The following is the list of questions and answers featured in the first Luxcore AMA, posted to our YouTube channel on August 16, 2018. You may watch the AMA in its entirety below. And don't forget to subscribe!
Q01. The staking web wallet was designed to be licensed as a Software-as-a-Service to other cryptocurrency projects. Can you provide an update on where you are in terms of monetizing the web wallet?
A01. Licensing the web wallet has always been part of our commercial strategy since Sebi first conceptualized the project.
Currently we are exploring some additional features that would differentiate the commercial channels between a pure Wallet-as-a-Service model and a more fulsome Software-as-a-Service model. Since the web wallet launched, we have developed a better understanding of our infrastructure needs, scaling requirements and commercial viability from a price perspective. This puts us in a better place to start the marketing of the Wallet-as-a-Service model before the end of Q3.
Another feature we are looking into is bringing non-Bitcoin based coins and tokens into the fold and that requires a bit of "re-wiring" - so that would be something for the future. We believe there is a market to be tapped as coins like Ethereum move towards Proof-of-Stake consensus.
If you have a favorite Proof-of-Stake blockchain project that you think could benefit from using our wallet, please let us know in the comments.
Q02. Do you have plans for additional services or tools that you can sell or license to other cryptocurrencies?
A02. At this stage, the services arm of Luxcore is not yet fully operational. But I can give you an idea of some of the services and solutions we are gearing up to provide…
First of all we have a Smart Contract creation platform and service we are tentatively calling Xperto. It would be a pay per use smart contract creation platform that will be intuitive and aimed at bringing smart contracts to common folks with limited to no solidity experience. This will, in due course, be expanded for enterprise use as well under a subscription model.
We have plans for token creation services for anyone who wants to kickstart their own crypto projects or ICOs based on the Luxcore blockchain. This will of course undergo relevant vetting and validation before being approved.
There's also DApp development and utility tools such as knowledge management systems, and customer relationship management tools for the crypto industry.
Probably our most important offering for other crypto projects will be an ecosystem of tools and services linked to LuxGate and its underlying technology. I can't go into it much until LuxGate is operational, but we see it as ranging from turnkey centralized exchange engines to cross-blockchain marketplaces.
Q03. Are you looking at business use cases and eventually selling features or services to businesses and maybe training them on implementation?
A03. Short answer? Yes, absolutely!
From our perspective, there's a market gap in terms of providing blockchain consulting services to enterprise customers. I'm not talking about "teaching newbies how to compete against us" but rather - providing full-service consulting and implementation to enterprises interested in integrating blockchain into their processes, be they fintech, supply chain, you name it.
We have a particular approach. Product ideation at our end is more often a collaborative effort between product teams and business teams. The approach is tied to the business's core competencies. This is, we look to identify gaps in their processes and opportunities to bridge them using blockchain, rather than creating products on the blockchain just for the sake of using blockchain.
For now, our focus sectors and verticals will remain quite diverse. So we're looking at the banking, payment processing & financial services industries; health care - specifically in compliance, risk management and patient information management; security & privacy solutions for industry and the IT service management sector; and some niche areas within supply chain management, especially in the procurement processes area.
Strategically, I would say, our target markets are the untapped, potentially huge opportunities in the Middle-East, Africa, South and Central America and South East Asia. That said, Luxcore team is truly international and will be pursuing growth in traditional markets in the EU and US as well.
Q04. Do you plan to build strictly in-house DApps and tools that clients can use, or are you relying on third-party development that is built on the Luxcore blockchain?
A04. Okay, so this question overlaps a bit with some of the previous questions - but I feel it is an important point to make…
Luxcore will support both the Software-as-a-Service model of licensing in-house built software to third-party users as well as the Platform-as-a-Service model of providing the blockchain-based backbone upon which third parties are free to develop their own software solutions. The Luxcore blockchain is completely opensource, and we will work on incentivizing the platform to support developers and to transform it into a thriving, competitive DApp marketplace.
Q05. How do you plan to reach enterprise customers to be able to market your products and services?
A05. Well, the first thing I'll say in this regard is that we really, truly believe in what we have to offer. We think there is a broad market gap that we can fill, and to some degree good ol' fashioned supply and demand economics will work in our favor.
But we're not just going to leave the future of the company to destiny. The Luxcore team has considerable experience and contacts in certain specific industries to secure pitch sessions. I did mention before some target sectors and geographies - and those will represent our priority areas. To underscore that point, we are in the early stages of partnership discussions with an Internet-of-Things and Network Services Provider and consulting company in the Middle East for providing blockchain services to their customers.
And of course, this question speaks to the impetus for the recent Luxcore reorganization with John McAfee being named as our CEO. We will leverage his leadership, industry contacts and social reach to be able to provide our products and solutions the visibility they deserve and significantly improve customer acquisition.
Q06. Can you explain how the Parallel Masternode Network will work and what makes them important to the Luxcore architecture?
A06. This is a very understandable question, as not much has been known about the PMN outside of what has already been posted on our website. In very simple terms, a parallel masternode is a private server performing a specific set of functions for a private network that is secured by the Luxcore blockchain.
Parallel masternodes act as a gateway for the LuxGate technology they support, enabling cross-platform interfacing, legacy system integration, secure communication, and off-chain functions. The PMN is geared towards Enterprise customers that will have to undergo individual vetting before being licensed for operation.
Q07. Why was Solidity chosen as the programming language for Luxcore smart contracts instead of another alternative?
A07. We chose Solidity primarily due to adoption. It is by far the most frequently used language for smart contract creation in the crypto space. Due to the robust work that has already been done in Solidity-based smart contracts, it provides us an opportunity to piggyback on the advancements and innovation in this area to date, basically fast-forwarding us through several months of smart contract development.
We understand Solidity is more constrained than, say, a C++ or Java-based smart contract system would be, but it is - by design - inherently more secure against potentially disastrous outcomes as a result of user error than those other options.
That said, the discovery of attack vectors against Solidity is still in the early stages by virtue of it being a relatively new programming language. Luxcore will be on the front lines alongside the excellent devs on projects such as Ethereum, Qtum, Rootstock and others in securing Solidity for long-term growth and adoption. Ethereum is, after all, the closest you can get to a "tried-and-true" smart contract platform.
- --
And that's a wrap on Luxcore's very first AMA. I hope it helped answer a few of your questions. If you have more, though, please join our Discord server and submit your questions for the next AMA.
Stay tuned for our next AMA at the end of the month, around the 30th or 31st.