Luxcore Introduces World’s First Proof Of Stake Web Wallet
Luxcore just introduced the world’s first proof of stake web wallet. Luxcore announced their new Lux WebWallet in a Medium post earlier today.
Described as “the first of its kind,” the web wallet consists of an easy-to-use software solution for end users of all capabilities. The goal of the wallet is to reduce the potential for user error while making it easy for users to participate in proof of stake consensus.
Luxcore, which recently appointed John McAfee as its CEO, is also offering the web wallet as a service to developers. You can download the wallet today from www.luxcore.io/poswebwallet
Luxcore creates first proof of stake web wallet. https://t.co/0l2FH4p0ok
— John McAfee (@officialmcafee) September 5, 2018
“It is also a turn-key solution that developers can integrate into their own projects,” writes Luxcore,” compatible with literally every proof of stake blockchain in the known universe.”
Another key goal of Lux WebWallet is to address security concerns about proof of stake hashing while leaving a smaller carbon footprint than traditional proof of stake wallets.
“Lux WebWallet is the solution you have been waiting for to optimize proof of stake and chart the course ahead for blockchain technology.”
For those out of the loop, blockchain technology is built on two main types of consensus systems: proof of work and proof of stake. Blockchains require proof in order to achieve consensus and work as intentioned. Proof of work consensus algorithms require computers to provide “proof” by solving a math problem while proof of stake consensus algorithms require users to “stake” coins in a wallet (essentially, lock them up) to contribute to the network.
Proof of stake supporters argue that PoS consensus is more environmentally efficient. With bitcoin’s blockchain alone using more energy than most countries in the world, PoW has been criticized as being inefficient.
So why aren’t we all using proof of stake? Well, proof of stake is far from perfect. It’s significantly less secure that PoW. With proof of work, malicious miners need to spend money to create an attack. With proof of stake, there’s the opportunity for “nothing at stake” attacks and “long range attacks”, among other issues.
PoS also requires all members of the network to keep a full copy of the blockchain connected to the network at all times, which means leaving computers running 24/7. Even if those computers aren’t actively mining and spending processing power, this is a lot of wasted energy.
Lux WebWallet claims to address many of these concerns with PoS systems.
Lux WebWallet “Addresses Literally All of These Issues”
Luxcore claims their Lux WebWallet “addresses literally all of these issues” associated with proof of stake consensus:
“Lux WebWallet is the first and only Web-Wallet-as-a-Service capable of supporting Proof of Stake hashing algorithms. This frees blockchain actors from the shackles of having to leave their computers on 24/7 in order to earn stake rewards. With Lux WebWallet, a project instantly becomes more sustainable by allowing users to turn off their computers without risk of losing rewards for the first time in blockchain history.”
The secret to Lux WebWallet’s success is its advanced, distributed multi-node architecture for its network infrastructure. The userbase remains totally decentralized, although network maintenance and IT support is centralized within the project hierarchy. This centralization reduces user error and frees support personnel to engage in more productive activities to push PoS-based platforms forward.
Luxcore also claims their wallet reduces attack vectors. It doesn’t reduce problems like nothing at stake attacks and long range attacks. However, it does give PoS networks added defenses:
“It furthermore provides a backbone capable of decision-making when confronted with potential consensus problems associated with various Proof of Stake attack vectors — namely, Nothing-at-Stake attacks and Long-Range attacks. In this way, Lux WebWallet allows for a degree of logic to be infused into the re-establishment of consensus, which can help stave off malicious attacks.”
John McAfee Praises The Lux WebWallet
Soon after Luxcore announced the wallet, John McAfee chimed in with a tweet excitedly discussing the wallet:
“Luxcore creates first proof of stake web wallet,” wrote McAfee with a tweet to the blog post.
McAfee obviously isn’t a neutral third party here: back in mid-August, it was announced that John McAfee, the antivirus pioneer turned cryptocurrency pundit, had been appointed CEO of Luxcore. McAfee had originally been named as an advisor to Luxcore back in April before moving up to “Chief Product Officer” and “Core Developer.” Today, he continues to lead the company as CEO.
Overall, Luxcore claims their Lux WebWallet is a scalable, modular, adaptable, first of its kind PoS web wallet. The wallet supports all proof of stake platforms available today. You can download Lux WebWallet from www.luxcore.io/poswebwallet. The wallet is available for users and for proof of stake development teams.