What Is the LGCY Network (LGCY)?

LGCY network (LGCY) is a blockchain network based on decentralized applications (DApp). The platform believes that every token holder should have equal voting governance rights regardless of the size of their holdings. So, the network makes use of Libertas protocol to engage community participation. It is a protocol that divides the 27 Governing Bodies (GB) into three branches, each with limited power, ensuring that no single major token holder may achieve an imbalanced amount of power.

In addition, LGCY network employs the delegated proof-of-stake (DPoS) consensus mechanism, which was created to protect a blockchain by assuring representation of transactions within it. However, this consensus mechanism has its own loopholes since the voting strength is determined by the number of voters and the number of tokens they hold. Hence, LGCY aims to resolve this issue by implementing Libertas protocol, thereby utilizing the power of digital democracy and providing a voice to smaller token holders.

As per the whitepaper, LGCY is the native token of the LGCY network. USDL is the gas (transaction fee) token of the LGCY network. The LGCY network aims to use USDL as gas instead of bandwidth and energy. 1 USDL is equivalent to $1 in transaction/server fees. USDL is also a stablecoin. That means that those who stake LGCY tokens or run nodes with them are entitled to receive rewards in a safe, stable coin rather than a volatile one.

History of LGCY Network (LGCY)

The LGCY network was established in August 2021. It was founded by Justin Wai'Au (cofounder and project manager) and Wes Wade (cofounder and team leader). Other team members include Abhilasha Singh (lead developer), Vinod Kumar (lead developer), Craig Mackie (marketing and business developer), and more. LGCY network has a maximum total supply of 21 billion LGCY tokens.