Luxcore: Efficient Smart Contracts & Masternode GPU Mining?
Luxcore is a blockchain ecosystem catered towards enterprise users. Find out how it works today in our review.
What is Luxcore?
Luxcore is an enterprise-grade blockchain ecosystem. The blockchain claims to be the first of its kind implementing SegWit, smart contracts, and masternodes. The goal of the blockchain is to create a solutions and services ecosystem offering enterprise-ready security and privacy products.
The Luxcore platform relies on the PHI1612 algorithm. That algorithm is used to implement the blockchain’s native token, called Lux Coin, along with enterprise-focused, closed-source products like LuxGate and Parallel Masternodes.
Ultimately, Luxcore plans to attract enterprise users with features like a secure crypto coin along with Segwit, smart contracts, LuxGate, and the parallel masternode system. Enterprise users can access a private network for their business on top of the existing masternode feature.
LuxCoin has experienced a sharp price rise in recent weeks. The coin started December 2017 at a price of around $1. As of early January 2018, the coin is priced above $30.
How Does Luxcore Work?
Luxcore is an enterprise-grade blockchain that emphasizes usability, reliability, and security across multiple domains. The blockchain relies on a new GPU algorithm built from Skein, JH, Cubehas, Fugue, Streebog, and Echo.
Overall, Luxcore describes their network as “the most GPU efficient blockchain available.” The blockchain uses both proof of work (PoW) and proof of stake (PoS). Here’s how each works:
Proof of Work
PHI1612 offers efficient GPU mining, including a GPU friendly and ASIC resistant algorithm. This leads to higher hashrates without increasing power consumption. Miners enjoy higher profitability due to lower electrical costs.
- Total Blocks: 6 million
- Block Size: 4MB
- Block Rewards: 10 LUX
- Block Time: 60s
- Transaction Confirmations: 10 blocks
- Minimum Transaction Fee: 0.0001
- Default Port: 28666
- RPC Port: 9888
The algorithm also has Instamine protection activated for the first 500 blocks.
Proof of Stake 2.0
Lux’s PoS is static, not dynamic. What does that mean? Well, dynamic PoS rewards a percentage based on the number of coins you hold. This can cause those that hold fewer coins to wait days or even weeks to receive rewards.
Luxcore’s system, meanwhile, rewards a static 1LUX to all stakers, regardless of the number of coins being staked. Those that hold more coins are rewarded more frequently. This allows all stakers to be rewarded without long wait times. That means having your wallet open and staking your coins is a great way to build value.
- First 100,000 Blocks: 2x rewards (2LUX)
- Target Spacing: 120 seconds
- Maturity: 80 blocks
- Transaction Confirmation: 10 blocks
- Minimum Stake Age: 36 hours (no maximum stake age)
Luxcore’s PoS 2.0 system also offers unlimited maximum PoS. You can try the staking system yourself today by downloading the Luxcore wallet.
Luxcore emphasizes four unique features over other enterprise blockchains, including:
Lux will introduce smart contracts that allow the unification of blockchains through LuxGate and PMN. Smart contracts can be deployed directly from the wallet and trigger cross network transactions and tasks based on pre-defined conditions.
Lux will introduce SegWit to separate transaction signatures. Transaction signatures are separated by stripping the signature from within the input and structuring it to the end of a transaction. This leads to higher security because it prevents the receiver from intercepting and modifying the sender’s transaction ID in a bid to get more coins from the sender. The data is “detached” from the transaction.
Today, Luxcore’s blockchain has a block size of 4MB and a block time of 60 seconds. SegWit will increase transaction size and address transaction malleability issues that currently plague blockchains. This will provide critical stability and scalability in the Lux blockchain. SegWit has not yet been introduced to Luxcore’s blockchain, but it’s scheduled to be added on February 20, 2018.
Parallel masternodes are designed to improve reliability and security for enterprises and institutions.
Luxcore describes LuxGate as “nothing short of a technological marvel in the blockchain space.” It allows communication between validated blockchains with the ability to perform advanced functions and tasks.
A Lux masternode is a 24/7/365 dedicated server connected to the blockchain network. The masternode adds an additional layer of stability and two additional levels of functionality to the network. Additional functions are increased transaction speeds and the enablement of LuxSend.
If you want to run a Lux masternode, you’ll need at least 16,120 LUX in your wallet. Masternode owners earn rewards for supporting the network and providing additional services. Masternode rewards are 40% of the proof of stake block and are randomly paid to Masternode Owners who support the network.
We mentioned LuxSend above. It’s a form of coin mixing that provides an additional layer of privacy. The coin mixing is performed by the Lux masternode network. It achieves trustless mixing of coins, obfuscating the origin of coins along with wallet details and addresses.
LuxCoin transactions can be secured by multiple signatures.
Today, Luxcore has two core products, including Parallel Masternodes (PMN) and LuxGate, as well as the LuxCoin wallet.
A private network catered towards enterprises and institutions who need a reliable and secure blockchain. All wallets and transactions on the PMN network are encrypted, making them invisible to prying eyes.
LuxGate allows communication between validated blockchains with the ability to perform advanced functions and tasks. LuxGate can communicate with centralized networks – like PMN private network implementations. It can also integrate with centralized functions like banking institutions.
LuxCoin offers a proof of stake wallet that allows users to stake their coins to earn rewards.
Who’s Behind Luxcore?
Luxcore is led by CEO and co-founder Brian Oliver, an entrepreneur with 14+ years of experience. Other key members of the team include 216k155 (yes, that’s the individual’s name), who’s listed as Chief Product Officer, Core Developer, and Luxcore co-founder.
The company is based in Sydney, Australia.
Luxcore is an enterprise-grade blockchain that uses the cryptocurrency LuxCoin. The price of LuxCoin has grown considerably since late December 2017. On December 1, the coin was priced at around $1 USD. As of January 11, each LuxCoin is worth about $30.
To learn more about the Luxcore platform and how it works, visit online today at Luxcore.io.