Road Print Monthly Report (June 2020)
We have made good progress in the development of the Luprint Protocol 3.6 and the Luprint wallet. Although product iterations will never catch up with the community's expectations, from a software engineering perspective, we are still satisfied with this progress. If you want to know more about Luyin in June, keep reading.
R & D
Road printing agreement
We decided to release a version 3.6 of the Road Print Protocol before investing in the development of the Road Print Protocol 4.0. This version is an upgrade to 3.5. The goal is to launch an agreement for two to three years as soon as possible, based on the same market positioning.
Some friends in the community are curious about Luyin 4.0. However, starting from the current design positioning of the Luyin Agreement, 3.6 will be our most competitive core DeFi product in the next three or two years. 4.0 is another different “species” in our plans. In the future, we may give 4.0 a unique name to differentiate it from the positioning of the Luyin Agreement.
In addition to supporting more users, 3.6 also provides more improvements that we think are very necessary, including:
The user experience has been greatly improved — users can receive token and ether transfers on the second tier without registering an account.
Requests of different types can be packaged into the same block for batch processing. This will make the block rate of 3.6 small blocks extremely low, the cost of each request will be greatly reduced, and the waiting time for user operations (such as registration, withdrawal) will also be greatly shortened. This is one of the most important improvements in 3.6.
More flexible deposits, withdrawals, and transfers. 3.6 will allow two-way transfers of ether and tokens between different accounts, across tiers. This flexibility is unprecedented.
Reduce the logical complexity of relay generation blocks.
Reduce the cost of relaying some operations.
More ERC20 tokens (4096) are supported.
We'll open source all of our code and design documentation in July. At present, the 3.6 circuit and contract code are basically ready, and further optimization details, unit testing, and internal security and code audits are needed. We hope the code will be ready for a third party security audit by the end of July.
Luyin Exchange
weIt's onlineIt is based on the fast transfer function of Loopring Pay (Loopring Pay), and already supports more than 20 well-known tokens. Transfers between Luyin's second-tier accounts can be transferred in seconds and the cost is almost zero, so users can say goodbye to the trouble of Ethereum congestion. Furthermore, the quick transfer function already supports ENS.
This month's internal salary payments have all been completed through the Luyin Wallet App and Luyin Payments. Very good user experience with low cost and second to second availability
At the same time, we also launched two trading pairs, LRC/USDT and ETH/USDTLiquidity mining function, every user can participate in the event and instantly see rankings and rewards on Loopring.io. We will continue to improve the design and long-term operation of liquidity mining. We also welcome project parties to support the liquidity mining of their tokens on the Luyin Exchange to encourage users to provide transaction depth.
We alsoopen sourceThe front-end code library for the Luprint Exchange website has been added. You can now access these codes via the link below:https://github.com/Loopring/dexwebapp. We're excited to see that the Ren project team has integrated on top of our open source web front-end codebaseRenBridge, throughRenBridgeUsers holding BTC can mint renBTC (ERC20 tokens) 1:1 on Ethereum. Currently, Luprint Exchange supports MetaMask and wallets with WalletConnect functionality, and we also very much welcome other wallet project teams to add support for more wallets to our open source code.
We also set up a 25,000 LRCBounty programIt is used to motivate the community to build a responsive front-end that supports Luyin payments, and is used for third-party wallets to easily integrate Road Print payment functions:https://gitcoin.co/issue/Loopring/dexwebapp/158/4431。
Road print wallet
Through cooperation with Solidified, we completed the audit of the 1.0 version of the smart wallet contract code and releasedaudit report. Based on the results of the audit, we've improved some of the contract's code logic and fixed several issues Solidified discovered.
At the same time, we are also continuously optimizing the meta-transaction processing method. Drawing on the practices of the Gas Station Network, we have restructured the design of the meta-transaction module, and will release version 1.1 of the smart wallet contract in two weeks. We will upgrade existing users to the 1.1 version of the contract through the wallet's upgrade function before large-scale promotion.
We also carried out an internal audit of the wallet app code, focusing on the code related to the management of wallet data (especially keys). Based on the audit results, we separated the password used to log in to the wallet app from the private key used for the Ethereum signature. This allows users to reset the password and the encrypted user password and private key in the secure storage area provided by the Android operating system. The Android system will ensure that only the wallet app can restore the user password and private key before encryption, so that only when necessary, the plaintext of the password and private key exists in the memory for a short period of time. After use, the plaintext will be deleted from the memory, thereby improving the security of the overall wallet.
The wallet app has added some new features, including: automatic upgrades; automatically helping users open Luyin Exchange accounts and add default official guardians; a meta-transaction payment module; and QR code formats that support more other wallets for easy interconnection.
All of these automated features let Luyin Technology pay for Ethereum gas.
We have also begun some preparations before the wallet app is officially launched, including compiling the release version and optimizing resources to reduce the size of the app (currently the installation package is controlled at around 10M). The wallet app has basically been formed, and a small group of users will be invited to test it first. After that, we will improve some interaction and vigorously improve the visual presentation before releasing the public beta version to the public.
We have also produced a series of video explanations about the Luprint wallet, so that everyone can understand the design and operation principles of the security mechanism behind the wallet.
Road print relay
Many of the core features of the Luprinting Exchange and Wallet rely on relays that are constantly being improved and added to APIs. In particular, wallet meta-trading, exchange liquidity mining, and road printing payment services.
