Recap LGCY Network AMA — Crypto Revolution x Justin Waiau
Before the start of the AMA, LGCY Network shared a glimpse of their upcoming marketing activities.
Danny | Crypto Revolution hosted the AMA and provided questions submitted by the community.
Q: Could you please introduce yourself and share the story how did you get into Crypto?
My name is Justin Waia’u. I am from Maui, Hawaii. I’ve been involved in mostly import/export and most recently LootUp (a payment app) and LGCY Network. I got into crypto as in investor first and having a tech background, I saw the potential and opportunity in blockchain technology.
Nice. Always wanted to visit Hawaii. Having background in Tech is helping in Blockchain?
Hawaii is a great place. I hope every one of you gets to visit sometime in the future. Yes, having a tech background is essential. Even though I am not involved directly in developing, it’s good to have a good understanding of not just the tech but every aspect of the project.
Also, I apologize for the slow responses. It’s 2am for me haha but I’ll try to speed it up.
Q: Could you please describe what is LGCY in few simple sentences?
LGCY is a DPOS Dapp based blockchain that will be initially based on Tron Network as a base to build on. Our focus is on community and true decentralization.
Q: How Community can help LGCY in long term?
We have multiple plans to involve, attract and cultivate a healthy community of developers and projects, which in return will attract users.
I believe it’s one of our twitter questions too.
Q (@Rosanela08): LGCY aims to be the most decentralized blockchain, allowing the community to be in control. How can users participate in the decisions, who will execute the modifications that would come in the future and ensure that the network is maintained?
Similar to Tron’s super representatives voting system, where token holders can stake with a super representative and the SR then makes decisions for the blockchain on behalf of their voters. Where LGCY will differs is that instead of one group making all the choices, we will have 3 groups to spread the power out, making it more decentralized.
Another key to decentralization is our token burn at the end of year 3. Once the project has been built out, the LGCY team will burn the last 33%, to give up not only power of the chain but also as a deflationary mechanism for the LGCY token.
Q: Do you plan to add Staking Option as well since is very popular today?
Yes, on our mainnet, we will have staking and rewards as part of the governance system. While we are building out the chain, we will also have pre-staking. This will done via a partnership with Ferrum.
Q (@Pamoato): How does your stable gas token mechanism work (USDL)? I mean, is it possible to alleviate the high gas fee of the ETH network that we are living in the present through this mechanism? Can I also use $LGCY to pay for gas?
This is a great question. When a tokens gas fee is pegged to a fraction of the token, the price of gas becomes volatile. The way LGCY solves this is with our stable gas coin (USDL).
USDL will be pegged to the amount of transactions that are equal to $1 (via oracle). By doing this, we can ensure that gas prices are always fairly priced and stable.
Another thing that USDL solves is inflation. When a token like TRX pays out staking rewards in TRX, it causes inflation. By staking LGCY and getting USDL, it’s actually deflationary because you will be able to buy LGCY with USDL on our future dex.
Q: That’s great. Btw what is your personal opinion on Uniswap and this high gas fees last week?
IMO it’s a perfect example of why we need alternatives to Ethereum Network. The high fees and congestion will be solved by LGCY Network.
Q(@sridhar_naini): Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does LGCY Network have any special plans to attract and expand the community and improve the user experience?
We have allocated a portion of the tokens to be used for a community dev fund. This will attract projects and their communities as well. This is important for adoption and a healthy chain.
Q: Any Projects you are talking to at the moment?
Yes but we’d rather not comment until it’s official.
Q: Trust is very important in business. So, what makes investors, customers and users feel safe when working with LGCY? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi?
We stand by LGCY and opted against anonymity so that we can be held accountable. We also locked in about 700k in liquidity on Uniswap.
Q: Why LGCY blockchain code is a fork from Tron 4.0?
We are a forking Tron are a start because we think it’s a great base to work with. It’s lightning quick and low fees.
Q: I am an ETHICAL HACKER AND EXPERIENCED DEVELOPER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build on.
Yes, we would welcome a hackathon for ethical hackers. It can only make us the chain and community stronger. Please DM later and we can work out a plan when the time gets closer.
Just wanted to thank Danny and the rest of the Crypto Revolution members for allowing us to have an AMA here. If you liked what you saw here or had any further questions, please check out our TG. We are busy but try to make a point to have a team presence there.
