Dec 27, 2021
Weekly Development Update
27th December 2021
It has been an incredibly busy month for our development team here at LGCY Network, as we finalize many aspects of our Public Release of LGCY Supernova MainNet and onboard our remaining Governing Bodies (GB’s) who will play a critical role in the smooth operation of the network as we go live.
For what has been a difficult time in many parts of the world during 2021, the entire team would like to take this opportunity to wish all the LGCY Network community a fantastic Christmas and our best wishes for a safe and happy 2022.
We believe that 2022 will be a pivotal year for LGCY Network as the hard work is translated into many key launches and exciting opportunities for our community to engage and support the ongoing development of our new blockchain.
Partnerships Updates:
UTU Trust & Creditworthiness API’s
This week we were proud to announce our partnership with UTU for deployment of their Trust and Creditworthiness APIs on the LGCY Network protocol. We will also be exploring further application for MyriaDex integration as the primary hub for all tokens that will be traded on the LGCY Network blockchain.
This partnership will enable LGCY Network developers launching on our protocol to integrate the new API’s directly into their dApps. Marketplace dApps connected to the UTU Trust API will be able to increase trust from comprehensive trust signals and improved rating and review functionality.
Q4 2021 Milestones to be released shortly
Wallet & Account Creation
We will soon enable Wallet / Account release on the LGCY Network blockchain, enabling our community to create their own wallets directly on the LGCY Network Block Explorer.
Staking Go Live — 28% APY on our 12-Month Staking
We will shortly open our initial 12 month Staking Option for all our loyal community to participate. Our 12-Month staking will enable our long-term supporters to earn an attractive 28% APY by staking their LGCY Tokens.
Watch out for our Staking Tutorial videos which will be released shortly, to enable our community to directly stake on the LGCY Blockchain
Community Trust: 33.33 billion LGCY Tokens Staked Indefinitely
With the public launch of MainNet we will initiate the transactions to permanently stake 33.33 billion tokens representing 16.66 billion tokens from Years 2 & 3 of the project to be allocated to our Community Trust program.
The Community Trust is a fund established by LGCY Network aimed to provide a perpetual fund and revenue stream of USDL to support the sustainable and ongoing development of the LGCY Network ecosystem. The main goal of the Community Trust is to ensure financial support and incentives are available to our Governing Bodies, while also supporting our mission of building the World’s Most Truly Decentralized Blockchain network.
LRC20 Token First Release (WGOV)
We are proud to announce that the first release of the LRC20 tokens will be minted and released via the LGCY Launchpad shortly. The WGOV token will be distributed to participants of the WGOV Pre IDO hosted by LGCY Network.
LGCY LRC20 CEX / DEX Integration
We will shortly release LRC20 integrations in our first Decentralized Exchange (DEX) and Centralized Exchange (CEX) as we initiate the preliminary stages of rolling out and scaling the LGCY Network native token (LRC20). During 2022 we will continue to expand and develop the role of the LRC20 token with applications and trading options set to expand at pace as the network is scaled up in 2022.
LRC20 Wallet Integrations
Our team have been working closely to increase support for our LRC20 token via third parties. This will enable our community to store LRC20 tokens on partner mobile and desktop wallets enabling a wider range of solutions for our community to store and utilise their tokens within both the LGCY Ecosystem as well as those of our partners.
dApp Release Schedule
As we push the LGCY Blockchain to public release our developer community will ensure the smooth running of the network before we begin to release our Dex & dApps on the network.
Our priority is always to ensure the security and integrity of our MainNet operations and ensuring that our developer community have a stable and safe network to build on.
We anticipate that MyriaDex and our first round of dApps will be launching early in Q1 2022 as most of the development work is complete and awaiting integration once the transition to Public MainNet is completed shortly.
LRC20 Cross Chain Bridges
LRC20 Bridges to a range of blockchains will be launched within 2 weeks of Public MainNet release. We are working to ensure broad support with an initial set of bridges that will include Ethereum (ETH), Binance Smart Chain (BSC), Heco Chain (HECO), Harmony (ONE), Nuls (NULS), Plug Chain (PLG), OEC (OEC), Kucoin Community Chain (KCS), Crypto.Com Chain (CRO), Avalanche (AVAX), AETN, Fantom (FTM).
Further expansion of supported LRC20 bridges is in scope for early 2022 as we look to ensure a range of solutions for our clients and developer community to maximise the power of the LGCY Network ecosystem.
Round 2 Governing Bodies Onboarding
We would like to invite those Governing Bodies now ready to be onboarded as part of Round 2 to please DM via telegram at @LGCY_MOD or email us at support@lgcy.network.com to ensure that all formalities can be completed efficiently.
Preliminary Network Structure Documentation
We are providing a prerelease of documentation useful for our developer community that may require it. Formal release to the broader community will follow shortly, but this step ensures that existing developers are equipped for the current requirement.
LGCY Network Structure
Account Creation:
• LGCY uses account model
- To activate an account, Need to transfer USDL
Key-pair Generation:
• Sigature algorithm is ECDSA, curve used is SECP256K1
- Private key is a random number, public key is a point in the elliptic curve
Account Format:
• The length of public key is 64 bytes, SHA3 uses Keccak256
• Address starting byte is 0x30
• Do basecheck to address, the final address starts with ‘L’
• character map: ALPHABET =
“123456789ABCDEFGHJKLMNPQRSTUVWXYZabcdefghijkmnopqrstuvwxyz”
Signature:
• Get the rawdata of the transaction, then transfer it to byte[]
• Do sha256 calculation to the rawdata
• Use the private key to sign the result gained from step 2
• Add the signature back into the transaction
Algorithm:
• ECDSA, SECP256K
• Example:
prikey:::8e812436a0e3323166e1f0e8ba79e19e217b2c4a53c970d4cca0cfb1078979df
pubKey::04a5bb3b28466f578e6e93fbfd5f75cee1ae86033aa4bbea690e3312c087181eb366f9a1d1d6a437a9bf9fc6 5ec853b9fd60fa322be3997c47144eb20da658b3d1
hash:::159817a085f113d099d3d93c051410e9bfe043cc5c20e43aa9a083bf73660145
r:::38b7dac5ee932ac1bf2bc62c05b792cd93c3b4af61dc02dbb4b93dacb758123f
s:::08bf123eabe77480787d664ca280dc1f20d9205725320658c39c6c143fd5642d
v:::0
• Note: The size of the signature result is 65 bytes. r 32 bytes, s 32 bytes, v 1 bytes.
Transaction Block Structure:
• 27 witness will takes turn to generate blocks
• Witness packaged the data of multiple verified transactions
• The hash of previous hash will be included in each new lock as parent hash
• Witness will sign the data of the block with their private key
• Structure of block is
Blocknumber
Block hash
Parent hash
timestamp
witness_address
witness_signature
transactions
Closing Comments
As we are sure you can see it has been a very busy few weeks for the LGCY Development community.
We continue to listen to our community, and as our focus on MainNet launches we will put increased focus on driving structured and timely updates to the community to ensure regular updates on the progress. Our team have been working around the clock in recent weeks to ensure a smooth launch of Public MainNet and we know that 2022 will be our best year yet!
Wishing all of our partners, clients, developers and community the very best for a safe and happy 2022!
