“A new blockchain designed for mass market applications”
The claims are huge, but can Fred Krueger and his team at Lynx deliver on the promise of free accounts, no resources and user friendly account names > 3 characters, as well as editable avatars!?
To be honest the first time I heard about Lynx chain I was apprehensive to say the least. But as I’ve learnt more from following some of the conversations in the Lynx Chain telegram channel, I’m starting to see the potential of Lynx Chain, and I’m excited to follow its progress.
Lynx’s mission is to enable broad consumer adoption of decentralized applications (dApps) by creating an integrated ecosystem that is easy to use, fun and intuitive for the average user.Mission statement from Lynx Chain WP
No Resources and Free Accounts?
Lynx chain claims to have no need for resources, like CPU, NET and RAM, which are some of the biggest barriers to on-boarding new users into blockchain, and it also means they can offer free accounts.
But how does Lynx chain achieve this?
By allowing BP’s to whitelist apps, it’s possible to stop bad actors and reduce spam and excessive usage on the network. dApps will need to pay a daily fee of LNX token’s corresponding to their usage. Block producers will be appointed by Lynx to begin with and then chosen by a running council after a year, similar to Hedera HashGraph’s governance model. This is obviously a trade off in decentralization, but one they are more than willing to make in return for a seamless UX and frictionless user on-boarding.
There’s already a bunch of EOS BPs signed up including Crypto Lions (who helped create the whitelist system) EOSphere, HKEOS and EOS Amsterdam. See the full list on the whitepaper.
Token Supply and Airdrop
Lynx chain will have a native token called LNX with a total supply of 21 million just like BTC. 7 million of the LNX tokens will be airdropped to LYNX holders on the 1st of Jan, 2020. The remaining will be rewarded to block producers and used as incentives and bounties to drive adoption to Lynx chain.
I think this is going to be a super interesting experiment to watch play out. We welcome any and all experiments with the EOSIO open source software, as that’s exactly what decentralization is all about!
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