Lately bitcoin has not been rising in value on the markets as it’s expensive and slow transaction times, has a lack of upgrades, and more. Ethereum is catching up fast and even Ripple gave it a run for its money despite the currency being pre-mined. So, while the bitcoin network itself is divided on these crucial upgrades and has fear of more forks, there is an opportunity for other coin-based networks that offer solutions in the form of smart contracts and better transaction times to come forward and claim a slice of the cryptocurrency pie.
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While there are ICOs that release coins that are basically blockchain-based shares, the number of robust new cryptocurrencies to rival bitcoin and Ethereum have slowed down in recent times after it is clear that it takes something special to succeed. LuxCore, a new cryptocurrency and programmable blockchain has recently announced crucial upgrades like Segwit upgrade, revolutionary layers of privacy and security and closed source services like parallel masternodes and LuxGate.
These upgrades are bold moves and are likely to appeal to crypto traders because coins often struggle to update their system the way it is supposed to be in the future. The problem with consensus-based systems is that crucial upgrades often take back seats and thus the true potential of the coin is affected. LuxCore is offering a mix of the two worlds for the advantage of the crypto traders and investors.
LuxCore System
Many cryptocurrencies currently use Proof of Work (POW) systems that are eating away the world’s resources and together are using more electricity than several countries combined. LuxCore’s new GPU PHI1612 algorithm built from: Skein, JK, Cubehash, Fugue, Streebog and Echo is one of the best ASIC resistant mining algorithms ever created and will help in diminishing the role of mining cartels and give the power back to individual GPU-based miners.
LuxCore’s system is essentially a mixture of POW and POS that minimizes the time and power needed for mining at an individual level. There is also an option of extensive options for privacy and security available for each user that aren’t currently available on other networks.
New Updates to the System
New updates to the LuxCore system include Segwit upgrade that will be introduced around the 20th of February, 2018 timeframe by the LuxCore system, the option of writing smart contracts into the blockchain, a groundbreaking concept of parallel masternodes that are run by individual users and extra layers of security.
For using masternodes, one needs to lock at least 16,120 LuxCoins on to his system and then he is eligible for Proof of Service based rewards. The rewards are randomly distributed to Masternode owners. The platform is going to grow organically like other coins in the business and there is no Token Generation event slated for the platform. You can download the LuxCore wallet from its official website directly.
Visit the Luxcore Website: https://luxcore.io/
