$QUAN is providing the origins of the LootUp App.
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Posted On: 04/26/2022 3:07:33 PM
$QUAN is providing the origins of the LootUp App. An explanation of the origins and the technical reasons Justin Waiau and his team from LGCY decided to build LootUp.
The LGCY Blockchain team debated for months on tokenomics, ethics, and decentralization trying to create a bulletproof blueprint without ego. Satoshi's vision was to have Bitcoin be perfect and never altered. The LGCY team felt that perfection was not possible nor should it even be a goal. As time changes the technology needs to be able to change along with it. It is impossible to create future proof tech, but tech that can grow with the future should be the goal of any good company.
LGCY Network is not about perfection, it's about being flexible and adapting. This is how they came up with the Governing Bodies.
LGCY Network utilizes a Delegated Proof of Stake system of government. Governing Bodies are a group of incentivized and educated delegates that vote on network proposals. Not everyone should be allowed to vote on what changes need to be made on a network (as in the classic Proof of Stake system). But token holders should be allowed to have their vote represented by a qualified delegate.
The biggest contribution to this new system is USDL. USDL is a stable gas coin that is backed by network fees. The biggest issue with building a decentralized application (besides speed and low fees) is volatility. By backing 1 USDL with approximately 1 USD worth of network fees, projects are able to budget properly.
As an added benefit, with a stable gas token users can exchange funds without worrying about skyrocketing gas fees. Cryptocurrency will never be useful for buying and selling goods in a system where gas fees cost more than the merchandise.
Sorting out gas fees and transaction speeds was only half of the initial problem. What about the long addresses, no room for error, and general non-intuitive nature of cryptocurrency as it stands?
The solution to this is the LootUp App.
LootUp, amongst many other features, will allow the user to send to usernames instead of long addresses, give sponsored gas options, and will have the ability to cancel and confirm transactions. Since the app is built on the LGCY Network blockchain, LootUp will be non-custodial and peer-to-peer. Allowing users to discuss payments through a messenger inside the app, creating invoices, and providing a decentralized marketplace to buy and sell products, the LootUp app will have everything needed for the general public to utilize the safety and security of blockchain technology without the headache.
The goal has always been to make blockchain technology user friendly and accessible to everyone. LootUp is the path forward.
"We are currently in the testing phase of the LootUp App. Will have more news on the release in the coming weeks. We are very excited about the forthcoming release of LootUp, it will truly change the way users will transact Decentralized Payments," said Justin Waiau CEO.
The LGCY Blockchain team debated for months on tokenomics, ethics, and decentralization trying to create a bulletproof blueprint without ego. Satoshi's vision was to have Bitcoin be perfect and never altered. The LGCY team felt that perfection was not possible nor should it even be a goal. As time changes the technology needs to be able to change along with it. It is impossible to create future proof tech, but tech that can grow with the future should be the goal of any good company.
LGCY Network is not about perfection, it's about being flexible and adapting. This is how they came up with the Governing Bodies.
LGCY Network utilizes a Delegated Proof of Stake system of government. Governing Bodies are a group of incentivized and educated delegates that vote on network proposals. Not everyone should be allowed to vote on what changes need to be made on a network (as in the classic Proof of Stake system). But token holders should be allowed to have their vote represented by a qualified delegate.
The biggest contribution to this new system is USDL. USDL is a stable gas coin that is backed by network fees. The biggest issue with building a decentralized application (besides speed and low fees) is volatility. By backing 1 USDL with approximately 1 USD worth of network fees, projects are able to budget properly.
As an added benefit, with a stable gas token users can exchange funds without worrying about skyrocketing gas fees. Cryptocurrency will never be useful for buying and selling goods in a system where gas fees cost more than the merchandise.
Sorting out gas fees and transaction speeds was only half of the initial problem. What about the long addresses, no room for error, and general non-intuitive nature of cryptocurrency as it stands?
The solution to this is the LootUp App.
LootUp, amongst many other features, will allow the user to send to usernames instead of long addresses, give sponsored gas options, and will have the ability to cancel and confirm transactions. Since the app is built on the LGCY Network blockchain, LootUp will be non-custodial and peer-to-peer. Allowing users to discuss payments through a messenger inside the app, creating invoices, and providing a decentralized marketplace to buy and sell products, the LootUp app will have everything needed for the general public to utilize the safety and security of blockchain technology without the headache.
The goal has always been to make blockchain technology user friendly and accessible to everyone. LootUp is the path forward.
"We are currently in the testing phase of the LootUp App. Will have more news on the release in the coming weeks. We are very excited about the forthcoming release of LootUp, it will truly change the way users will transact Decentralized Payments," said Justin Waiau CEO.
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