The LUXCORE organization was born out of the idea to build an Enterprise ready blockchain ecosystem that is customizable, scalable from an innovation perspective and accessible to the regular end users, other blockchain solution providers and enterprises and institutions. LUXCORE’s open-source blockchain includes the groundbreaking, energy-efficient, ASIC resistant algorithm PHI1612; the tradeable commodity, LuxCoin; Masternodes that act as a network security and rewarding system; Smart Contracts; and SegWit for improved transaction size and malleability.
LUXCORE will provide a set of unique protocols and tools for easy integration across businesses that requires secure intra-organizational blockchain or permissioned blockchain networks. With its upcoming consulting arm, the company aims to set up, maintain, and improve such networks for organizations and institutions.
Features of the LUXCORE Blockchain
The word LUX is LIGHT in Latin. By offering a faster, more efficient, more secure and private transaction solution for individuals, institutions, and governments, LUXCORE sheds a new light on the mainstream usability of blockchains. LUXCORE’s PHI1612 presents the most efficient ASIC-resistant GPU mining algorithm, with faster hash rates and reduction of power and heat consumption by 10%. This is scientifically verifiable the details of which will be made available in the technical paper.
LUXCORE blockchain features are available to end users at no extra cost. Anyone who uses the commodity LUXCoin can access the blockchain using LUXCORE wallets or mine to support the network and earn rewards. The security features of the blockchain are also available for everyone. As a hybrid chain that supports both Proof-of-Work and Proof-of-Stake, the chain is more secure than traditional ones. The seed nodes, full nodes, and wallets that are unlocked for staking, also provide further network stability.
LUXCoin (LUX) is a coin that is implementing Parallel Masternodes, the PHI1612 hybrid PoW-PoS algorithm, and a “Static” model for staking. The variety of innovative features LUXCoin and Luxcore have to offer have put LUXCoin on the radar for many people in the cryptocurrency world. 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. 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.
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. 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.