RECAP LGCY AMA — Cryptoiz Indonesia AMA x Justin Waiau
The first of many AMA’s to come, with a surprise announcement at the very end. Questions were submitted by the Indonesian community prior to the AMA.
Q: Can you introduce yourself to our community?
My name is Justin Waia’u. I’m Hawaiian, Filipino, Chinese, English and French and I was born and raised in Hawaii, US. My background is in graphics/web development but I’ve spent most of my work life in import/export with mostly China and Pakistan. Most recently, I launched a payment application built on blockchain technology (LootUp) that is still in development and we will look to launch in on LGCY Network in the future.
Q: Can you briefly tell us what is LGCY NETWORK?
LGCY Network is a DPOS dApp blockchain. We are forking Tron Network as a platform to build on and our aim is to essentially create a more decentralized and community based version of Tron.
Q: Please introduce how LGCY NETWORK is extending its use cases through partnerships and upcoming plans?
We have allocated a portion of tokens that will be used to sponsor and onboard the best projects + exhaustive documentation for developers to be able to easily and cheaply build on LGCY Network.
Q: What role do you think LGCY NETWORK can play to improve upon the DeFi markets?
As we all know, Uniswap and Defi projects built on Ethereum, are prone to high gas fee’s (up to $99 per transaction in recent times). This congestion and high fees will be a thing of the past on LGCY Network, especially with the introduction of our stable gas token in USDL.
Q: Are there any notable features of LGCY NETWORK that you would like to highlight?
Yes, some key highlights will be our Libertas solution. Instead of one group of super representives like on Tron Network, we will have 3 groups. These 3 groups will make it harder for one entity to monopolize the chain. Once the network is built out completely (year 3) and we have cultivated the developers community, we will burn the last 33% tokens, giving up our voting rights and handing it over to the community and investors.
Another key feature is the addition of our stable gas token. Normally, gas prices go up and down as the main governance token is traded. The higher the token price goes, (as it does in ethereum) so does the price of gas. With USDL, you will always have the cheapest gas possible.
Q: How will the “gas” payment work in LGCY? Will It be like in ETH, the calculation will be based on “USDL” but will it be paid in LGCY Tokens? Or will we have to buy $USDL to pay the commissions?
There will be a set percentage to be able to use gas with just LGCY but as with ETH and other tokens, this percentage goes up and down with price. This is why USDL is needed. USDL will be pegged to the number of transactions that make up $1. So although you can use LGCY to pay for gas, the better option is to hold a little bit USDL. LGCY will still be a tiny fraction of ETH gas fees, so users might not notice the difference but developers will definitely be able to utilize USDL better for their dApps.
Q: What is the future of lgcy network? how will it impact on blockchain technology?
LGCY Networks goal is create a fast dApp blockchain with low fees that will eventually be 100% community ran.
Q:What is LGCYNetwork long-term development plan? How do you make users believe that LGCYNetwork is a long-term high-quality
We will be fully open source, so users are welcome to follow our development on github. We have the right people in place to get the job done to see this project to completion. We started LGCY with the vision of being able to build on it in the future, so we have a high interest in making this work not just for the community but for us as well.
Q: As the Next Generation Blockchain for Mass Adoption, 2 things will trigger mass adoption which are DeFi and Dapps. What’s LGCY Network approach to DeFi and Dapps?
I touched on this in an earlier question but basically most of defi is built on ETH, which is constantly congested and with high fees. This won’t be an issue on LGCY. Transactions will be almost instant and approximately a fraction of a penny.
Q: How does the KECCAK-256 hash function work? Which cryptographic hash function does #LGCY use? Why #LGCY uses KECCAK-256 instead of the NIST standardized SHA-3 hash function ?
This is more of a Tron fork thing. Since Tron is using SHA-3 and we are forking Tron, this is initially what we will be using however we’re open to changes in the future.
Q: What is the utility of LGCY token? is there a LGCY staking program? How does the mechanism work? And how do we participate in the staking program?
Our mainnet staking program for LGCY will work similar to TRX on Tron Network with the difference being that rewards are paid in USDL, rather than LGCY and causing inflation.
Q: Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?
We are working with different communities to promote in non english speaking countries.
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As you all know, we have announced pre-staking but we are releasing the details and partnership for the first time right now.
We have partnered with Ferrum Network to collaborate on staking. It will be non custodial, decentralized and a “never been done”. We will be launching pre-staking of LGCY and rewards will be paid out in our gas token USDL. The amount you will recieve, will be about 1% a week average (or a little more if you do the 12 month plan).
The amount of USDL received will be determined by the USD price of LGCY at the end of the contract.
On top of this, Ferrum Network will also be listing LGCY on their Unifyre wallet, so our users will be able to swap, tip, and airdrop LGCY tokens via url link anywhere. This will add more functionality to LGCY even before mainnet starts.
Check out the article and more info to come. Stay tuned for a Ferrum Network AMA on our main TG for more clarity on our partnership.
