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Welcome everyone,
Today we had the chance to interview a member of the Luxcore team for their two year anniversary, Luxcore is a project in the crypto space with some very interesting innovative features.
For all the new readers, let me start by briefly introducing ForAllCrypto. ForAllCrypto was founded almost a year ago. Our goal is to be the industry leader in E-learning regarding cryptocurrencies. We’ve written a book about all the aspects that come to mind when you want to get started on trading cryptocurrencies. The book has already been released in 2 languages is scheduled to release in more languages in the near future. We’re also currently working on two other projects, one of them being a video-course on trading cryptocurrencies. The video course will teach you about the subjects you need to know when you start trading cryptocurrencies. We help our members with learning about paying taxes in cryptocurrency all the way to making technical analyses. The second project we are working on is a collaboration with a well-known European crypto exchange, which will allow a user to buy crypto or commodities like gold and silver on a predetermined date and time every week or month. Our main goal is to let people set up their own savings plans in crypto or a chosen commodity so that they can set up their own retirement plan.
LuxCore, the company behind the LuxCoin cryptocurrency and their groundbreaking PHI2 algorithm, with their everlasting focus on innovation will soon make the transition to a new revolutionary algorithm, called RX2 (a RandomX derivative). LuxCore continues to make steps towards worldwide adoption with its Proof of Stake Web Wallet and with products like LuxGate and LuxEdge right around the corner they’re well on their way to build an entire ecosystem. But what is LuxCore, and what are these products?
First of all, thank you for taking the time to do this interview with me, Jorik. Could you tell us a bit more about LuxCore, when was it founded and what is the main goal that is driving LuxCore?
No problem, I’m just as excited as you are talking about crypto and Lux in particular. I have to say when first getting in touch with ForAllCrypto I wasn’t exactly sure what it is you guys are doing. The E-learning book sounds like a great way for people to get more familiar with cryptocurrencies and the trading aspect of it. If you don’t mind, I'd also like to know more about the retirement plan in crypto but let’s do that after the interview. So let me answer your first question. LuxCore was founded exactly 2 years ago today, with a focus on designing and building enterprise ready security and privacy products.
Why did LuxCore choose for a combination of PoS and PoW? What are the advantages of this integration?
Up until this very day, the crypto community still hasn’t decided what the best consensus mechanism out there is. Proof of Work has an amazing track record of being immutable but has a colossal ecological footprint and often centralizes around ASIC mining farms. Proof of Stake is relatively new but tackles the ecological footprint and is much more accessible for your everyday user, but doesn’t have the long history of being immutable yet. We’ve decided to take the best of both worlds. We’ve been industry leading with our PoW algorithms and are soon to revolutionize the industry even further with the introduction of our RX2 algorithm. This hybrid form of PoS and PoW allows the more casual users to also contribute to the decentralization of the chain.
I’ve heard a lot about the up and coming algorithm, RX2. Can you tell me what the fuss is all about, what makes RX2 so special?
In order to fully understand what makes RX2 so special we’d have to dive deeper into ASIC mining. ASIC, short for “application-specific integrated circuit”, miners boast an integrated circuit customized for a very specific use - mining. These miners have improved energy efficiency, cost and performance. With volatility and increased hash rates, 2017 and 2018 saw the market decide upon two clear forerunners: Bitfury and Bitmain. With several mining companies controlling high percentages of computational power on the Bitcoin network, threats to the network’s immutability and decentralization grew all too real. RX2 is designed for ASIC resistance and acts as a safeguard against this specialized mining hardware by its simulation of virtual CPU. The general-purpose CPU optimization enables more participants to secure the network, as they no longer need the purchase specialized mining hardware. This will result in a more egalitarian distribution of block rewards which, with our hybrid consensus model, increases decentralization of the chain.
It looks like LuxCore values the decentralization of the chain, can you tell me how the proof of stake web wallet fits into this?
