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What is LUX Coin?



According to the LUXCORE Whitepaper, “LUXCORE’s open-source blockchain includes the groundbreaking,energy-efficient, ASIC resistant algorithm PHI1612; the tradeable commodity, Lux Coin; Masternodes that act as a network security and rewarding system; Smart Contracts; and SegWit for improved transaction size and malleability”.

Unlike many other blockchain solutions, LUXCORE is aiming to help Governments, Big Business, and anyone else incorporate various levels of features and security into their IT stack. Many blockchain solutions take an US vs them approach but LUXCORE wants to foster a more collaborative environment.

LUX Coin is the first coin to introduce the PHI1612 Hybrid algorithm. The blockchain resource Coin Guides states that the algorithm “is a hybrid Proof-of-Work and Proof-of-Stake algorithm build using a combination of 6 different crypto hashing algorithms. The algorithms that make up PHI1612 are: Skein, JH, Cubehash, Fungue, Gost and Echo”.

Parallel Masternodes
Based on i2pd Technology and SAM Protocol, parallel masternodes are available only to verified and vetted business and government institutions. As the whitepaper states, “Any function, wallet, or transaction on the Parallel Masternode will be encrypted with the ip addresses auto-changed. These wallets and transactions are invisible to prying eyes to meet institutional security prerequisites”.

Announced today, John McAfee has accepted the role of CEO. In April of 2018 McAfee joined the LUX coin project as an advisor. Now that the latest version (Mercury v5.2.1) has been released, the focus is now on the business side of things. McAfee brings business expertise and a large cult-like following to any project he touches.

The price spiked briefly for a 20-30% gain and has held a 10% gain since then. The current bear market has almost certainly put a cap on what would have been a 50-100% gain on the news.

The LUXCORE blockchain is a highly ambitious project with many firsts in the blockchain space. McAfee believes that the first truly decentralized exchange will come from this project. Whether or not you’re a fan of the man, I think we can all agree that we need more privacy, and more decentralization. Time will tell if they can pull it off but I for one will be cheering them on.

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