LGCY Network is a relatively new blockchain-based project which seeks to become the ultimate destination for all successful decentralized applications in the crypto industry. Initially, LGCY Network was established as a fork of the TRON blockchain. Yet, gradually, the platform plans to relocate onto its own mainnet, which will have a better governance system while still maintaining excellent speed and security. LGCY Network prides itself on its commitment to complete decentralization and envisions its blockchain being run by its community.
The network relies on a Delegated Proof of Stake system, which implies having 27 governing branches that produce blocks for the blockchain. Users that freeze their LGCY tokens on the platform vote every six hours for new governing branch candidates.
In its essence, LGCY is the native token of the LGCY Network that has various roles in the platform’s economy. Users have a chance to become one of the governing branches by burning 9999 LGCY coins. The network does not pay rewards to governing branches with LGCY coins and opts for a stablecoin LFUEL instead.LGCY Payment benefits:
- Large Transaction Throughput
LGCY’s mainnet will handle ten thousand transactions per second which will guarantee a high speed of transactions.
- Low Fees
LGCY transaction fees are extremely low when compared to bank transfers and cost $0,01 on average.
The network’s unique governance model ensures that no hacking activity takes place in the blockchain.