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LuxCore, the one-of-a-kind blockchain solution service, has kicked off the new year with a slew of updates implementing its ground-breaking roadmap that unifies individuals, enterprises, and government.
LUX is not just another “blockchain-touting” service, instead, it’s a (re)evolution of blockchain technology. Rather than toe the “trite” us vs. them approach that most blockchain solutions seems to be adopting, LUX is developing a unilaterally beneficial solution through its revolutionary Phi1612 algorithm, Parallel Masternode Networks, and LuxGate technology.
And now, you can add Smart Contracts and SegWit.
LUX’s smart contract upgrade and SegWit implementation is set to establish its blockchain asset, LuxCoin, as a leading cryptocurrency by providing the enterprise-focused blockchain with innovative layers of security and privacy for all engagements on its network. Users will be able to create and deploy predefined contracts seamlessly. These upgrades has boosted LUX’s stock in the community, translating into considerable growth from $8 last week to $30 now.
The LUX Blockchain
Translated as “Light” in Latin, LUX facilitates a fast, efficient, and more secure transaction solution. The blockchain addresses the scalability and incentivization problems of existing solutions by creating a profitable service platform. Utilizing an in-house developed GPU algorithm built from Skein, JK, Cubehash, Fugue, Streebog and Echo technology, LUX’s PHI1612 is the most efficient algorithm for GPU mining and ASIC resistant. The algorithm also boasts a faster hash rates and mining power consumption reduction by 10%.
LUX’s incentivization mechanism for rewarding for community participation in securing the blockchain is a hybrid Proof-of-Work/Proof-of-Stake hybrid protocol overlayed with masternode features. Most blockchains use Proof-of-Work to secure the network’s integrity, which tends to require rigs that consumes a lot of power and often resulting in slow transaction confirmation speed when there is traffic on the network. Proof-of-stake, on the other hand, only requires the user’s to hold their coins in their wallets and leave them open in the background to be eligible for reward. By integrating both protocols on its blockchain, LUX has not only created efficient and effective layers of protection for its network, but is also ensuring that participants are rewarded for their contributions. These features will also enable LuxCore minimise the time and power needed to complete transactions.
Segwit for LUX – A New Era
LUX will be increasing its block size limit on 20th of February, 2018 by implementing SegWit on the network. This will free up extra space on the network, allowing more transactions to be added to the chain and ensuring the highest level of security.
Users on the network will be able to run a dedicated 24/7 masternode service backed LuxCoin collateral. Masternode operators will earn rewards for supporting the network and verifying blockchain transactions. These rewards are derived from Proof-of-stake services and is randomly distributed to Masternode operators. Currently, operators are rewarded 0.4 LuxCoin for every block found.
Extra Layers of Security
LuxCore has been developed to be able to run two types of blockchain services: private and public. The private blockchain enables anonymous and private transactions, while the public is open for all to see. Users can seamlessly switch between both blockchains, which has been built to for Parallel Masternode capabilities. Users will be able to use LuxSend – a form of coin-mixing – to mask their transaction information.
Bridging these two blockchains together is the ground-breaking LuxGate. LuxGate enables communications between validated blockchains and algorithm, and facilitates the execution of advanced functions and tasks.
LUX has also released multi-signature wallets for multi-user transactions, requiring all concerned parties to authorize the transaction before it can be broadcasted to the network. This feature is set to combat fraudulent and unintended transactions among groups of individuals or establishment.
Visit the Luxcore Website: https://luxcore.io/
Read the Whitepaper: http://www.luxcore.io/LUX_WP_V1_NOV_2017.pdf
Follow on Twitter: https://twitter.com/LUX_Coin
Chat on Telegram: https://t.me/LUXcoreOfficial
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