trading platform, can compete with centralized exchanges and offer the same speed and cost, but with additional security.
The current problems with the crypto space and financial world
Let's take a quick trip down memory lane. More precisely in the year 2008/2009. An individual named Satoshi Nakamoto publishes the whitepaper for Bitcoin. A digital currency free of intermediaries. This was the beginning of a revolutionary technology that will change the lives of us all. The main purpose was to create a transaction system without having to trust a third party. The trust lies in the blockchain. However, it has not been entirely possible to build a fully decentralized system to date. Although a lot of cryptocurrencies and projects have come to the market, it could never be suitable for everyday use. Too high fees, inefficient transactions, lack of security, especially in central exchanges (CEX) have so far blocked the replacement of traditional financial systems. Holding cryptocurrencies on central exchanges is contradictory. The goal was not to give a CEX power over your assets. If you look at all the cases that have happened so far e.g. 2014 Mt.Gox, 2016 Bitfinex and also in the NFT space with the current incident at Opensea. NOT YOUR KEYS, NOT YOUR COINS.
However, it must be admitted here that using a Cex is very comfortable. Fees are very low and very user-friendly for non-crypto affine people. However, if there is one thing, we should have learned so far in the digital world, it is that nothing is free. Sooner or later, you will pay the price. And the price here is security.
I started my journey at the beginning of 2020 with the GME runup. If there is one thing I have learned, it is that our financial systems are not built the way they should be. There are too many gaps, which are not benefit the average citizen . I will not go too much into this topic now, but with all the current events I am very sure that in the foreseeable future the financial system as we know it will no longer exist and will be transformed. A centrally managed financial system will not be able to hold in the long run, and alternatives are needed.
Now we need solutions. I believe Loopring has the potential to be an alternative to the current systems.
Loopring a potential alternative
I think, that loopring can replace big, centralized exchanges like Binance or Coinbase. Loopring is going to build an all-encompassing Ecosystem in the crypto space. The foundation of crypto is, no third parties. But until now it was never possible because security, decentralization and efficiency could not be combined all together. Loopring enables all three features without sacrificing anything.
I won't go into the technical details like the zkRollup or zkEVM here in this post. Take a look at all the other posts, they describe it very well. The future of Ethereum is Layer 2. Loopring strives to build an all-in-one platform. In the digital bank of the future, users will have fast payment and transfers, instant trading + swapping, the opportunity to borrow and lend assets and also to earn and stake. The users will get the same benefits from a normal bank or a cex without the necessity to trust them. People will securely self-custody their assets. This is going to be a financial revolution.
One of the most important aspects Loopring must consider is the usability of the technology. That is why Loopring strives to make its smart wallet as simple as possible. Mass adoption is only possible if people without crypto affinity can handle the technology. That is the reason why the UI of the wallet is built in a very simple way.
I could already gather experience with my smart wallet, and I can assure you that what the team has built so far is very simple and clear. Especially that I can store NFT securely on my wallet and transfer it to another wallet for very little fees is very impressive.
I personally think that loopring, especially with its smart wallet, is launching a product that will greatly simplify access to crypto. Full control over your assets, very low fees, and all this on top of the security of Ethereum. Anti-crypto scepticism will diminish over time once loopring can be used on a large scale without any problems. It will be possible to enjoy all the benefits of the traditional financial system and not be dependent on a third party. Security is provided by the technology behind Loopring.
Conclusion
I think the vision of Loopring for the long term is not entirely clear to all of us. If Loopring achieves its goals, and Loopring will because there is a great team behind, the whole world will see the real potential behind their amazing technology. Loopring will take the entire crypto industry over.
One of the biggest problems with crypto is that it is not mass adaptable without without giving up control of your coins to a third party. When you read the Whitepaper from Satoshi Nakamoto back in 2008 it is clear that the main goal of crypto is, to build a financial infrastructure without an intermediate but as safe as it or even more. Loopring with his layer 2 solution makes it possible. With the security of Ethereum and the suitable low fees for everyday use a mass adaption can be introduced.
The Loopring team is working incredibly fast and have accomplished a lot. Let the team do their work, don’t push for an announcement or something else. A possible announcement about an NFT marketplace with GME will not get us to the end goal. Don't get me wrong, an official announcement will of course benefit Loopring, but it won't be the announcement itself that will have a positive effect, but the fact that Loopring has developed a technology that makes the whole thing possible in the first place. Mass adaption is the end Goal.
In my opinion, Loopring will place itself among the top cryptos in the coming years. Within the next 3-5 years we are likely to see a massive increase in the overall crypto and NFT market. In this context, Loopring will be a top place to go for all interested parties. My personal price prediction in a few years for Loopring is at least 100 USD, more is of course possible. Possibly even faster if we look at the current events and the speed that the Loopring team is working at.
Patience is key. Buy & hold, forget sell button not financial advice.
Maybe this Tweet from Byron is now not a meme anymore it is the FUTURE.
Part 2 is coming…
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