This article was first published on Loopring Protocol - Medium
Loopring Bi-Weekly Update — 07/21/2019
We started to develop the beta3 version of the Loopring Protocol 3.0, which will greatly increase the throughput and reduce the cost per settlement. We are excited to share some preliminary results in this bi-weekly update.
Research & Development
We have started work on the beta3 release of protocol 3. beta3 will contain a number of changes that will greatly improve the protocol’s throughput and lower the cost per trade. We switched to a much more SNARK friendly hash function called Poseidon. We can now also verify multiple proofs of the same circuit together on-chain which reduces the average cost of verifying proofs. beta3 has just started development but the preliminary results are very promising: throughput with data-availability has increased from 200 trades/second to 290 trades/second, throughput without data-availability has improved from 660 trades/second to 5200 trades/second.
We plan to further simplify the fee model to reduce the number of ZKP constraints per settlement, which will reduce cost per settlement as well. beta3 will be released for relayer integration and third-party auditing before the end of September.
From a global perspective, we have identified five milestones (moonlight, crescent, bloodmoon, corona, and lightsail) for the next six months based on business appeals and new architecture plans, covering high availability, asset loss prevention, performance, safety, and optimization of R&D processes. At the same time, we are adopting the agile development process. We have identified relevant tasks and assigned them to team members.
We have written most of the code related to deposits and withdrawals. The next step would be system integration and testing. In the meanwhile, we are working on a new match-engine and have made some progress. We have also started optimizing the relayer gateway to provide a set of REST/Websocket APIs.
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Loopring Protocol - Medium