Loopring just released their transfer feature which they are calling “Loopring Pay”.
Honestly, it’s hard to overstate how significant this development is. Thousands of transactions per second. All transactions are free and instant. No paying fees, no waiting for block confirmations. This is like Lighning Network on steroids, with none of the downsides and it actually works!
No need to maintain multiple channel balances.
No locking up your coins.
No risk of someone trying to broadcast old transactions to steal your coins (like on LN).
No need to be always online.
No watch towers.
Loopring Pay actually delivers the easy to use Layer 2 scaling that people wished LN would one day offer, and it exists today.
You sign an on chain transaction to open a Loopring Pay “account” – This is your Layer 2 wallet. You can then transfer ETH or any ERC20 token to your Layer 2 wallet with an on-chain transaction.
Once you have coins in your Layer 2 wallet, you can send the coins to anyone else who has a Layer 2 wallet with Loopring Pay. Your transaction will be instant and free, really no fees.
Sending a transaction with Loopring Pay
Here is the same video on YouTube: Link Here
Currently, the only way to use this Layer 2 wallet is to go to the Loopring DEX website, click Transfer and sign the transaction with Metamask.
In the near future, we could see Mobile and Desktop wallets integrating this into their user interface. A simple “Move coins to L2 Wallet” button could be added to any wallet.
If wallets decide to integrate this, we can scale Ethereum Today!
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