Its official — Blockchain is coming to a town near you!
By now you and probably everyone around you has an opinion on how the blockchain will transform everyday life. It will change everything from how you buy your daily coffee to how you buy and sell your first family home!
So, how can you get involved early without having to be an expert?
The crypto industry is in its early expansion phase. This means that there is an overwhelming amount of new information daily and there is overall volatility across the market. Everyday there are new blockchain projects being launched. Some solve simple problems and others highly complex problems. Some prosper and others fade away. This is completely normal and in some ways desirable for any industry at this stage of development. All similar industrial revolutions followed this path from food and agriculture, to oil and energy, and more recently the internet.
This information overload and market volatility means that there is simply too much going on. People don’t have the time needed to research the various projects and get to know which ones are for them and which ones are not — which ones they feel they can trust.
What people need is a solution that filters the information overload into a simple overview of the crypto market and that diversifies away the risk that comes with market volatility. As it happens, Lykke has exactly that solution!
The answer — LyCI
The Lykke Crypto Index — LyCI (pronounced like the name ‘Lucy’) consolidates the most popular cryptos into one single place, allowing you to access in a single click a snapshot of the overall crypto market.
As we announced with the launch of LyCI, the index tracks the biggest crypto projects by market capitalization in a single consolidated and continually re-balanced weighted bundle. What this means for the user is
- Reduced risk with diversification
- Reduced transaction costs
- Reduced time and effort
LyCI 2.0 updates — LyCI Pay and LyCI Smart Contract
The next iteration of LyCI sees two spin-off indices being launched by Lykke which reflect the two main project types currently ongoing in blockchain — cryptocurrencies used for transactions and smart contracts used for ensuring integrity of agreements and settlements.
LyCI Pay
LyCI Pay tracks the top 10 cryptocurrencies that can be used to buy and sell goods and services. Similar to traditional currency, the value of these cryptocurrencies may rise or fall. It is considered a matter of near certainty that blockchain solutions will change how we pay for goods or services but exactly which, if any, of the current solutions will be the ones that our children use on a daily basis is still uncertain. As a result, users can benefit hugely from exposure and access to a single weighted collection of these different currencies, so that you have all the benefits of diversification and upside of growth potential. That is LyCI Pay!
The initial composition of LyCI Pay is as follows:
LyCI Smart Contract
LyCI Smart Contract tracks the top 10 cryptocurrencies that are used to improve how contractual agreements are recorded and settled. Since ancient times until today, legal contracts required a physical document that involved a lawyer and of course, considerable fees. These contracts were open to dispute since the beginning of recorded text. Stories from ancient Greece and Rome detail how differences over what was agreed between two parties led to conflict (and in some cases all-out war!). Think of the disagreement between Shylock and X in the Merchant of Venice — if that particular bond had been a smart contract on the blockchain, Shakespeare would have no play and there would be no threat of someone not making it out of the court in one piece!
Smart contracts aim to change this by facilitating agreements to be carried out among two or more parties remotely, without the need for a legal system, lawyers or courts. They render transactions traceable, transparent, and irreversible by recording the terms digitally on the blockchain. They ensure that the amount agreed is held in the system — not by a third party — and is only released once the terms of the contract are settled. No party can run away with the money and there are no hefty commissions to lawyers or agents.
The initial composition of LyCI Smart Contract is as follows:
Lykke 2.0 — the best is yet to come
Lykke has a team fully dedicated to the LyCI project. The most recent launch of LyCI Pay and LyCI Smart Contracts is only the beginning. We have many exciting developments in the pipeline so watch this space.
