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HomeCOINSWhat Is LGCY Network (LGCY)? Complete Guide Review About...

What Is LGCY Network (LGCY)? Complete Guide Review About LGCY Network.

What Is LGCY Network (LGCY)?

LGCY Network is a DPoS, open-source blockchain protocol with industry-leading transaction speed and flexible utility. Running on the Libertas Protocol, the network aims to be the most decentralized dApp blockchain in the world. Bringing true decentralization with DPoS by implementing the Libertas Protocol to the Governing Bodies (GBs) system of governance.

By splitting up the 27 GBs into three branches, limiting the power of each, and introducing terms to the governance system, no single large token holder will be able to gain an unbalanced amount of power.Supernova Main net handles 10,000 transactions per second at an average cost of 0,01$ per transaction.

In recent months they have seen some crazy high speeds and an extremely clogged network on Ethereum. LGCY Network is designed to fix all of these problems by forking TRON’s innovative tech and implementing a better government system to give power to the people. In this article they will highlight some of the areas where LGCY Network will outperform Ethereum.

LGCY Network Storage Key Points

Coin BasicInformation
Coin NameLGCY Network
Short NameLGCY
Circulating Supply12.71B LGCY
Total Supply100,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Scalability

The biggest difference between Ethereum and LGCY Network is your approach to the scalability trilemma. The scalability trilemma is essentially, how to balance scalability, security, and decentralization. It means that, out of the three, you can only choose two options while sacrificing a third. TRON’s main selling point is their far superior capacity and ability to scale when compared to Ethereum. This is demonstrated in TRON’s ability to handle 10,000 Transactions Per Second (TPS) compared to Ethereum’s 15–20. They are far more user-friendly for the public who has grow accustomed to using applications with fast speed.

The essential argument from most Ethereum supporters is that TRON has chosen scalability and security at the expense of decentralization, while Ethereum has chosen security and decentralization at the expense of scalability. LGCY Network agree with this assessment, which is why they have chosen to use TRON’s code as a base to build on. However, by building into your roadmap a plan to release control to the community, and by separating the governance power into three balanced branches, they believe that they have solved crypto’s scalability trilemma. Network will provide scalability, security, and decentralization.

Speed

As previously mentioned, speed is a major concern with Ethereum. Only able to handle 15–20 TPS, Ethereum is practically useless in a growing space. LGCY Network will already be able to handle 10,000 TPS at the beginning, with plans to increase speed as the network demands. If a project is truly going to be a decentralized internet, it will have to accommodate billions of users and as many Transactions Per Day as possible.

Government

Since Ethereum is PoW (Proof of Work) like Bitcoin, it operates on a mining system (ETH 2.0 is planned to be PoS rather than PoW). PoW has a number of issues itself, but one major issue with Ethereum is the number of pre-mined tokens in the ecosystem. As such, Ethereum’s leadership controls the network in an unnaturally unbalanced way.TRON, claiming to have fixed the lack of decentralization with Ethereum has, in fact, only perpetuated the problem.

TRON uses a representative system (called SRs) for its government model where stakers are able to vote for which node is in power. Unfortunately the 27 SRs are largely centralized to the TRON Foundation. LGCY Network is fixing these decentralization problems by splitting up the 27 SRs into 3 groups of Governing Branches (GBs). These will be known at the Executive, Judicial, and Legislative Branches.

Community

TRON has not placed a big emphasis on developing user friendly tools for their chain. In fact, most developers continue to use Ethereum’s development tools even on other chains. As such, LGCY Network will be dedicated not only to on boarding and supporting dApps that would be interested in coming to your chain, but also developing new user-friendly tools. In addition to this, by use of your Developer Fund, LGCY is doing everything they can to make this the best blockchain for developers and users alike.

Nile
Nile
Nile Is Very Old Author At Wootfi Blog . We Loves To Write About Altcoin , ICO & Defi . In Free Time He Loves To Play Football .