Security and decentralization is the thing we value most, so I’m glad you asked. We at LuxCore feel that in order for cryptocurrencies to gain mass adoption we need to improve the user experience as a whole, whilst not messing with security. Private keys are insanely secure, but they’re not easy to use for the everyday user. Proof of Stake is a great way of letting people participate in increasing the chains decentralization, but not everyone is running a server 24/7. We’ve created the Proof of Stake Web Wallet, which we believe is a great step towards worldwide adoption. With the Web Wallet users can create an account and pay with their Lux anywhere in the world, at any time. The Web Wallet also optimizes for staking, this way you’re contributing to the decentralization of the chain and receive rewards in return. On top of all that, the Wallet will be fully maintained by the LuxCore team, this way you’ll never have to perform difficult wallet upgrades again.
If Luxcore is maintaining the web wallet, can you still guarantee that everything is completely decentralized?
The web wallet is designed to tackle the centralization issue. By spreading wallets across many of our highly secured servers across the world, these coins aren’t as centralized as you would think. Due to the hybrid nature of our chain, Proof of Stake isn’t the only way our chain verifies transactions. Even if all the coins on the network would be in a single place, you’re still only holding 50% of the network, consensus-wise.
Let’s move on to LuxGate. LuxCore claims to be the first that will launch a decentralized exchange, but a quick search on the web shows me several exchanges out there already claim to be decentralized, what makes you say you’re the first?
We claim to be among the first truly decentralized exchange. We’ve also seen a lot of decentralized exchanges launch into the world, but as far as we’re aware of, none of them is truly decentralized. CryptoBridge being the latest example. They claimed to be decentralized, but out of the blue enforce KYC on their users. Now users have to submit to KYC to get their funds back, how is that decentralized?
So now the question remains, what makes LuxGate different from what’s already out there?
The most important change is that LuxGate uses atomic swaps and smart contract order books to allow for peer to peer trading, directly from their own wallet. Because of this, users can trade without interference of a third party with a small side benefit: no trading fees. I have to say I’m so excited about LuxGate, it really gives power back to people. Which is why we’re all into crypto in the first place, right?
You’re absolutely right! Zero fees, that almost sounds too good to be true though. Where does LuxCore make their money if there are no fees to be paid?
I agree with you, it does sound too good to be true, doesn’t it? We don’t make any money, not from LuxGate at least. We strongly believe that for crypto to gain traction, we as a community have to strive for a better user experience. We’ve seen exchanges getting hacked, enforce KYC, CEO’s leaving with funds. Mainstream media paying a lot of attention to these events scares the users new to crypto. LuxGate will be a safe environment for everyone to use and having this platform out there will help the entire ecosystem. Currently we are asking projects that are being listed to have a holding in Lux. This doesn’t benefit us directly, but will help support the project, the chain’s decentralization and gives the project the attention it deserves. Providing a useful tool for the crypto community is beneficial to us because it does wonders for our brand recognition. So even if we're not making money on fees, we are supporting the community and getting awareness for that.
Amazing to see that you guys are really trying to build a brand around this instead of a get rich quick scheme! Could you tell me something more about LuxEdge, I believe that the safe environment that you’re talking about is also what you’re trying to accomplish with that, but for developers in particular, right?
Exactly, we strongly believe that people should be in charge of their own life without interference of third parties. LuxEdge is a platform that will run on top of our decentralized file storage. It will allow developers to push their code, access it anywhere in the world, without depending on a centralized party, like GitHub. Back in July GitHub confirmed to have blocked developers in Iran, Syria and Crimea, they’ve been denied access to their own code. With LuxEdge we’re building a platform that will allow developers to stay in charge of their own code, so that they can continue to develop the beautiful things we all enjoy.
I have to say I’m even more excited about LuxCore now than I was at the start of the interview and you can be sure I will continue to follow the project. If my readers want to follow your project too, what would be the best place for them to go to?
We have an amazing community that discusses topics daily on our Discord [Discord] and Telegram [Telegram]. But we also have our Reddit [Reddit], Twitter [Twitter] and Facebook [Facebook] for a more casual way of staying up to date.
We want to thank you for your time and we will keep in touch!
This was our interview with the Luxcore Team, if you have any questions, please feel free to comment on this post. I want to thank all of you for reading the interview and if you liked it make sure to check Luxcore and Forallcrypto's channels!
If you want to know more about ForAllCrypto:
- - Website
- - Public Telegram
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