What Is LUXCoin (LUX)? [a Step-by-Step Beginners Guide]
I think you’ll agree with me when I say:
It is difficult to find enough information about LUXCoin and you might then be looking for a simple beginners guide to this cryptocurrency in 2018.
Yes, it really is, but don’t worry. Here you’ll find all the necessary information you need to know about this new currency.
Today, I will tell you what LUXCoin is and about its features.
1) Who created LUXCoin?
LUXCoin is part of a big team called luxcore and it’s the open source blockchain token of value focused on the enterprise consumer.
One of Luxcore’s goals is to use a blockchain to overcome the gap between ordinary consumers and corporations so that everyone can use the original product.
Also, this platform is focused on the design and creation of ready-made corporate security products and privacy.
2) Why is LUXCoin different to other cryptocurrencies?
LUXCoin is the first of its kind hybrid coin combining both PoW and PoS technologies on the PHI1612 algorithm.
What is the PHI1612 algorithm?
The algorithm used, PHI1612, is the most efficient mining algorithm on the GPU unavailable for ASIC. High hashrates are achieved without increasing electricity consumption, which in turn reduces costs.
Also, thanks to the new PoS system, which is static rather than dynamic, you can mine money while you sleep. Just keep your wallet open with LUXCoin on balance and get coins.
Another distinguishing feature of this crypto is the Parallel Masternodes feature, which provides greater stability and security. They will only be available to verified government agencies and enterprises in order to nullify fraud attempts.
3) Is LUXCoin safe?
The security of LUXCoin is high due to the separation of transaction signatures, which provides a higher degree of security. This prevents hackers from intercepting and changing the sender’s transaction ID in an attempt to get more money from it.
This is achieved in the following ways:
-It is possible to use several multi-signatures.
In this case, two types of multiple signatures are proposed:
-A signature 1-of-2. Any of the signatures is sufficient to authorize a transaction.
-A signature 2-of-2. One party can not conduct a financial transaction without the approval of another. Both parties need to have a subscription.
4) Why would I use LUXCoin?
The answer is – LuxGate.
Luxcore uses a technology that will allow proven blockchains to communicate with each other. It creates a bridge for interaction. This technology is called LuxGate.
But this is not the only reason to use LUXCoin.
Look closely at the LUX roadmap and you will see the progress in the development. The team is constantly updating the project.
And at last, you can look at the trading history.
In the rapidly developing crypto community and the world of altcoins, it’s not easy to surprise, because practically every week new coins appear, new technologies are announced, ICO is conducted and each time developers try to be unique and get there first.
The company is working hard on its project and soon we will be able to see their new products on the market. LUXCoin can be called an opening, and developers – bold guys with high ambitions and, perhaps, unattainable for others.
Would you invest in this curency?