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What Is LUXCoin? A Beginners Guide, Information And More

LUXCoin

Are Blockchain and cryptocurrencies transforming the world as they intended to?

Well, yes, and no.

Yes, because the development is certainly happening but not at a pace that you can feel in your daily lives.

And no, because many blockchains and crypto projects are struggling to find a viable use case. And in some cases, they are trying to solve a problem that isn’t really a problem.

But one common problem is the lack of a highly customizable blockchain and crypto solution for everyone. By everyone, I mean everyday users, enterprises, and institutions so that they can use such solutions in any industry. In short, an industry agonistic solution.

And now LuxCoin and LuxCore are trying to put forth a solution by combining the best of all blockchain we have seen thus far.

In this fundamental analysis of LuxCoin & LuxCore, we will briefly touch upon:

  • What Is LuxCoin & LuxCore
  • Team Behind LuxCore
  • Features Of LuxCore
  • Products Of LuxCore
  • LuxCoin Specifications
  • MarketCap Of LuxCoin (talk about pre-mine)
  • Where To Buy LuxCoin?
  • LuxCoin Wallets
  • LuxCoin Roadmap
  • Official Resources

What Is LuxCoin & LuxCore?

LuxCore’s open-source blockchain solution that includes the groundbreaking, energy-efficient, ASIC resistant algorithm PHI1612; the tradeable commodity, LuxCoin; Masternodes that acts as a network security and rewarding system; Smart Contracts; and SegWit for improved transaction size and malleability. (Source: Whitepaper)

Now that’s a lot in one place.

In simple terms, LuxCore is a blockchain platform that will have smart contracts & DApps infrastructure. And it has its native cryptocurrency called LuxCoin to fuel operations on the LuxCore.

Plus, they have tried to create LuxCoin in a hybrid fashion (PoS + PoW) with a new algorithm which has made it ASIC resistant.

Team Behind LuxCore

The LuxCore project is registered in Australia with a focus of having offices in Australia, EU, and the US regions backed by its two experienced co-founders.

LuxCore Team

See the team bio here.

Features Of LuxCore

Features Of LuxCore

LuxCore offers the following features to make the life of crypto users and blockchain developers easy:

1. Masternodes: Lux will have dedicated masternodes which are servers that run 24 x 7 and 365 days to provide an extra layer of stability and functionality over LuxCore. LuxCore plans to license this feature for businesses. To run a Lux Masternode, a user is required to have 16,120 LUX in a wallet and as a result, they will earn 40% of PoS block reward.

2. Segwit: Through the introduction of SegWit, Lux will separate transaction signatures. This is achieved by stripping the signature from within the input and structuring it to the end of a transaction. This ensures higher security as it prevents the receiver from intercepting and modifying the sender’s transaction ID in a bid to get more coins from the sender as the data is “detached” from the transaction. (Source: Lux Website)

3. Smart Contracts: These smart contracts will work like normal smart contracts on the Lux blockchain. Apart from that, it will also unify blockchains using Parallel Masternodes & LuxGate (more on this later).

4. LUXSEND: LuxSend is a coin mixing service facilitated by Lux masternodes and will help in obfuscation of IP, wallet addresses etc.

5. Lux Trading Wallet: This wallet enables you to keep your LuxCoin on it, thereby saving them from exchange hacks. Also by storing LuxCoin here, you will earn stake rewards which you will miss otherwise.

6. Multisig Transactions: Lux will facilitate multisig transactions such as 1-of-2 Signatures, 2-of-2 Signatures, etc. for enhanced safety of the funds.

Products Of LuxCore

  • Parallel Masternode (PMN)

Parallel masternodes will be hosted by vetted businesses and institutions to act as a secure information gateway on the blockchain.

  • LuxGate

LuxGate is a revolutionary technology that will facilitate communication between validated blockchains with the ability to perform advanced functions and tasks.

In simple terms, LuxGate, with the help of PMN, acts as a unifying bond between blockchain ecosystems. For example, the Bitcoin blockchain can engage with Ethereum blockchain or Monero blockchain or Zcash blockchain for that matter. (More on this here from the source)

  • PoS Wallet & Web Wallet As A Service

Lux PoS wallet will remain free for LuxCoin users but with customizations and service add-ons it will be licensed for businesses.

Apart from that, LuxCore will provide consultancy for development of permission blockchains & DApps for businesses.

LuxCoin Specifications 

LuxCoin is a hybrid coin based on the Proof of Stake (PoS) & Proof of Work (PoW) model. The specifications for both are different as defined below:

LuxCore uses PoW as a method for establishing the distributed trustless consensus network and to ensure seamless transactions.

PoW Reward:

  • Block Size: 4MB
  • Instamine Protection: 500 blocks
  • Block Rewards: 10 LUX
  • Block Time: 60 seconds
  • Transaction Confirmations: 10 blocks
  • Minimum Transaction Fee: 0.0001

LuxCore’s PoS 2.0 is a static reward system, not a dynamic one. PoS system gives a static reward to all individuals staking, regardless of the number of coins held in the wallet. Those who hold more coins are rewarded more often. (Source: Whitepaper)

PoS 2.0 Static Reward:

  • From block 1 to 100,000: 2 LUX
  • After block 100,000: 1 LUX

60% of the reward is for staking (0.6) and  40% of the reward is paid to the masternode (0.4). Minimum stake age is 36 hours; no maximum PoS age.

MarketCap Of LuxCoin 

For those of you who don’t know, LuxCoin didn’t have an ICO but it did have a pre-mine which was 5% of total supply, i.e. 3 million LUXCoin.

According to CoinMarketCap, the total circulating supply of LUXCoin is 1,928,883 LUX and the current price of each unit is $5.24. That values its market cap at approximately $10 million (at the time of this article).

 

Where To Buy LuxCoin?

Here are some of the exchanges where you can buy LUXCoin:

  • Cryptopia: Supported pairs are LUX/BTC, LUX/LTC, LUX/DOGE, LUX/USDT
  • CryptoBridge: Supported pairs are LUX/BTC,

Note: Buying LUX in fiat currencies such as USD, EUR, or GBP is currently difficult.

LuxCoin Wallets

LuxCore has its own infrastructure and wallet systems. Some of the popular and indigenous ones are:

LuxCoin Future & Roadmap

Recently they have bid goodbye to LuxCore and have deployed Luxcore Mercury v5.0. Luxcore Mercury v5.0 features include Smart Contracts, SegWit, block pruning, Phi2 and most importantly a full-fledged marketing campaign!

So far they have been right on target as per their roadmap, but the recent Mercury launch has put them a tad bit behind on their schedule. Here is a sneak peek into their development roadmap’s status:

Luxcore Development roadmap

Plus, their Github shows that they have been working quite decently on updating the whole software which is a good sign for any rising project.

LUXCoin development

But as I see, they will be in development for the most part of the remaining year. However, it will be interesting to see how far they go in cracking deals will businesses and enterprises.

Lastly, despite some features that make Lux superior, its competitors Neblio, Ethereum, EOS, NEO, etc., are well ahead of it. We can only wait and watch what the future has in store.

Official Resources

Some official links that will help you stay updated with Lux’s news:

Here are a few other hand-picked articles for you to read next:

The post What Is LUXCoin? A Beginners Guide, Information And More appeared first on CoinSutra - Bitcoin Community.

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