10 November 2018 at 22:00
10 November 2018 at 22: 00 & nbspUTC
The world has over 1600 cryptocurrencies. Clearly, it is becoming increasingly difficult to keep track of all the coins and tokens that are regularly launched in the thriving crypto market. Given this huge volume, it is absolutely essential to know which ones truly deserve our attention. Now, Luxcore is a blockchain platform (with its native cryptographic currency called Luxcoin) that tries to get our attention with an intriguing attempt to bring together all the best of the blockchain. We are well aware of the numerous commercial advantages of blockchain and the way it is used for different use cases such as music and charity. Of course, it would be really nice if there was a way to concentrate the essence of its uses in a single offer. LuxCore aims to do just that, with Luxcoin in tow. Here, let's take a look at what Luxcoin is, how it works and why we need it.
What is Luxcoin?
Luxcoin is the cryptocurrency intended to power the blockchain platform of LuxCore. The idea of Luxcoin is really fascinating because the developers, in creating this coin, have tried to merge two different consensus protocols, namely Proof-of-Work and Proof-of-Stake, so that it helps to promote the democratization of the mining sector by realizing the ASIC-resistant currency. LUX, as the ticker symbol of this coin, attempts to execute Parternel Masternodes and a "Static" stakeout model in addition to the combination of Job Trial and Game Trial we have already mentioned. This unusual combination causes LUX to attract a lot of attention even if it has chosen not to have an ICO launch before it enters.
LuxCore essentially means being a link between blockchain security and privacy solutions, business users of blockchain technology and lay users who can reap great benefits from this technology. Luxcoin is thought to be the token value of this network. With Luxcoin fueling work in this network, it becomes possible to bring together more use cases and create a new solution for new benefits. Some of the key technological elements that will be supported by this network and powered by this currency, according to their website, are blockchain smart contracts, SegWit, Parallel Masternodes and the LuxGate function that will enable communication channels between multiple blockchain networks.
How does Luxcoin work?
Luxcoin's motherboard uses the PHI1612 algorithm (a PoW and PoS hybrid) that is considered extremely efficient in terms of GPUs. This basically means that mining efficiency becomes much less dependent on energy consumption and electricity drainage. It is resistant to ASIC at the same time. For greater security and convenience, the underlying network of this currency also implements Parternel Masternodes, using which it is possible to develop third party applications on the main blockchain, with an adequate verification to prevent unauthorized fraudsters. The LuxGate technology improves the blockchain making it possible to establish contacts between various networks of reliable blockchains, such as Bitcoin and Ethereum. Just like Ether Ether Ethereum, LuxCoin powers and lives on the LuxCore blockchain network
The technological elements mentioned here make Luxcoin even safer, compliant and traceable to multiple use cases.
Does Luxcoin seem to be headed in the right direction?
With a multitude of fascinating and intriguing technological elements that characterize this project, the attempt to create Luxcoin is undoubtedly ambitious. It offers great security with multi-signature transactions, hiding IP addresses using LUXSEND and using SegWit to separate and confuse transaction signatures. Furthermore, it also offers an excellent concept for enabling an interesting cryptographic crossover. Of course, the ideas seem to be well-formed. However, since the platform was launched just over a year ago in October 2017, it still has a long way to go to show its courage. In the meantime, if you're going to invest early, you may want to check out exchanges like CryptoBridge and Cryptopia. Before buying it, however, you need to keep in mind all the things you need to know before investing in cryptocurrencies. You must also remember that it is difficult to buy LUX with fiat, so keep your Bitcoins close at hand!