Lonero, The Biggest Project that Won't ICO
Lonero is a newly emerging cryptocurrency that aims to be the future of digital cash. The problem with the current market of privacy coins, alt coins, and other cryptocurrencies is mainly stability, security, and an unknown future. Lonero aims to fix many of these stability issues, be extremely decentralized, and feature technology that actively supports the community.
“Lonero features consensus protocols that support less barriers amongst ASIC vs. Non-ASIC mining, the Cryptonote foundation’s widely trusted ring signature protocol, multiple layers of security, and a utilization of “Proof of Work” and “Proof of Space” mining.” – Andrew Kamal, Founder
The Lonero team will also be integrating a A.I. based Decentralized Autonomous Organization (more on that later) and a unique mathematical proof that allows for further decentralization.
The components of what makes Lonero unique is split into four different parts: The HashBolt Masternode consensus, the A.I. DAO integration, Cryptonote’s ring signature protocol, and multipath layer security. In terms of the masternode consensus, HashBolt doesn’t only allow both ASIC and Non-ASIC systems to profitably mine Lonero, but also grants large server infrastructures and x86 computer systems access as well. The HashBolt masternode consensus created by the Lonero team allows LNR to be transacted at speeds significantly higher than leading privacy coins while still remaining extremely decentralized.
“Traditional masternodes allow a form of PoW system for processing transactions under a PoS type solution. They are usually extremely costly on the added premise that you can earn more by operating one. Eventually when the network becomes congested, a masternodes ROI is less than its cost. We have decided to change this. We are offering a masternode type consensus to our community for free.”
Lonero also claims that the DAO integration is less of an organization and more of an integrative, curated, and regressional artificial intelligence. The A.I. has set parameters that prevent spamming or abusing of the system to curate within the network and provide a non-redundant experience for users. This allows Lonero to be fully private and prevents usage of Lonero in crypto-jacking or distributed bot net attacks, something other privacy coins are notorious for.
The technical complexity of Lonero is truly revolutionary in the cryptocurrency industry and sure to get some attention. The utilization of cryptonote’s ring signatures and multi-path layer security creates higher technological stability as the network grows. “Over time, we aim to be secure enough to where financial institutions and FinCEN regulated entities would allow an integration of our system”.
The masternode consensus known as HashBolt allows for an extremely decentralized crypto. HashBolt doesn’t just break traditional hardware mining barriers, but components such as difficulty targets don’t solely determine technological value anymore. Some mathematical components of Lonero can also be solved by building recursive functions for analyzing polynomial time or integrating merkle tree proofs for certain transactions.
“We believe that mining rewards shouldn’t merely be limited to hardware specifications but also to total mathematical knowledge, so we provide a fair market game to everyone involved”
The final point (and our personal favorite) that we would like to make about this up and coming crypto project is that Lonero will not be doing an Initial Coin Offering. We were shocked to find this out as Lonero is significantly more advanced than many projects that have raised hundreds of millions in the past. If Lonero decided to ICO, a multi-billion-dollar cap would be quickly reached. When asked why the team will not be doing an ICO they said:
“An ICO isn’t always necessary for driving innovation in the blockchain industry. Blockchain projects should not be profiting until their technology has been developed and is live. Most of our technology has already been developed. We are sticking strongly to our promise that Lonero will be developed and released without an ICO”.
To Learn more about the project, read their whitepaper, and join their community visit them at lonero.org.
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This ICO is genuinely interesting. Specially for the application of ring signatures and multi-path layer that as you said its an upgrade to the security system. If this is successful, some other new ICO will implement some of the revolutionary ideas of Lonero. Definitely something to look at for the next months.