LindaX: An Upcoming Ethereum Fork You Won’t Want To Miss
A decade ago, Blockchain changed the rules of the game. It opened doors to possibilities we didn’t have before. The initial platform was quite limited, so developers started looking for ways to do more. In 2015, Ethereum went live. Ethereum is an open-source, Blockchain-based platform. It provided a massive push in Blockchain development and allowed hundreds of applications to be built in less time and with less effort.
What previously required extensive knowledge of Blockchain, programming, and science became far simpler. Ethereum was built as more than just a digital currency platform. With decentralization as one of its main features, this platform became home to an incredible number of smart contracts, as well. Decentralization also made it possible to execute numerous successful Fintech solutions. One of these solutions is LindaX, and we are going to take a more precise look at it in this article.
Forks are called forks for a reason. Generally, they occur because a developer (or group of developers) takes a different view on a project. They take the source code and use it as a base for their own development. In this way, the project receives a new spin-off. Depending upon compatibility, there are soft forks and hard forks. However, hard forks have other extensions.
- Soft forks. All forks are, in a way, updates to existing software. Yet soft forks are compatible with older versions of the software, as well. This increases the usability of the software and provides the opportunity for more customers to try out the fork. Soft forks are widely used by developers of digital currencies. For example, BIP 66 (Bitcoin Improvement Proposal) is a document that supplies the Bitcoin community with information about Bitcoin updates.
- Hard forks. Hard forks are not compatible with older versions of the software. This strips people with older versions of the software of the opportunity to transact with those who have the new version. An example of a hard fork is Bitcoin Cash. It occurred in 2017 as a result of opinion differences within the Bitcoin community.
- Planned hard forks. Planned forks have been on a project’s roadmap from the start. Ethereum’s Byzantium is one of the known planned hard forks.
- Contentious hard forks. These forks are caused by differences within the community. This results in some members of the community creating a completely different chain. For example, Bitcoin Cash or Ethereum Classic.
LindaX: An Ethereum Fork to Look out For
LindaX is an environment for the creation of authentic tokens that can be used as currency, internal assets, proof of membership, or anything else, depending upon the needs of the organization. The platform provides the ability to verify that all prerequisites for the token have been fulfilled before the network vote is held. This ensures the trustworthiness of all issued tokens.
Benefits of LindaX
The platform is already fully developed with all the related aspects concerning Testnet, Mainnet, and wallets. Now, it’s time to achieve the initially set prospects. Currently, its primary benefits include:
- Business loyalty program tokenization. Loyalty-program tokenization provides the opportunity to earn tokens for being a loyal customer. Generally, one can also trade or transfer loyalty points to others. This means that one kind of points within the network can be traded for another kind with no effort.
- Custom token development. Each business has the ability to develop a token according to its needs. The tokens can then be provided to customers of the company in exchange for a certain action performed (like signup, purchasing a product, etc.). They can also be sold for later use within the company system or to purchase company assets.
- Lower transaction fees. The platform is able to decrease transaction costs by 50% in comparison with ERC20. This results in more transactions at a faster speed but with lower costs.
An In-Depth Look
The LindaX platform has quite a few tech specs that will appeal to future users. More detailed information is available in the white paper for the platform.
- The first thing to look at is, of course, the blockchain itself. LindaX is expected to be way faster than Ethereum’s system, processing 179 transactions per second.
- The platform operates on the PoA (Proof of Authority) algorithm. The system relies on trusted validators, who are chosen in a specific manner. The validator has to be formally verified on the chain with the possibility to cross-check the information at a publicly-available domain. Validators will also be required to hold a certain number of platform tokens (LX) to prove they are committed to the cause.
- The platform will contain two networks: a test network and a core network. The test network can be used by developers to try out their contracts or apps at zero cost. The core network requires all contracts and apps published on the networked to be vetted beforehand.
- All tokens issued by the platform will also be pre-vetted to ensure that all prerequisites have been fulfilled before the network vote. The vote is held by the members of the network, including the validators. If the coin is not approved by the vote, the developers can still continue to contribute to the network, and the token may be later approved by internal specialists of the network.
The presale for the LindaX ICO began on August 20, 2018, and in the first 12 hours, over 3 million tokens were sold. The total circulation supply is 250 million tokens. The company has provided 75 million tokens for pre-mining, 150 million tokens for the ICO, and 25 million tokens for those taking part in the referral programs. ICO tokens make up 60% of the investment, while referrals and treasury account for 10% and 30%, respectively. The ICO soft cap is on the roadmap after the launch of the core network, and the ICO hard cap will follow directly afterward.
Once the hard cap mark is hit, the company has a few other things planned. They plan to start with the Governance and Transparency dApps launch, then the Token Vault dApps and LRC20 Branch dApp. From there, it is planned to have the first LRC20 token deployment, LindaX partner exchange, or acquisition. The last points on the list so far are Metamask integration, the introduction of mobile wallets for both iOS and Google Play, and increasing LC transaction scalability. For the soft cap, the target is 10 million coins;the hard cap goal is 70 million.
Overall, LindaX presents impressive possibilities for enterprises while preserving all the best qualities of Blockchain, like decentralization and security. Businesses will be able to issue tokens for themselves in an effortless manner. Additionally, issuance of a personal token will catapult companies into a new stage of development, unlocking a vast array of fresh possibilities for the future.