LKS Foundation

Science & Technology

The LKSCOIN project: an overview

2021-06-11 14:45:52

An ambitious project, a passionate team and a dedicated community: these are the ingredients of the LKSCOIN project.

Several times in this blog we have addressed various aspects and kept pace with the evolution of the LKSCOIN project. It is, in fact, a vast and ambitious project, characterized by the constant intertwining of technical elements and social goals that the underlying technology aims to realize.

This project is a complex universe that sets itself important objectives to protect the web and, in particular, user-generated content. For this reason, in this article we will offer an overview of all the characterizing elements of this initiative, including a description of the steps we have already taken and of the future milestones we are aiming for.

The LKSCOIN project: the 3 pillars

The LKSCOIN project was started in 2017 by a small independent group of blockchain and virtual currency enthusiasts who had previously founded the LKS Foundation, a non-profit organization that aims to promote the culture of blockchain and fintech to innovate sectors such as crowdfunding, ICOs and technologies of distributed ledger. 

The LKSCOIN project includes 3 pillars of technological innovation:

  • the native cryptocurrency LKSCOIN x11 
  • the wrapped crypto LKSC 
  • the NFT token for copyright protection for online content

The LKSCOIN cryptocurrency

The LKSCOIN cryptocurrency, active within the Cam.TV platform for almost 3 years, now amounts to more than 450,000 users. It can be used to make and receive donations on published content, with a mechanism similar to "Likes'' typical of social networks. At the same time, it is also the means to buy and sell info-products (courses, consultancy, information material, videos, etc.) offered within the same platform. 

LKSCOIN is, therefore, a tool that actively supports the monetization of content posted by people on the web. Thanks to its technical characteristics that make it particularly suitable to be integrated into social platforms, this cryptocurrency wants to represent a concrete incentive for the creation of digital content, thanks to a secure, traceable and decentralized remuneration system within the token economy.

The elements that characterize the LKSCOIN are derived from the initial study and analysis of the Dash blockchain, known for its peculiarities of speed, security and transparency of transactions as well as for the possibility of creating Masternodes. From the latter, the LKSChain originated, where the x11 token LKSCOIN runs, and the relative main crypto wallet, the LKSCOIN Core, was born.

Masternodes enable users to participate actively in the LKSCOIN project:

  • by enhancing the security and stability of the network
  • by facilitating the mechanism that validates transactions by reducing its processing time to little more than a few seconds, making it as fast as a credit card

Thanks to Masternodes, therefore, users can contribute to the security of the blockchain and participate in its decentralized network. At the same time, they can obtain rewards foreseen for this type of activity.

The crypto-wrapped LKSC

With the launch of the IEO (Initial Exchange Offering) in March 2020 that brought LKSCOIN to the free market, the ERC-20 token version of LKSCOIN or, in other words, the crypto-wrapped LKSC was completed.

The ERC-20/LKSCOIN Atomic Swap is an essential element for its integration with the main platforms and tools of decentralized finance (or DeFi).

Thanks to the activation of a smart contract on the Ethereum blockchain, it was possible to create this token and LKSCOIN was launched on the decentralized exchange Eidoo, which enabled its use and exchange with other cryptocurrencies.

The NFT token for the protection of online copyright

The last pillar of the LKSCOIN project concerns the creation of the NFT token for the protection of online copyright. 

The LKS Foundation, in fact, intends to support the technological development of a non-fungible token, which can be used to protect the copyright of digital content creators. Its function is to track the authorship of content thanks to the LKSChain, which will be the core of the technical realization of this particular token.

The objective is to promote the implementation of the NFT token within other social platforms after Cam.TV, making it available to an ever wider audience.

The aim of this innovation is to solve the problem of disadvantageous "terms and conditions" that a user has to face while using a social network to share their work, creations, and content, in general. In fact, what is published will be protected and, thanks to the monetization system supported by LKSCOIN, compensated for the time invested during the creation process.

The latest news

In recent months, the LKSCOIN project has seen several developments. First of all, the new release to version of the LKSCOIN, an update that involved not only the LKSCOIN Core Masternodes and Wallets, but also the blockchain as a whole, bringing further improvements to its security.

The number of Masternodes has also seen a development over time: to date there are about 1000 Masterdones which support the network. This is a significant number when you consider that it is one of the most popular projects after Dash.

The partnership with the Cam.TV platform has been strengthened over time. In addition to continuing to use the currency permanently in the system of donations and purchases, a new function has recently been introduced which, in fact, revolutionizes the classic paradigm of donations. This is the Top Fan function: an innovation that feeds a real virtuous circle where the beneficiaries are not only the content producers, but also the users who support them, who get visibility in exchange for their donation.

LKSCOIN and its project were also included on CoinMarketCap, the main online portal of reference for the world of cryptocurrencies: it collects and updates data relating to bitcoin and all the other active cryptocurrencies on the market while making quotes easy to consult in one place. It is not an exchange, but it is a very important tool widely used to conduct studies and analysis on the most important cryptocurrencies and also on new entries.

Soon there will be developments concerning the ERC-20 version (wrapped version) of LKSCOIN with the aim of entering further into the DeFI market, a new exchange environment that is acquiring an increasingly important weight in the digital currency landscape.

In conclusion, we remind you that the majority of the existing LKSCOIN tokens are distributed among the following subjects:

  • the LKS Foundation, which holds its biggest part
  • the independent miners of the LKSCOIN blockchain
  • the platform Cam.TV which uses it as its official exchange currency