Development Update: 20th February, 2022
We’re into the sixth week of public access to the (soon to be) best network around. The LGCY Network community is growing, and people are as engaged as ever. The team is working hard and working through the roadmap. As with any new venture, there are growing pains; however, the issues are being addressed as efficiently as possible.
Anyone who is still experiencing issues with staking or swapping from ERC-20 to LRC-20, remember to clear the cache and your cookies, check if you have USDL to cover the gas fees (for staking), and use the recommended Chrome browser. The blockchain is being updated frequently, so check back if you’re having issues. Thanks everyone for your continuous support. We’ve got a lot to release in the coming weeks and months!
- Co-founder Justin Waiau announced his Team Allocation Token Burn
- Third-Party Wallet Extensions and CEX Integrations
- Community Block Explorer / Wallet UI Direction
- Onboarding GBs by the end of March (tentative)
- API Updates
- Community Questions
1. Co-founder Justin Waiau Announces Team Allocation Token Burn
The big news in February: LGCY Network Co-founder Justin Waiau burned 1B $LGCY tokens. Justin stated:
“There is still a lot of work to do, but now that @LGCYNetwork mainnet has officially launched I’ve decided to burn my token allocation of about 1 billion. This is a big step toward our goal of true decentralization. Here is the first burn of 250 mil LGCY.” Transaction details.
Later (on February 3rd, 2022) the other portion was burned–approximately 680 mil LGCY. Transaction details.
Here’s what the community is saying about the burn:
Why Justin Decided to Burn
“We’ve been asked about this, so we’d like to explain a little deeper. We have big projects we need to launch on LGCY Network, and we need the platform to remain stable and decentralized. That’s one of the reasons we started LGCY to begin with. Sure, we could’ve built on something like Sol, but you know…” He continued, “A working blockchain that is stable, low-cost, and blazing fast is not nothing. It was absolutely worth it, and we’ll continue to work on it and make it as great as it can be.”
2. Third-Party Wallet Extensions and CEX Integrations
Third-party wallet extensions and Hotbit Centralized Exchange have finished integrating. We expect these integrations to be announced and ready to go late February/early March. This is really exciting news, and we’re looking forward to the opportunities these integrations bring to grow the LGCY Network.
The releases will be:
- BitKeep mobile app LRC-20 integrations — all LRC-20 tokens
- Hotbit — CEX LRC-20 integration for LGCY — complete (please wait for the official announcement from CEX). USDL LRC-20 to come.
- Desktop for developer’s wallet
Some exciting news: the team is working on a MetaMask LRC-20 integration
Overall, the third-party wallet extension will offer the following features:
- All transactions via offline signing
- Offline address generation
- USDL / LGCY / token transfer
- Freeze / unfreeze / vote / claim
- Airdrop function / reward distribution
- Token generation
- Witness creation
- And much more info coming soon
In the near future, we’ll make a wallet available that will have basic user and expert modes.
BitKeep — In the app store:
BitKeep — Wallet:
BitKeep — Browser:
3. Community Block Explorer / Wallet UI Direction
We will have much more information in the next development update article, but for now, here is a sneak peek as to what’s coming:
The Block Explorer updates are nearly finished. There will be some significant changes, a revamp of the Block Explorer UI, and added functionality. The current one can be significantly improved, and that is why the Dev teams are currently working hard to bring this new UX to you.
Here is a sneak peek of a desktop wallet UI created by a LGCY community member. This really is an early view of our direction and a lot can and will change. Keep in mind that we are originally a Tron fork, so we will follow in their direction to start and create our own path and flavor as we go. We will have multiple block explorers and many wallets both from the LGCY foundation, as well as community developed explorers and wallets. UI Overview
4. Governing Body On-Boarding
The priority right now is onboarding the GBs by the end of March (tentative). We have a number of GB’s ready to go, and these will be up and running as soon as possible. Each GB will have their own profile, so you can take your time and find a GB that suits you.
5. API Updates
The LGCY Dev team is addressing many things on the front end and back end. This is a new network, and there are many things to regularly update and monitor. Dev team is working with a set of different parameters on a daily basis. The community will get revised API documentation that will be published on the Block Explorer site. This will help developers integrate with their dApps. Revised API should be published by March.
6. Community Questions — You asked, We answered.
Q: What’s the status of the USDL integration with Travala?
A: The integration for USDL can resume once USDL is listed on an exchange.
Q: When will more GBs get onboarded and receive their docs and node software?
A: This is a top priority, with docs expected by the end of March. The GB’s will be assisted by the team to get up and running.
More to Come
We are excited and ready for an eventful month and we hope you will join us in this excitement. As we approach the remaining month of Q1, we are looking forward to completing many items on our roadmap. Thank you again for your support, patience, and engagement. Join us on Telegram or Discord if you have any questions.
About LGCY Network
LGCY Network is a DPoS open source blockchain protocol with an industry-leading transaction speed and flexible utility. Designed to be the most truly decentralized dApp blockchain in the world, the network implements the Libertas Protocol to the Governing Body (GB) system of governance. By splitting up the 27 GBs into three branches, limiting the power of each, and introducing terms to the governance system, no single large token holder will be able to gain an unbalanced amount of power.