Luxcore, a blockchain-based solution that provides secure information exchange for corporations and institutions, announced today the impending release of version 5.0 of its innovative blockchain, featuring a huge leap forward in functionality. Calling the release Mercury, version 5.0 brings with it the blockchain’s first hard fork in its protocol.
A hard fork is a fundamental change in the underlying rules of a blockchain’s protocol that requires participants to upgrade their software. Luxcore’s hard fork at version 5.0 has been planned since the blockchain’s inception. It will allow the developers to implement several improvements and add new features to Luxcore.
“This will be by far the largest and most ambitious update in Lux history with an incredible list of new features,” says Ben Wellington, Luxcore’s Director of Marketing. “With version 5.0, many of Luxcore’s roadmap items will be achieved. It’s a big jump forward.”
The upgrade brings four major new features: a new algorithm (Phi2), Smart Contracts, SegWit, and block pruning.
Phi2, a New and Improved Algorithm
Luxcore quickly established itself as a viable digital currency since its launch in October of 2017. Much of its initial growth was fueled by its unique algorithm Phi1612, created by Luxcore’s co-founder and lead developer “216k155.” Phi1612 enabled miners to work more efficiently, mining blocks with less power consumption and heat generation. With Mercury comes Phi2, Luxcore’s improved hybrid Proof-of-Work/Proof-of-Stake hashing algorithm. Phi2 enhances the original Phi1612 algorithm and features even greater industry-leading efficiency in mining. Initial tests show as much as 60% less electricity consumption and heat generation.
Built by a team led by Luxcore Chief Cryptographer Tanguy Pruvot (“tpruvot”), Phi2 is also designed to be scalable to keep the algorithm one step ahead of miners using Application Specific Integrated Circuit (ASIC) or Field-Programmable Gate Array (FPGA) devices. ASIC and FPGA devices are purpose-built to mine a coin, endangering the coin’s value as a distributed network. Because of Phi2’s configuration, it can be altered quickly to render obsolete any ASIC or FPGA devices, ensuring that no single entity can control Luxcore’s blockchain.
With the release of Mercury, Luxcore integrates Smart Contracts into its ecosystem. Smart Contracts use blockchain technology to carry contracts between parties. Smart Contracts are immutable (they cannot be tampered with) and execute automatically when the terms of both parties are met, with no need for a middleman or escrow account. Because Smart Contracts are distributed across the blockchain’s network, they must achieve network consensus that the terms are fulfilled before they execute. This removes any possibility of fraud generally associated with traditional contracts.
SegWit for Greater Speed and Security
Segregated Witness, otherwise known as “SegWit,” is a security feature that improves the speed and security of the original blockchain protocol. It works by splitting the transaction data written onto the blockchain into two segments and trimming the unlocking signature (i.e., the “witness” data) from the blockchain record and appending it separately to the blockchain. Implementing SegWit
reduces the size of the transaction data written into each block, significantly increasing the maximum transactions-per-second rate of Luxcore. In addition, removing the witness data stops hackers and prevents fraud.
Block pruning is a feature of Mercury that is designed to make using the Lux wallet (a digital wallet that allows users to store and manage their Luxcore coins) easier and more convenient. As the Luxcore blockchain grows, it places an ever-increasing storage demand on users. With block pruning, a user defines the amount of space they want to devote to hosting the Luxcore blockchain. The wallet automatically deletes the oldest block data and keeps only recent blocks on the chain as necessary to maintain the storage size set by the user.
“With block pruning,” Wellington says, “you will be able to host a full Lux node on a USB stick or SD card without fear of running out of space.”
The new features join Luxcore’s current capabilities, which include parallel masternodes (PMNs) and the web wallet, that propelled Luxcore into the top 25 for cryptocurrencies, according to Cryptomiso, a website that tracks and ranks popular blockchains.
“Almost all of the other projects on that list are larger and more mature, so Luxcore is punching above its weight in this regard,” states Wellington. “With Mercury, our technology is finally starting to catch up to the dream and Lux won’t be crypto’s best-kept secret for much longer.”
Luxcore is a technology company that develops blockchain-specific information security and privacy products. Later this summer, FOX Business will feature Luxcore on its television series Innovations with Ed Begley, Jr. For more information about Luxcore, visit www.luxcore.io.