LOBSTEX: ZEROCOIN MASTERNODES ANONYMOUS

It is almost difficult to see someone today who has not heard of cryptocurrency and blockchain. Initially when blockchain was first introduced and also later in late 2008 when cryptocurrency was introduced, people were quite skeptical about its use and acceptance, not knowing the new age technology and money has finally arrived. The first ever cryptocurrency called BITCOIN which was announced by 2008 by Satoshi Nakamoto is an electronic cash system based on peer to peer. Bitcoin has continued to grow since then spreading all over the world and we saw its enormous growth in 2017 when its value grew to $20, 000. Since then more individuals and organizations have adopted its use, making thorough research about blockchain and cryptocurrenies to further understand their working principles. Indeed one can say blockchain technology and cryptocurrency is the future.
Cryptocurrencies has some distinguished properties which makes it very unique. These properties include;
• Irreversibility: it’s impossible to retrieve a transaction once made.
• Pseudonymous: both the transaction and account are not connected to the real identities of users.
• Boundary-less: there is no form of geological boundaries for any transaction.
• Fast: the transactions are fast as it takes place near instantaneous in real time.
• Permission-less: there is no form of central authority to monitor and gate keeping to transactions on blockchain.
• Secure: private key is always protected at all times, but cryptographically, public key is visible.

Bitcoin which is the first ever cryptocurrency is very transparent as all transactions made on Bitcoin blockchain can be traced in public scrutiny and are stored on blockchain network permanently with an address which provides the visibility and information regarding the origin and destination of bitcoin transactions. This makes it easy for anyone to track the final and used balance of a wallet or address. Bitcoin is indeed the pinnacle of transparency on a decentralized network, removing the centralized governance of prevailing monetary system and providing the power and governance to all by snatching from the governance of governments and centralized banking system.

MASTERNODE
It is a network of decentralized nodes to utilize some peculiar functionality that a normal node does not entail. One of its basic features is instant transactions with the privacy status in addition to bring stability to blockchain. It was through the cryptocurrency Dash the masternode function was first conceptualized. Masternodes has some unique functions which include;
• Providing base for healthy governance and equality in voting system.
• It is an additionality to Budget provisioning and Treasury functions.
• Heightening the private nature of transactions
• It also makes transactions instantaneous.

THE LOBSTEX MASTERNODE
For Lobstex, there are some basic requirements needed to setup its masternode and this include;
• A separate VPS (virtual private server) Ubuntu 16.04 x 64 operating 24 x 7 for hosting wallet.
• Dedicated IP address to do the same.
• Minimum amount of 10000 LOBS
• Additional storage space for saving the blockchain.

As compared to POW or Pos miners, by providing a collateral to the blockchain system, the masternode owners get incentivized and as a result of this, the whole blockchain in a validation system of bondage receives genuine services from masternodes. Having masternode is very important as it provides more consistency and locking the coins means less circulating supply which results in appreciation of the particular cryptocurrency involve.

Proof of Stake (PoS)
The algorithm of Proof of Stake is different from Proof of Work though the purpose and outcome remains same keeping the process unlike. In order to achieve a consensus in a distributed manner, the Proof of Stake system is used for validating transactions on blockchain. Proof of Stake was first idealized in 2011 but first conceptualized in a cryptocurrency name Peercoin in 2012, then other coins like the Blackcoin, Navcoin, Nxt and so many others. In Proof of Stake, the algorithm determines and chooses the new block in a simplistic and deterministic manner that depends on wealth of wallet holder, called staking.
Unlike Proof of Work, no block reward in Proof of Stake as the coins or cryptocurrency generated remains unchanged from the beginning. Also there is no reward per block as miners take the transactional fee. As such miners are also called forgers in the system of Proof of Stake. Proof of Stake has some unique benefits over Proof of Work and this include;
• Proof of Work is simplistic and resulting in huge savings in energy which I unfortunately a limited resource unlike the Proof of Work which requires a high computational power from machines.
• Unlike Proof of Work, a more safer chain on Proof of Stake is being offered as network attacks on blockchain become highly expensive.

Proof of Stake system of algorithm is environmentally friendly, having substantially low costs when compared to PoW which makes it far more efficient in generating new coins.

