What is LGCY Network?
The LGCY network is a blockchain-based decentralized application (dApp) network. According to the platform all token holders, regardless of the quantity of tokens they own, should be granted the same number of voting governance rights. Therefore, in order to encourage engagement from the community, the network makes use of the Libertas protocol.
Libertas protocol is a mechanism that separates the 27 Governing Bodies (GB) into three branches, each of which has restricted authority. This is done to ensure that a single significant token holder cannot amass an unbalanced amount of control over the network. In addition, the LGCY Network crypto project utilizes the Delegated Proof-of-Stake (DPoS) consensus mechanism.
However, due to the fact that the voting strength is based on the number of voters in addition to the number of tokens they have, this consensus process is not without its own flaws. As a result, LGCY aims to overcome this problem by adopting the Libertas protocol, which will allow them to make use of the potential of digital democracy, while also giving smaller token holders a voice.
The native token of the platform goes by the same name – LGCY. Make sure to check the LGCY Network price chart above. It features both – the current and the previous LGCY price.
Use Cases of LGCY Tokens
LGCY tokens have three main use cases:
- Staking. LGCY Network allows users to stake their tokens and earn rewards by securing the network through DPoS.
- Governance. LGCY coin holders can participate in network governance by voting on proposals and protocol changes.
- Payments. LGCY Network tokens can be used as a form of payment within the network.
Planning to buy LGCY Network crypto assets? If you are, it would beneficial to analyze the LGCY price trends before doing that. Use the aforementioned LGCY Network price chart.
Who Founded LGCY Network?
The LGCY Network was founded on August 1, 2021, by Justin Wai'Au and Wes Wade.
Other leading team members are Abhilasha Singh (lead developer), Vinod Kumar (lead developer), and Craig Mackie (marketing and business development).
