People keep advancing in technology every day. The subject of cryptocurrency became hot when bitcoin went to an all-time high which was above $20K. Since then, a lot of people have started reading about cryptocurrency and how it operates.
Basically, a cryptocurrency is a digital asset that acts as an exchange medium. Using the technology of cryptography, transactions are safely secured resulting in control of the newly generated additional currency units
and subsequently verifying the asset transfer.
Bitcoin comes to mind when we hear the word cryptocurrency but the fact is that there are a number of cryptocurrencies and yet to come ones.
HOW DOES THE BLOCKCHAIN WORK TO GIVE RISE TO A CRYPTOCURRENCY
Some properties of cryptocurrency that make it more reliable include:
Irreversibility: (once a transaction is made, it is not possible to retrieve it back),
Pseudonymity: (neither the transaction nor accounts are connected to there real identities of users),
Permission-less(decentralized) (no central authority to monitor and gatekeeping to your transactions on blockchain), Boundary-less (no geographical boundaries for any transaction), Secure (cryptographically only the public key is visible, private keys are always protected),
Fast (transaction takes place near instantaneous in real-time).
In short, Lobstex (LOBS) is a cryptocurrency with all the features of cryptocurrency that you know. The team did not just create a coin to sell to the general public and get some profits. They built the coin in such way as to support the modern way of earning cryptocurrency which is the principle of masternodes.
What are they?
Masternodes are a network of decentralized nodes to utilize some peculiar functionality which a normal node doesn’t entail.
The basic features include instant transactions with the privacy status, in addition,
to bring stability to the blockchain.
The special functions which master nodes perform in comparison to normal
nodes are:
✓ Heightening the private nature of transactions
✓ Making transactions instantaneous
✓ Providing a base for healthy governance and equality in the voting system
✓ Additionality to Budget provisioning and Treasury.
One has to get some amount of coins to operate masternodes because there is the need to keep a collateral of the basic currency units under lock, and it varies from one currency to other.
For the purpose of this article,
The basic requirements to setup Lobstex Masternode:
• A minimum amount of coins: 8810000 LOBS**
•** A separate VPS (virtual private server) Ubuntu 16.04 x 64 operating
24 x 7 for hosting wallet**
• A dedicated IP address to do the same
• Additional storage space for saving the blockchain
Zerocoin Protocol
This protocol aims to be decentralized in nature using the e-cash schematics providing quite a proven user anonymity and security of coin based on simplistic assumption of a distributed consensus in online and append-only transactions over the blockchain.
zLOBS (a new feature) will work on zerocoin protocol by enforcing zero-knowledge proofs. This feature will be activated at 43201 block when the PoW will end.
The Process of Minting zLOBS
- Determine the number of coins you want to mint
- Send private transaction with zLOBS
The balance of your normal coin will reduce by crediting the new zLOBS having no history of the transaction.
SPENDING THE COIN
In private and anonymous transaction, the new zLOBS will be used in the process. The amount will be sent to
a wallet with no history attached to it, in any denomination of choice from the pool.
The anonymity feature of Lobstex (LOBS) offers the level of best practices
in the crypto-world when one mints and spend the zLOBS (zerocoins)
Up to here, we can see there are two systems which are being discussed.
LOBS
This is the base coin of the lobstex chain, which acts as the normal coin in comparison to
any other cryptocurrency blockchain.The zLOBS (zerocoin) layer, however, provides privacy and
anonymity to the transaction and it works by using the method of minting
new coins and spending the same. The zerocoin protocol is the mechanism where the old coins are burnt to provide new coins with no history and then converting the new coins to old coins.
zLOBS does not interact or rely upon any other wallets or entity for mixing coins, thus it works on the fundamental of the creation of new coins in Lobstex’s own zerocoin protocol instead of relying on mixing of old coins which might prove to be vulnerable in regard to full privacy.
Budget System and Governance
This system allows for community-based governance. Lobstex Budget system allows for the necessary funding for
developers fee, marketing and miscellaneous tasks to be performed to prevent the work being halted due to lack of funds.
How Budget system works
Masternode holders vote for a particular budgetary task. The ‘Yes’ has to be more than ‘No’, for a task to be accepted.
Where to locate budget proposals
Navigate to Tools ==>debug console of wallet using “mnbudget show” command and vote by using “mnbudget vote” in the console.
The masternodes keep the decentralized governance in control.
SUMMARY ABOUT THE LOBSTEX PROJECT
Lobstex is a cryptocurrency which would be run on the lobstex chain. It uses the algorithm called quark. The coin will be initially by PoW and PoS.
The main goal of the lobstex project is to provide an option for private, anonymous transactions which will leave no record of the transaction with the help of a feature called zerocoin protocol.
ROADMAP
USEFUL LINKS
WEBSITE
WHITEPAPER
SOCIALS: FACEBOOK TWITTER TELEGRAM DISCORD REDDIT
EXCHANGES: CryptoBridge Graviex
WALLETS
BLOCK EXPLORER
GITHUB
ANN THREAD
AUTHOR: sieemma
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