Luyin Payment Service currently supports 29 currencies, including stablecoins USDT, USDC, and DAI; BTC-anchored coins WBTC, renBTC, and pBTC; popular DeFi tokens KNC, SNX, ZRX, LEND, etc. More payment currencies will be added in the future.
In terms of system optimization, our concurrent transformation of Merkle Tree has basically been completed, and all historical transactions of the exchange have been traced back to now. The data has been checked correctly, and the performance has improved markedly (about ten times with the current hardware configuration). This feature will also be launched in July.
We have also modified our circuit microservices based on Google Cloud, and can now support parallel running services on AWS and Google Cloud at the same time. By comparing Google Cloud's processing model, we found that Google Cloud's processing model is more advantageous in terms of speed and cost, and we expect to migrate the cluster portion of the circuit computing service to Google Cloud in July.
At the same time, relay engineers have begun developing and supporting advanced order models, including only pending orders, only food orders, market-price orders, etc. We expect these features to be rolled out one after another in July.
operations
We are very happyJulien Bouteloup joins Luyin Technology as our advisor. Julien has extensive experience in the cryptocurrency market and is particularly good at using new market tools. He has a deep understanding of the DeFi field, reserves of cutting-edge mathematical knowledge, and a background in quantitative trading. We expect Julien to bring more value to Luyin Technology with his talents, knowledge, and experience.
We have created a video of how to use Road Print Payment:https://www.bilibili.com/video/BV1nK411p7ya. Also, to celebrate the launch of Loopring Pay, we held an official Douyin Loopring.Live retweet picture+review+screenshot event to win 40LRC in our WeChat circle of friends. We have already used Loopring Pay airdrop rewards to the winners' Loopring Pay airdrop rewards. If you missed this event, don't forget to follow us on Weibo and other social media accounts.
The Luprinting Exchange added markets pBTC/USDT, COMP/USDT, PNT/USDT, and PNK/USDT this month, and has completed more than 1.2 million transactions.
According to DeBank data, the Luyin Exchange had 8122 transactions in the past 24 hours, ranking second only to Uniswap on the DEX circuit. As can be seen from DeFi Pulse, the total assets of the Luprint Exchange are 7.6 million US dollars, ranking fourth in the DEX field.
HALThe team is also building on TwitterLoopRingBotThe robot can report deposits and withdrawals on the Luyin Exchange in real time.
https://twitter.com/LoopringBot
We've also compiled the Luprint Exchange (zkRollup DEX for Ethereum)Frequently asked questions and answers, including account registration, transaction processing time, fees, transaction and other related issues for your reference.
presses
At the beginning of the month, Wang Dong, founder of Luyin Technology, was invited to participate in an online live broadcast with the theme “N Possibilities in the Ethereum 2.0 Era” hosted by Golden Finance. Wang Dong shared the Layer 2 expansion plan for Luyin Pay and Luyin Smart Wallet. Wang Dong believes that Loopring Pay (Loopring Pay) has probably two applications. One is to directly or indirectly provide users with P2P transfer functions, and the other is to provide merchants with payment collection services. We currently value external incremental users rather than existing DeFi users. This is an important reason why we want to make a Road Print wallet. ZKRollup is a technical solution, and the wallet is a product designed for novice users. We need to hide good technology under a good user experience.
Additionally, Dr. Guo Xionghui, CTO of Luyin Technology, was invited to participate in 3 live community events. A live video broadcast hosted by Guowei Finance on the theme “The Serene Connotation of ETH 2.0”, a live broadcast on the theme “Global Community Leaders In-depth Analysis of ETH 2.0” hosted by OKEx Pool, and an AMA event with the joint project partner Nest at the end of the month. Guo Xionghui said that it is Ethereum itself that can defeat Ethereum. The Ethereum developer ecosystem is currently the largest in the blockchain. Many top development teams have gathered in the fields of scaling solutions, clients, and DeFi. The migration of the ecosystem is a very difficult thing.
We continued to update the Luyin Knowledgebase section and published 3 works on Douyin: Guardians, Guardians' Functions, and Heirs. You can add Luyin's official Douyin account: Loopring.live to easily enter the blockchain world with Luyin!
In addition, the Luyin Exchange has beenCoinGecko.comInclusion. CoinGecko provides a basic analysis of the cryptocurrency market. In addition to tracking price, volume, and market capitalization, CoinGecko also tracks community growth, open source code development, major events, and on-chain metrics.
Luyin Technology overseas media reports
LRC
Binance also launched LRC/USDT and LRC/BUSD trading pairs this month. In addition, Luyin Technology's LRC officially landed in Poloniex, the world's leading digital asset trading platform, and opened LRC/USDT and LRC/BTC trading pairs, headquartered in the US.
Additionally, LRC is included in the DeFi project directory by CoinMarketCap. We look forward to working with other blockchain projects to jointly promote the development and implementation of Ethereum technology.
https://coinmarketcap.com/defi/
Upcoming events
On July 4, Luyin Technology and Chainlink will host an offline meeting to share smart contracts.
At 8 p.m. on July 5, Luyin Technology will join forces to host an offline blockchain meeting with Biyuan Chain and MYKEY in Hangzhou. We will share the latest developments in Luyin smart wallets.
For more updates on the Road Printing Agreement, please visit our community account:
Twitter:Twitter/loopringorg
Reddit:reddit.jp/r/loopringorg
Telegram:t.me/loopringfans(Chinese)
Weibo:https://weibo.com/loopringfoundation
