The advent of Cryptocurrency has made the technology world come up with various exchange platforms. A few are public exchanges, while a few or peer.
Many business models have evolved with these exchanges. For example, a few platforms are a hub of exchanges, while a few offer only person-to-person exchange.
Key Takeaways
- Loopring is a decentralized exchange protocol built on Ethereum, while Cardano is a smart contract platform that uses its blockchain.
- Loopring supports multiple cryptocurrencies, while Cardano’s native token is ADA.
- Loopring uses a unique order book matching mechanism, while Cardano uses a proof-of-stake consensus algorithm.
Loopring vs Cardano
The difference between Loopring and Cardano is like basic functionality. Loopring is a decentralized, audited and non-custodial exchange platform, while Cardano is the decentralized blockchain platform. In Loopring, there is no need to trust any user during the exchange as the network pools and exchanges effectively. It is also observed that Loopring and Cardano are both secured in their operations and have high-level security features.
Loopring is an exchange platform that has several exchange protocols available. It is an Ethereum-based platform that works as a payment platform as well.
Cardano is a smart contract platform. It uses ADA as the Cryptocurrency. Cardano being another blockchain is better than Bitcoin for its protocol management.
Comparison Table
| Parameters of Comparison | Loopring | Cardano |
|---|---|---|
| Type | Loopring is a token. | Cardano is a coin. |
| Hash Algorithm Uses | Loopring works on Ethereum token as the algorithm. | Cardano uses Ouroboros as the Hash algorithm. |
| Transaction Speed | 450 Seconds | 50 Seconds |
| Rank | 120 | 5 |
| Protocol | Ethereum | Ouroboros |
What is Loopring?
Loopring is an exchange protocol that is based on Ethereum. It allows the users to exchange their assets using various exchanges.
- Order Matching Technology
- Ring-Sharing Technology
The easier way to understand its functionality is the platform allows orders from many exchanges. Such orders are called pool orders.
The salient features of Loopring are
- The trading fees are pretty low
- The liquidity is sharable
- Maximum Flexibility offered
- Highly secured platform
As such, the platform offers decentralized and centralized exchanges to participate in the network. The investors are indeed benefitted as they do not have to cross-check with any other exchanges.
More importantly, Loopring is a blockchain-based network. That easily means that any smart contract platform can be integrated with Loopring.
- Ethereum
- Neo
The transaction speed with Loopring is slower compared to many of the similar platforms. The security system in Loopring is impeccable, however not as powerful as Cardano.
The maximum supply of Loopring is 1374513896.
What is Cardano?
Cardano is a blockchain platform for the general public. It is an open-source platform that is decentralized too. The consensus of Cardano is achieved using Proof of Stake (PoS) against Proof of Work.
Cardano was founded and established by the founder of Ethereum in the year 2015. Ouroboros is the PoS of Cardano. This is a protocol that runs with permissions and also without permissions of the Blockchains.
ADA is the settlement layer of Cardano. Like Bitcoin, ADA monitors all transactions. Over this, ADA is the second layer, called the Computation layer.
The reduction in energy consumption is the most excellent feature of Cardano. The main applications of Cardano are in
- Identity Management
- Traceability
The first application helps in collating the data from multiple sources. Traceability does the tracking and auditing of the products.
Main Differences Between Loopring and Cardano
- Loopring works on Ethereum protocol, while Cardano works on PoS by Ouroboros.
- The energy consumption of Loopring is more compared to Cardano as it uses Proof of Stake as its mechanism of consensus.
- https://www.mdpi.com/1996-1073/11/9/2412
- https://tradingstrategyguides.com/cardano-cryptocurrency-strategy/
I’ve put so much effort writing this blog post to provide value to you. It’ll be very helpful for me, if you consider sharing it on social media or with your friends/family. SHARING IS ♥️