An inside look at LuxGate — A step into the future.
Not long ago, LuxCore faced a massive reorganization, as it was preparing for the beginning of a new crypto space era. Strong names settled as part of the LuxCore team during this period and the one with most resonance is of course the notorious John McAfee. As he was appointed as CEO of LuxCore, McAfee stated:
“ I have accepted the position of CEO of LuxCore. They have been working hard behind the scenes and will soon announce the availability of blockchain features we have all been waiting for.”
Many people asked themselves if LuxCore is going to deliver, and it wasn’t long until they received the answer. The team continued its active development and managed to launch another great feature, the PoS Web Wallet — As a service.
One other golden milestone in LuxCore’s path is the release of LuxGate, a multi-use product that also aims to eliminate most of today’s concerns in the crypto space about security, decentralization and speed, but not only.
”Decentralized exchanges are about to become a reality. I believe the first truly functional decentralized exchange will come from LuxCore." — John McAfee.
Trading on traditional centralized exchanges bears many risks, including the risk of losing all assets, that can happen either through a potential hacking attempt or an inside planned theft. At the same time, another big concern is that only a few centralized exchanges are currently dominating the market and control the liquidity, while the small exchanges struggle with low volume.
In order to address the issue of centralized liquidity and allow for risk-free transactions, the decentralized exchange alternative has to be established.
The way that LuxCore is planing to address this situation is through one of its most expected products, LuxGate. The vision behind LuxGate is detailed in their whitepaper, as I quote:
“ LuxGate will be able to interact with centralized functions (…) along with the PMN private network, which will act as an autonomous system on behalf of the function. LUXCORE will provide the required technology assistance and consultancy services to set up PMN and will support the deployment of the private network for private institutions… With the help of this functionality LUXCORE aims to disrupt the traditional banking transactional systems. LuxGate and PMN can work cross algorithm and will be system agnostic compared to other blockchain competitors in this space…”
As we reached a moment of maximum opportunity, exclusive inside informations about the development of LuxGate Protocol were obtained from the dev. team. Now we are finally able to have an inside look at LuxGate and take a step into the future of LuxCore.
LuxGate is a product that serve as an easy-to-use DEx, but is able to perform other cross-blockchain interoperability functions as well, which can be used as Enterprise Ready solutions. Here are some inside informations coming from the developers of LuxGate.
What is LuxGate DEx?
LuxGate Protocol is a peer-to-peer protocol that will connect nodes from different blockchains together. This will enable the transfer of funds between different blockchains ecosystem and the possibility of multi-chain interactions.
In the end this will allow a user to engage in a decentralized settlement, through gateway transitioning and trade clearing, therefore, there will be a final settlement done at the atomic cross chain.
How LuxGate works?
LuxGate is a very complex and technical product. It offers a valid ground for participants to engage in selective trades. Each step of the trade comes with certain limitations before a transaction can be processed to the next step.
The LuxGate Protocol requires four concepts before it can begin. It also requires payment from Party A the asset deposit and payment from Party B.
How does LuxGate solve the security concerns of a transaction?
LuxGate is swapping real assets and not databases, so each party involved in a transaction has to receive confirmation of assets presence in order to seal a trade.
Users will be able to use the API Call to ensure a call in each coin. The enabling process will be done before engaging in a LuxGate transfer to avoid any issue that concerns a process validation.
LuxGate aims to provide a user friendly design and ensure easy accessibility of each function. The goal is to reach all investors big and small and help with a secure use of blockchain functions for a wider adoption of the technology
Initially, LuxCore wants to implement the LuxGate Protocol on Luxtre wallet, but also wishes to implement it on other wallets as well, so it can ensure an open door to wider adoption.
With this great piece of information we can now have a better understanding of what LuxGate stands for and where LuxCore is heading with its continuous development and more informations will be shared on the way.
The much needed changes are coming, this way LuxCore will help the crypto space to reach its goal and prove the true power of decentralization, as LUX aims to be a strong partner for investors and for any trusted project in the blockchain industry.
This is LUXCore and LUXCore is future.
Let there be ~LUX~
Disclaimer:
*This is not to be considered a financial advice and you must always do your own research before investing in any project.
