LuxCoin (LUX) is the coin used for transactions on the Luxcore blockchain. Luxcore uses energy efficient and fast PHI1612 ASIC-resistant GPU mining algorithm. Luxcore uses a hybrid consensus protocol (proof of work and proof of stake) which enhances the security of the blockchain. Luxcore offers several services free on the platform for the users holding or using the LuxCoin. Luxcore has introduced SegWit where the transaction signatures are separated from the transaction and are attached at theShow more [+] completion of that transaction. Luxcore is developing the support fro smart contracts using LuxGate. This feature will enable unification of blockchains. Luxcore also features a LuxSend protocol, which is a form of coin-mixing. It provides an additional layer of privacy to obfuscate the origin, wallet details and addresses. LuxCoin is multi-signature enabled thus all concerned parties are required to authorize a transaction.
Luxcore uses the nodes for its network to run where LuxCoin (LUX) is rewarded to the miners and commodity. Masternodes reward is 20% of PoW/PoS. To become a masternode a minimum of 16,120 LuxXoins are required. The miners can earn the LuxCoin by mining them using Proof of Work algorithm. The LuxCoin holders earn the LuxCoin using LuxCore PoS 2.0 static reward system. This system rewards a static amount of LuxCoins to the individuals staking, regardless of the number of coins held in the wallet. The individuals holding more coins in their wallets have more chances to be rewarded. Two LuxCoin are rewarded after maturity (36 hours) from block 1 to 100,000. After block 100,000 one Lux is rewarded to the individual staking.
John Mcafee, the founder of McAfee antivirus is the present CEO of Luxcore. The blockchain was co-founded by 216K155 (Pseudo name) and is responsible for PHI1612 algorithm development and deployment. The team consists of 15 other members. The senior advisory board comprises 1 member, Erick C.