LUXCoin (LUX) is a blockchain solutions and services ecosystem that focuses on designing and building enterprise ready security and privacy products. The Luxcore platform relies on the ground-breaking PHI1612 algorithm fuelled blockchain to develop and implement it’s core product offerings. This includes the open source blockchain token of value, Lux Coin & the enterprise consumer focused, closed source products like LuxGate and Parallel Masternodes.
The platform also aims to bring the usage of blockchain to the mainstream by bridging the gap between normal consumers and enterprise users through specific product use-case meant for each.
With the upcoming releases, apart from being a secure crypto coin, Luxcore will introduce Segwit, Smart-Contracts, LuxGate through the innovative Parallel Masternode System providing a Private Network for enterprises and business on top of the existing Masternode feature for the Public Network.
A Lux Masternode is a 24/7/365 dedicated server connected to the blockchain network which adds an additional layer of stability and two additional levels of functionality to the network. The additional functions are increased transactions speeds and enablement of LuxSend.
To run a Lux Masternode, a user is required to have 16,120 LUX in a wallet. Masternode owners earn rewards for supporting the network and providing the additional services. Masternode rewards are 40% of the Proof of Stake block and are randomly paid to the Masternode Owners who support the network.
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.
With a current block size of 4MB and block time of 60 sec, the addition of SegWit will effectively increase transaction size and address transaction malleability issues currently plaguing blockchains. This will prove critical in the scalability of the Lux blockchain.
SegWit introduction is currently planned for Q1 2018.
Lux will introduce Smart Contract capability that will enable the unification of blockchains through LuxGate and PMN. These Smart Contracts can be deployed directly from the wallet and can trigger cross network transactions and tasks based on pre-defined conditions.
- This will enable the technical scaling of the network to build Enterprise DApps on the Lux chain.
- Smart Contracts will be deployed along with the introduction of SegWit release.
LuxSend is a form of coin-mixing that provides an additional layer of privacy.
The Coin-mixing service provided by the Lux Masternode network will ensure trust-less mixing of coins to obfuscate their origin, wallet details and addresses.
Stake your coins and trade them too! Exchanges are not the safest place for your Lux and when your Lux coins are on the exchange you will not receive the PoS reward. The Lux trading wallet allows you to trade your coins directly from your wallet.
With a view on security in mind, Lux will have multi-signatures enabled that ensures all concerned parties are required to authorize a transaction, if so required. No longer will funds be under a single point of control or failure.
This gives users yet another level of security while using LuxCoin. Some use cases of Multi-Signature Transactions:
- 1-of-2 Signatures can authorize the transaction. A couple may share a joint Lux account and have two separate signatures. Either of the two is sufficient to authorize a transaction.
- 2-of-2 Signatures: A couple share a joint account, but both parties’ signatures are required to authorize a transaction, thus preventing one party from spending the Lux without the approval of the other.
- The number of Signatures can be as large as needed to protect the account and allow for sufficient oversight.
For example, Lux development and business funds will be held in multi-sig accounts requiring 2-5 or 3-5 Signatures.
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