The LockTrip Blockchain Manifest
Yes, you have read correctly!
Today, we are announcing the LockTrip Blockchain. Be prepared for some exciting surprises and fasten your seatbelts while reading through the Manifest. But, let’s start with some general info before…
First of all, we want to make perfectly clear, that this is not something we pulled out of a magic hat. LockTrip is working on the concept of a proprietary Blockchain for more than 6 months now. But we kept this development intentionally as a secret, simply to avoid speculation and to present something useful and well thought, once we feel ready.
We also want to emphasize, that all Blockchain related research and development happened in parallel to the work on the marketplace and our original roadmap. We did not reallocate any developers. Instead, we put together a new and seperate team, specifically hired for this purpose.
Why is the LockTrip Blockchain needed?
Contrary to the initial thoughts and expectations of many, the decision was born out of pure needs. While the Blockchain technology has advanced quickly over the past few years, many critical components are either not available or ineffective for our specific purposes, as well as for the purposes of the general crypto industry.
The LockTrip Blockchain is critical for some elements of our project, having a significant enriching effect.
You can read more about those critical components in the Manifest below. Hint: Although the Locktrip Blockchain will boast an immense capacity in terms of TPS when compared to current blockchains, scalability itself is not the main driver for its creation.
While LockTrip could also exist and grow on the Ethereum network, its potential would be significantly limited by the lack of functionalities that come with current Blockchains. We have outlined and discussed 9 such limiting factors in our Manifest.
With our solution, both the LockTrip project and the LOC ecosystem will greatly profit from the endless new opportunities that will arise from it.
What about Security?
Security is probably the most important aspect for many of our community members and investors. Therefore, we want to outline some important info in that regard:
- We are not building a new Blockchain from scratch. Instead, we are taking a proven evolutionary approach where we will build on top of available open source technology, that has gone through the test of time — a successful strategy used by some of the current biggest blockchains (e.g Bitcoin Cash, Litecoin, Qtum and many more).
- We are building our wallet on top of an open source and heavily upgraded Qtum/Bitcoin desktop wallet. This means, that our wallet will be as secure as a standard Bitcoin desktop wallet from day 1.
- LockTrip will not be participating in any staking activities with its company pool or reserves (yes, this is a POS Blockchain) other than in cases where additional staking weight is needed to prevent a 51% attack. This will especially be important in the early stages, where the amount of nodes is still growing.
- We will be doing extensive stress testing on the testnet (together with our community members) prior to the launch. So you will be able to experience the stability of the Blockchain through first hand.
- LOC supply will remain unchanged on the new Blockchain, and current balances will be transferred 1:1 to the new Blockchain over a Transfer Smart Contract. This practically means, that current investors will get a powerful upgrade (at no extra cost) in terms of project value and upside potential.
I do not want to keep you longer from finally reading through what I think is a masterpiece of the Blockchain-Team.
Grab yourself a cup of coffee, lean back and enjoy the read!
We are eager to hear about your opinions, questions and comments afterwards. → Join our Telegram Discussion and share them with us!
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