A Beginner’s Guide to Luxcoin

By Prashant Jha

The world has over 1600 cryptocurrencies. Clearly, it is becoming increasingly hard to keep track of all the coins and tokens that are routinely launched into the burgeoning crypto market. Given this massive volume, it is absolutely imperative to know which are the ones that are truly deserving of our attention. Now, Luxcore is a blockchain platform (with its native crypto coin being called Luxcoin) which seeks to grab our attention with an intriguing attempt to bring all the bests of blockchain together. We are well aware of the many business benefits of blockchain, as well as of how it serves use cases as diverse as music and charity. Naturally, it would indeed be great if there was a way to concentrate the essence of its uses in a single offering. LuxCore sets out to do just that, with Luxcoin in tow. Here, we take a look at what Luxcoin is, how it works and why we need it at all.

What is Luxcoin?

Luxcoin is the cryptocurrency meant to fuel the blockchain platform of LuxCore. The idea of Luxcoin is indeed fascinating as the developers, in creating this coin, have attempted to fuse two different consensus protocols, namely Proof-of-Work and Proof-of-Stake, so that it helps promote democratization of mining by making the coin ASIC-resistant. LUX, as this coin’s ticker symbol is, attempts to execute the Parallel Masternodes and a “Static” staking model in addition to the combination of Proof-of-Work and Proof-of-Stake we have already mentioned. This unusual combination is make LUX attract a great deal of attention even though it chose to not have an ICO launch before its entry.

LuxCore essentially means to serve as a link between blockchain solutions that deal with security and privacy, enterprise users of blockchain tech as well as the layman users who can benefit a great deal from this technology. Luxcoin is meant to be the value token of this network. With Luxcoin fuelling the work in this network, it becomes possible to bring together multiple use cases and fashion a fresh solution for newer benefits. Some of the key technology elements that will be supported by this network and fuelled by this coin, according to their website are, blockchain smart contracts, SegWit, Parallel Masternodes and the LuxGate feature that will enable communication channels between multiple blockchain networks.

How does Luxcoin work?

Luxcoin’s parent platform makes use of the PHI1612 Algorithm (a PoW and PoS hybrid) which is considered to be extremely GPU-efficient. This basically means that the mining efficiency becomes far less reliant on power consumption and electricity drainage. It is ASIC-resistant at the same time. For added security and convenience, this coin’s underlying network also implements Parallel Masternodes, using which one can develop third party applications over the main blockchain, with adequate vetting done to keep out unauthorized swindlers. The LuxGate technology enhances the blockchain by making it possible to establish contact between various trusted blockchain networks, such as Bitcoin and Ethereum. Just like Ether powers Ethereum, LuxCoin powers and lives on the LuxCore blockchain network
The technology elements mentioned here makes Luxcoin all the more secure, compliant and amenable to multiple use cases.

Does Luxcoin Seem to Be Headed In The Right Direction?

With a multitude of fascinating and intriguing tech elements headlining this project, the attempt to come up with Luxcoin is undoubtedly an ambitious one. It offers great security with multi-signature transactions, hiding of IP addresses using LUXSEND and use of SegWit to separate and mix up transaction signatures. In addition, it also offers a great concept to enable an interesting crypto crossover. Clearly, the ideas seem to be well-formed. However, since the platform has been launched just over a year ago in October 2017, it still has a long way to go to prove its mettle. Meanwhile, if you’re planning to invest early, you may want to check out exchanges such as CryptoBridge and Cryptopia. Before you do buy it, however, you must keep in mind all the things to know before investing in cryptocurrencies. You must also remember that it is hard to purchase LUX with fiat, so keep your Bitcoins handy!