ZEROCOIN PROTOCOL
In an aim to be the protocol which is decentralized in nature, zerocoin uses e-cash schematics which provides quite a proven user anonymity and security of coin based on simplistic assumption of a distributed consensus in an online and append-only transactions over the blockchain. By enforcing zero-knowledge proofs, zLOBS works on zerocoin protocol. zLOBS (zerocoin) has a feature which will be activated at 43201 block when PoW will end.

MINT PROCESS
To mint, you first of all you select number of coins when you want to send a private transaction with zLOBS. The balance of your normal coin will reduce by crediting the new zLOBS having no history of transaction after determining the numbers. Using cryptography, the old coins gets burnt thereby making it inaccessible and also creating a preventive shield to use old coins by anyone on chain and tracking the same to one’s transactional history. With the old coins burnt, the total supply remain unchanged with new coins on system and thus one can readily do the most private transaction without having any traceability. zLOBS minting denominations are 1, 5, 10, 50, 100, 500, 1000 and 5000 currently on Lobstex chain.

HOW TO SPEND
The new zLOBS will be used in the process if one wants to make private and anonymous transaction. With no history attached to it, the amount will be sent to a wallet in any denomination of choice from the pool. Repeating the process is easy as in same manner, whenever a private transaction is in need, the owner of the wallet mints new coins which he or she sends to new wallet ‘n’ number of times, keeping the privacy as focus.

LAYERS OR SYSTEMS OF LOBSTEX (LOBS)
The two distinct layers or system of Lobstex (LOBS) are;
• LOBS (as base coin)
• zLOBS (zerocoin), see whitepaper (http://img1.wsimg.com/blobby/go/7a49ff37-1796-494b-8467-84145bcea50a/downloads/1ce21fl08_909870.pdf) for more information about the layers / systems.

LOBSTEX (LOBS) SPECIFICATIONS
Website: www.lobstex.com
Official launch date: 2nd May, 2018
Name: Lobstex
Ticker: LOBS
Algorithm: Quark
Type: PoS and PoW (initially)
RPC Port: 15156
P2P Port: 14146
BLOCKS
Block time: 60 sec
STRUCTURE
0TO 43200: PoW
43201 TO INF: PoS
Total supply: infinite (78.6 million in 10 years)
Circulating supply: 3.5 million
MASTERNODES
Collateral: 10, 000 LOBS
Mature time: 4 hours
REWARD STRUCTURES
0 to 5000: No Reward, 100% Miners
5001 to 43200: 50% Masternodes, 50% Miners.
43201 TO INF: 60% Masternodes, 40% Stakers
STAKING BLOCK REWARDS
0 to 500: 5 Per Block (Anti Instamine)
501 to 100, 000: 40 Per Block
300, 001 to Inf: 15 Per Block
ZEROCOIN PROTOCOL
zLOBS: activated at 43201 Block
WALLETS
https://github.com/avymantech/lobstex/releases/tag/v1.0
BLOCK EXPLORER
http://explorer.lobstex.com/
GITHUB
https://github.com/avymantech/lobstex/releases/tag/v1.0
EXCHANGES
CryptoBridge: https://crypto-bridge.org/
Graviex: https://graviex.net/markets/lobsbtc
CONTACT
[email protected]
[email protected]
[email protected]

ROADMAP
Q2, 2018: New Exchanges, Whitepaper, Zerocoin Protocol
Q3, 2018: Merchants, Partnerships, Mobile Wallets
Q4, 2018: Dealership Program, Bigger Exchanges, Wallet Voting
Q1, 2019: Colossal Protocol, Marketplace, QR Integration
Lobstex is indeed something I will greatly encourage all to take a close look at and be part of. For more information, please visit the website and whitepaper, also stay connected to the team and other participants across the globe through the various Lobstex social media links. Thanks for your time.
Website: http://www.lobstex.com/
Whitepaper:http://img1.wsimg.com/blobby/go/7a49ff37-1796-494b-8467-84145bcea50a/downloads/1ce21fl08_909870.pdf
Ann Thread: https://bitcointalk.org/index.php?topic=3483089.0
Twitter: https://twitter.com/LOBSTEXofficial
Discord: https://discord.gg/kKgDVWF
Telegram: https://t.me/lobstexofficial
Reddit: https://www.reddit.com/user/lobstex
PUBLISHED BY: teejayrichard2
BITCOINTALK URL: https://bitcointalk.org/index.php?action=profile;u=1265803
WALLET: 0x937fe2c8bd616344a9Be33fDEC04D6F15f53c20F