What are LUXCoin and Luxcore? Introduction to LUX Token
What are LUXCoin and Luxcore?
LUXCoin is an innovative cryptocurrency project powered by various blockchain solutions and services dubbed Luxcore. The Luxcore ecosystem’s main goal is to bring an industry-wide solution towards bridging the gap between the average consumer, enterprise-level market, and various high-grade and privacy-oriented blockchain products.
Luxcore is an open source blockchain platform that boasts a new-age, energy-efficient, and ASIC-resistant algorithm called PHI1612. The said algorithm has a hybrid design, part PoW, part PoS. The platform is also implementing a technology called Parallel Masternodes, and a “static” model for staking.
In short, Luxcore is all about allowing users to create complex products around different uses cases. One could argue that Luxcore aims, in fact, to combine the best of everything that blockchain technology has to offer thus far. LuxCoin is part of the network’s rewardable system, as LUX is the platform’s token which powers all transactions and actions.
At its core, the network is quite complex. Crypto aficionados looking into LUXCoin and Luxcore will most like have to read about masternodes, SegWit, smart contracts, luxsend, Lux Trading Wallet, Multisig transactions, as well as products of Luxcore such as Parallel Masternode (PMN) and LuxGate.
One of the platform’s highlights is its PHI1612 hybrid algorithm. It’s a GPU-friendly algorithm (meaning that miners can mine LUX with just their GPUs) which will not only reduce electricity bills but also prevents large mining firms from dominating and centralizing control over the token. Since its hybrid algorithm, it also allows for the distribution of staked rewards regardless of how much the interested party is staking.
The PMN technology ensures reliability and security in order to make the platform well-suited for the enterprise sphere. To be more precise, it allows users to create third-party applications on top of the blockchain in a way that has not yet been possible with blockchains.
LuxGate is another innovative technology that allows validated blockchains to communicate with each other, creating a constructive bridge between various blockchains. Through the introduction of SegWit, the LUXCoin platform can now separate transaction signatures. The technology ensures a higher degree of security. This all acts in the benefit of the user, as it prevents the receiver from intercepting and possibly even altering the sender’s transaction ID.
LuxSend is another technology facilitated by LUXCoin’s masternodes. The coin mixing service’s main purpose is to help obfuscate IPs and wallet addresses. Multi-signature transactions are also securely dealt with by the platform. What’s more, the Lux Trading Wallet adds an extra layer of protection as it keeps the users’ LUX tokens on it, ensuring that they are not kept on exchanges which might be susceptible to hacks.
LUX is currently ranked 517th on CoinMarketCap, with a total market cap of $4,728,191 and a circulating supply of 2,910,373 LUX out of a total of 5,910,373 LUX. The current price of each unit is $1.62.
Getting your hands LUX tokens is not exactly a simple process, but it can be done by buying them from exchanges such as Cryptopia, CryptoBridge, and CoinBene. A full list of trading pairs and available markets can be found on the dedicated section on CoinMarketCap.
LUXCoin is without a doubt a very exciting and very promising project that, given enough time, should change the way businesses are conducted by providing unique customizable blockchains and crypto solutions for everyone including daily users, enterprises, and institutions of all sorts.