LGCY Network Development Update # 13
Development Update: 19th March, 2022
This development update contains a lot of exciting information. It is the start of great things in the pipeline from LGCY Network. We know the Jan 23, 2022 update was a bit optimistic, so from now on, we will be sticking to the estimated timelines on the DAC Roadmap.
- Technical Information
- Marketing Update
- Bittrex Global/Bittrex Listing
- Community Hero Awards
- Community Questions — You Asked, We Answered.
1. Technical Information
A) Node Software: Node software will be released shortly. It is complete, and we are finishing the final tests and in-house audits.
B) GB Docs: As above with the node software, these docs are almost complete. We are finalizing them before their release.
Please standby for the announcement for items A and B.
2. Marketing Update
LGCY Network is featured by “New to the Street.”
Marketing has started, since LGCY Network is now a working product. (There is more to come on the utility front.)
Justin was in NYC filming a TV segment to be broadcast on BLOOMBERG, FOX BUSINESS, NEWSMAX TV, and others!
Stay tuned for more exciting marketing announcements!
3. Bittrex Global/Bittrex Listing
We have fantastic news about this listing — providing another advancement along on the roadmap. Trading went live on the Bittrex Global platform March 3, 2022. (This is a highly trusted CEX with good volume according to CoinGecko.) Bittrex Global will start their marketing for LGCY Network next week.
Currently, ERC-20 LGCY token is available there, but LRC-20 integration is in the plan. Hopefully, we can see LRC-20 LGCY in due course.
4. Community Hero Awards
Congratulations to the winners for their outstanding contributions in promoting LGCY Network.
The prize winners:
In 2nd Place, (on Twitter) @aduakaj and (on Telegram) @paullo240, winning $500 of LGCY tokens for their contribution to #NeonSuperNova.
Our first place 🏆 joint winners (there wasn’t anything to distinguish them).
@Die_Langeee and @ProvidingClarity
These two win $1000 of LGCY tokens!
5. Community Questions — You Asked, We Answered.
Common questions asked from the community.
Timelines and Estimates:
Why not Q1? In the January update, there were several optimistic timeframes. At this point, we would like to communicate that dates and timelines are estimates and not promises. Our focus and promise is to deliver on the items on the roadmap, but we can’t ever promise an exact delivery date until the item is released.
Clarification to what was published in the January update: These were optimistic timeframes, and as you have noticed most of these items have updated timeframes of Q1 or Q2 now.
- MyriaDEX: tentative Q2
- CEX: Bittrex trading on March 3rd and more CEX listings to come
- GB docs and onboarding: tentative April
Q: I’m trying to stake and it keeps looping the loading animation.
A: Make sure to check the USDL balance and follow the articles available to you.
Q: When will Hotbit and Bitkeep start to accept LRC tokens?
A: They will be available Q2.
Q: Will Bitkeep support other assets besides LGCY, such as WGOV or LRC NFTs?
A: We need further details on this matter before we can provide a certain answer.
Q: When will the GBs start to get onboarded?
A: The GBs will start to get onboarded after LRC integrations and proper documentation is released.
Q: When will MyriaDEX be available, CEX listings happen, and Pendulum Finance release more details?
A: Those are all estimated for Q2. If this estimate changes then we’ll provide an update once we have more information.
Q: When will we be able to stake with other GBs?
A: Tentatively in Q2. That will be after GBs get onboarded. Announcements will be made when more GBs are online.
Q: When will the two-month GB compensation happen?
A: That will happen when staking with other GBs is an option. Rewards will be prorated by the team and can be extended until all 27 GBs are online.
Q: What gives USDL its value?
A: USDL should be considered as a receipt for interacting with the network. The main argument is a transaction does have value, so it should be a set price and not variable like most chains. In other words, there is always a price for interacting with a chain.
We had to approach this from a developer and project point of view, as well as a user’s point of view. Many projects were priced out of running their own dApps at the height of network congestion. So, we started asking questions like, “Should gas have a cost?” “Does gas have value?” and “What gives it value?”
Q: What’s the №1 use case for USDL?
A: Since USDL is the main token on the network, it’s the gas for all the dApps built on LGCY. Ideally, this means that projects should be able to have a more balanced approach to budgeting, especially in terms of paying devs.
For example, a project in theory would hold and stake LGCY for a USDL payout and use that for paying their team/devs, without having to sell tokens for self-funding. Thus, in a roundabout way, it can help the overall health of the projects/network.
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.