Lux WebWallet is a Proof-of-Stake Wallet-as-a-Service; the first of its kind. It is an easy-to-use software solution for end-users of all capabilities and reduces the potential for user error. It is also a turn-key solution that developers can integrate into their own projects, compatible with literally every Proof of Stake blockchain in the known universe.
Lux WebWallet directly addresses the most pressing security concerns about Proof of Stake hashing, and it leaves a smaller carbon footprint than traditional Proof of Stake wallets. Lux WebWallet is the solution you have been waiting for to optimize Proof of Stake and chart the course ahead for blockchain technology.
A blockchain requires consensus to survive. Until recently, consensus was achieved through a series of challenging, algorithmic puzzles called Proof of Work that would take considerable computing power to solve. But as the world struggles to contain the effects of decades of greenhouse gas emissions, the electricity consumption needed to fuel these consensus algorithms becomes less and less sustainable.
More advanced hashing algorithms have been developed, such as Luxcore’s PHI2, that consume considerably less electricity and produce significantly less heat. However, a more efficient Proof of Work algorithm does not solve the sustainability problem of blockchain consensus, only reduces it.
Achieving consensus without leaving behind a problematic carbon footprint is the future of blockchain technology. And therein lies the essence of Proof of Stake. With Proof of Stake, the blockchain no longer requires massive mining operations to solve complex computing problems. Instead, a Proof of Stake hashing algorithm utilizes the blockchain itself and the distribution of assets across the network to generate consensus.
Just this week, Vitalik Buterin of Ethereum said, “PoS is necessary. Not sure why anyone is surprised.” Proof of Stake is not perfect, though. There are security vulnerabilities associated with so-called Nothing-at-Stake attacks and Long-Range attacks. Plus, Proof of Stake requires all network actors to keep a full copy of the blockchain connected to the network at all times — this means leaving computers on that might otherwise have been turned off. This limits the positive impact Proof of Stake might have on reducing greenhouse gas emissions relative to Proof of Work.
Lux WebWallet addresses literally all of these issue.
Lux WebWallet is the first and only Web-Wallet-as-a-Service capable of supporting Proof of Stake hashing algorithms. This frees blockchain actors from the shackles of having to leave their computers on 24/7 in order to earn stake rewards. With Lux WebWallet, a project instantly becomes more sustainable by allowing users to turn off their computers without risk of losing rewards for the first time in blockchain history.
Lux WebWallet relies on an advanced, distributed multi-node architecture for its network infrastructure. Although the user-base remains purely decentralized, responsibility for network maintenance and IT support is centralized within the project hierarchy. This centralization of the more prosaic and esoteric aspects of the technology significantly reduces the incidence rate of user error, thus freeing support personnel to engage in more cerebral exercises for moving the project forward.
It furthermore provides a backbone capable of decision-making when confronted with potential consensus problems associated with various Proof of Stake attack vectors — namely, Nothing-at-Stake attacks and Long-Range attacks. In this way, Lux WebWallet allows for a degree of logic to be infused into the re-establishment of consensus, which can help stave off malicious attacks.
Lux WebWallet is scalable, modular, adaptable, and truly the first of its kind. It supports every form of Proof of Stake and is ready to support yours today! If you’re a developer and would like to add Lux WebWallet to your project, visit https://www.luxcore.io/poswebwallet for more information. And if you’re a Proof of Stake blockchain user who would like Lux WebWallet for your project — talk to your coin team today!