Place/Date: Sydney, Australia - January 10th, 2018 at 4:20 pm UTC · 4 min read
Contact: Ali Omer Horzum, Source: LUXCORE
LUX have made recent announcements about upgrades include the addition of smart contracts allowing users to create pre-defined contracts and the implementation of SegWit and providing revolutionary layers of security and privacy through it’s upcoming closed source products LuxGate and Parallel Masternodes. Given these recent announcements, LuxCoin has made considerable growth in recent days solidifying its place in the cryptocurrency market.
By providing customers with a faster, more efficient and more secure transaction solution LUX creates a more profitable service for individuals, enterprise and governments. LuxCore incorporates a new GPU PHI1612 algorithm built from: Skein, JK, Cubehash, Fugue, Streebog and Echo. PHI1612 boasts the most efficient ASIC resistant GPU mining algorithm to date with faster hash rates while reducing the power needed by 10%.
Many cryptocurrencies use a Proof-of-Work protocol which is incredibly inefficient with time and energy. By adopting both Proof-of-Stake and Proof-of-Work and further enabling Masternodes as well, LuxCore can minimise the time and power needed to complete transactions being made which further increases the ability and scale of LuxCore. LUX would like to give customers a choice in the levels of security and privacy to suit their individual needs.
Segwit is currently planned to be introduced around the 20th of February, 2018. Segwit is the process by which the block size limit on a blockchain is increased by removing signature data from transactions, this frees space up extra space which allows for more transactions to be added to the chain.
This new function will separate transaction signatures which ensures a higher level of security as the data is “detached” from the transaction. This prevents the receiver from intercepting and modifying the sender’s transaction ID which can in some circumstances allow them to receive more coins. SegWit will be a critical addition for the scalability of the Lux blockchain which already contains numerous groundbreaking features to draw in new customers.
Smart Contracts will be able to be deployed directly from the wallet which can trigger cross network transactions and tasks based on predetermined conditions. Smart Contracts will help users exchange in a transparent and conflict-free manner while avoiding the need for a middleman. This will help end users to digitally trigger, authenticate, or enforce the negotiation or performance of a contract.
Any computer which is mining or staking a cryptocurrency is considered a node. In LuxCoin’s case, one can also run a 24/7 dedicated Masternode, backed by a collateral, allowing owners to earn rewards for supporting the network because they add a layer of stability and security to the network by verifying blockchain transactions.
To run a Masternode an owner must possess at least 16,120 LuxCoins in their wallet. These rewards are named Proof-of-Service rewards which is derived from 40% of the proof-of-stake (PoS) and are randomly distributed to Masternode owners.
As of this moment owners are rewarded 0.4 LuxCoin and the PoS is being rewarded 0.6 LuxCoins for every block found. The team also has plans to revamp the reward structure for incentivizing and rewarding the Masternode owners.
LuxCore’s blockchain has been built to have the capacity for Parallel Masternode on a Private Network which will run alongside the public network. The revolutionary concept that bridges the two networks together is called the LuxGate.
LuxGate will allow communication between validated blockchains or algorithm with the ability to perform advanced functions and tasks. With LuxSend, which is a form of coin-mixing, users have the choice to mask their transaction information.
Another feature are multi signature wallets, providing another layer of security which requires all the concerned parties to authorize the transaction which can combat fraudulent and unintended transactions providing individuals and enterprises alike with a stronger sense of security.
Over the past few days LUX’s price has grown considerably which highlights the fact that it is being adopted by users and becoming increasingly popular. The potential for LuxCoin keeps on growing with the upcoming announcements boosting its credibility.
The price of LUX was close to 8$ last week and since then has increased to just under 30$ which means it has made significant growth since the new announcements have been made. If the coin follows this recent trend LuxCoin will be a staple cryptocurrency and LuxCore an enterprise platform to reckon with.
Disclaimer: LUX are the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.