Loopring Red Packets

This article was first published on Loopring Protocol - Medium
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Loopring Wallet Red Packets

Red packets, or red envelopes, are a traditional Chinese gift-giving custom on special occasions, celebrations, and the Chinese New Year. Giving red envelopes filled with cash to friends, family, and coworkers, in hopes of blessings and good fortune. The colour red is associated with good luck, and the cash is, well, cash. Except for now it can be Ethereum-based assets too!

Users of the Loopring Wallet have probably seen this feature on their mobile app in the past few weeks. It allows you to send and receive red packets privately to friends and family, or publicly — to anyone on the Loopring wallet. It is currently availably only in the Loopring mobile wallet, not the web platform.

You can specify which token and how much to send, to how many people it is to be sent/split, and to whom. It is a great, easy way to spread some joy, to someone special, or an entire community.

You can send 3 types of red packets:

1. Relay red packet. Specify a total amount, and a number of people. Recipients get a random share of the packet amount. If they share it with others via QR code, they get half the amount that next person receives as well.

e.g.: I send a red packet for 1000 LRC, to be split among 10 recipients. You find one, open it up. You receive 83.5 LRC (random amount). You click share, which generates a new QR code for you, and you share it on Twitter. Someone opens it, it’s for 95 LRC (random amount). They receive 47.5 LRC, you receive 47.5 LRC....

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Loopring Protocol - Medium

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