LGCY Network
| Original author(s) | Justin Waia'u and Wes Wade |
|---|---|
| Developer(s) | Abhilasha Singh |
| Initial release | 9 January 2022 |
| Development status | Active |
| Written in | Java |
| Available in | English |
| Type | Distributed computing |
| License | Open-source licenses |
| Website | lgcyscan |
LGCY Network is a decentralized, open-source blockchain-based operating system with smart contract functionality, proof-of-stake principles as its consensus algorithm and a cryptocurrency native to the system, known as LGCY (LGCY). It was established in July 2020 by co-founders Justin Waia'u and Wes Wade as a fork of TRON. It was originally an Ethereum-based ERC-20 token, which switched its protocol to its own blockchain in 2022.
History
LGCY Network was founded by Justin Waia'u and Wes Wade in 2020.[1] The testnet and Blockchain Explorer were launched by March 2021. LGCY Network Mainnet launched afterward in January 2022.
Architecture
LGCY Network adopts a 3-layer architecture divided into storage layer, core layer, and application layer. The LGCY Network protocol adheres to Google protocol buffers, which intrinsically supports multi-language extension.
The LGCY Network protocol, maintained by the Governing Bodies, distributes computing resources equally among LGCY holders along with the stable gas token USDL.[2] LGCY Network provides a decentralized virtual machine, which can execute a program using an international network of public nodes. The network has low transaction fees and is capable of conducting approximately 10,000 transactions per second.[3][4]
The implementations of LGCY Network require minimal transaction fees in order to prevent malicious users from performing DDoS attacks for free. In this respect, EOS.IO and LGCY Network are quite similar, due to the negligible fees, high transactions per second, and high reliability, and as such are regarded as a new generation of blockchain systems.[5]
The major difference between LGCY Network and TRON is the governance system. Still utilizing a 27 representative system, LGCY Network breaks up the Governing Bodies into three branches.[6] By balancing the power between the three Governing Bodies, the smaller representatives are given an equal voice in the governance of the network.
References
- ↑ Waia'u, Justin. "Quantum International Corp. (QUAN) Provides The Origins Of The LootUp App And The Technical Reasons It Was Conceived". NewsfileCorp. NewsfileCorp. Retrieved 25 April 2022.
- ↑ "Revolutionizing Stable Coins: Introducing USDL (formerly LFUEL)". Medium. LGCY Network. Retrieved 25 April 2022.
- ↑ "Introduction". LGCY Network Gitbook. April 2022.
- ↑ "WORLD Token Becomes First Project To Build On Legacy (LGCY)". GlobalNewsWire. 25 April 2022.
- ↑ Valdeolmillos, Diego; Mezquita, Yeray; González-Briones, Alfonso; Prieto, Javier; Corchado, Juan Manuel (2020). Prieto, Javier; Das, Ashok Kumar; Ferretti, Stefano; Pinto, António; Corchado, Juan Manuel, eds. "Blockchain Technology: A Review of the Current Challenges of Cryptocurrency". Blockchain and Applications. Advances in Intelligent Systems and Computing. Springer International Publishing. 1010: 153–160. doi:10.1007/978-3-030-23813-1_19. ISBN 978-3-030-23813-1.
- ↑ "Governance". LGCY Network Gitbook. April 2022.
External links
- Lua error in Module:Official_website at line 90: attempt to index field 'wikibase' (a nil value).
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References
This article "LGCY Network" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:LGCY Network. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
