John McAfee’s latest crypto project promotion is a project called Luxcore — a decentralized cryptocurrency exchange that states they are the first to implement SegWit, masternodes and smart contracts, along with its own native coin.
Decentralized exchanges are not new and the benefits are widely known. These include low cost and high speed transactions, direct transfers to and from hardware wallets and improved security as they are harder to directly compromise. Luxcore is introducing additional features beyond those benefits such as ‘LuxSend’ – a feature that provides additional privacy by using its masternodes to obfuscate the origin of coins and wallet addresses.
Luxcore is one of the very few networks that have implemented SegWit support, which helps in scaling Litecoin and Bitcoin. It has also introduced better security measures by adding separate transaction signatures for both the sender and the receiver of funds. The design of the platform intends to increase scalability in the crypto world and comes with a 60-second block time and 4MB block size.
The platform also uses smart contracts and deploys them directly from the wallets of the users. This then facilitates cross-network transactions based on predefined conditions.
McAfee Praises Luxcore
In an August 6, interview, John McAfee said:
“Luxcoin, for example, today came out with their smart contract of functionality on the Lux network. now that’s an amazing network, by the way, with parallel nodes, with privacy, the lux gate, and they are coming out with a decentralized exchange, and I think it will be one of the first distributed exchanges that actually functions using the atomic swap feature.”
Clearly, McAfee sees a great potential in the Luxcoin currency as well. He has joined the project as an advisor. Currently, it is being traded on just four exchanges — Cryptopia, TradeOgre, CryptoBridge and Yobit — none of which are very well-known exchanges. It is the 524th cryptocurrency in the world by market cap, valued at $5.1 million.
The project will first launch its mobile wallet and PoS web wallets, followed by the first decentralized apps, which is scheduled for a Q4 launch.