Welcome to the LGCY NETWORK AMA with The Gem Hunters. We would like to kindly thank the team for sharing information on the new project with our community.
Q1) Could you please give us a brief explanation on what LGCY is?
LGCY Network is a DPoS, open-source blockchain protocol with industry-leading transaction speed and flexible utility. Running on the Libertas Protocol, LGCY Network aims to be the most decentralized dApp blockchain in the world.
Q2) Moving on who is the team behind LGCY and what are their backgrounds?
Just to name a few, we have Vinod of TSCHybrid leading the developers team. He’s a SR for Tron and you can find him in core Tron developer meetings. Wes and myself are building a payment solution called LootUp. Craig Mackie has over 25 years of Executive Level Marketing and Commercial Experience in Senior Leadership Roles. Alan Crawley is a former director, market maker and broker at Interactive Brokers in Hong Kong and Sydney. LGCY Network began as a fork of the TRON blockchain. The essential base and functions of TRON will remain for LGCY with the major differences lying in the system of governance and the focus on community. This is a reason a lot of team comes from the Tron community.
Q3) On that note you are based on the Libertas protocol. What exactly does that mean?
Libertas is the name we choose for our system of governance. By splitting up the 27 SR system that Tron uses into three branches, we are limiting the power of each, and introducing terms to the governance system so that no single large token holder will be able to gain an unbalanced amount of power. Striving for true decentralization. This means proposals to the network must have 66% votes, rather than 51%, making it more secure.
Q4) On the same subject why did you choose the Libertas protocol?
It’s just a name we found fitting. It’s not related to that other project.
Q5) How's your roadmap coming along? Were you able to achieve your goals in time?
It’s going great! We are months ahead and plan on pushing further. We just released a sneak peak at our blockexplorer and will have another update in a week or so.
Q6) Your LGCY pre-staking pools were recently closed. Please guide us through the process and did you have success with that campaign?
We had a great turn out for prestaking! We partnered with Ferrum Network on this one, as we didn’t want to take our devs away from developing the chain. It was a success. We even did a bonus airdrop for those that staked. We hope to offer more opportunities and rewards like this for our early community soon.
Q7) we've noticed that LGCY has its own dev fund. How will that be used to benefit the project?
The heart and soul of a dapp chain is and should be it’s community that builds on the network. To promote adoption and a healthy community, we have allocated a portion of our tokens that will go directly to onboarding projects on LGCY.Network. We also have a marketing package that we will offer them on top of the funds to give them every chance to succeed.
Q8) another interesting 'feature' which we've found is the so called LGCY.suite. please tell us more about it?
It’s the standard developers tools you’d find on any modern chain, however our devs are working hard to create exhaustive documentation to make it as easy and accessible as possible to migrate over to LGCY.Network. For those wanting a more technical explanation, they can visit our site and check out the white paper. Lgcy.network
Q9) You have your own stablecoin, the USDL. Why did you decide to create your own stablecoin? By what is it backed and is it already being used?
USDL is the gas token for LGCY Network. Instead of having bandwidth and energy, the LGCY Network will use USDL as gas. 1 USDL will be a credit for $1 worth of transaction/server fees. USDL is a stable coin. That means that for people who stake, or run nodes with LGCY tokens they will earn payouts in a safe, stable coin rather than in a volatile token. This solves multiple problems. Projects building on our network will be able to create a gas budget without worrying about the price skyrocketing later. Our users will always enjoy the cheapest transaction fees possible (approx $0.002).
For anyone with questions, please visit our tg. - https://t.me/LGCYNetwork We love to answer any and all questions.
We would like to thank the LGCY team for coming to TGH to share information with our community, we look forward to following the progress of the project.