LuckyCoin (LKY) was launched back in 2014 and is another Bitcoin-derived peer-to-peer cryptocurrency. A lot of altcoins have emerged over the years ever since the Bitcoin protocol was released by Satoshi Nakamoto. Luckycoin is just one of many and share several characteristics that are the mark of its derivation from Bitcoin.
First of all, it offers quick worldwide transactions. Through its decentralized network, Luckycoin allows for worldwide fund transfers at astonishingly fast speeds.
Besides the speed of transactions, Luckycoin also allows for anonymity and security for its users. They only have to provide wallet addresses to get their transactions through. With a single click later, they can pay for anything. Luckycoin, however, has some features that you can’t find in other alternative coins.
Basic Luckycoin features
The Luckycoin network is expected to produce 20 million LKY. Different altcoins have different limits, so it is interesting that Luckycoin chooses to stop itself at 20 million. Bitcoin itself is actually supposed to produce only 21 million bitcoins. By having a lower limit, Luckycoin aims to reach its limits earlier and potentially have a higher value. This is because the fewer LKYs out there, there is a possibility that it may not keep up with the demand.
Another feature that is unique to Luckycoin is the Lucky block. The network offers super lucky blocks for miners, which give jaw-dropping reward than can be x2, x5, and even up to x58. As a proof-of-work system, Luckycoin is mined by the network and those who complete a block first get the rewards. Block rewards are halved every 100,000 blocks, so it gets smaller and smaller. However, with Lucky blocks, it is possible that miners can hit pay dirt and suddenly have a ton of LKY.
Luckycoin is aimed at solving a block per minute so it can be very fast. However, the altcoin uses an accelerated difficulty adjustment algorithm to ensure fairness. This means that the network will assure that the system will always have blocks solved no less than a minute, scaling difficulty to the power of the processor. When resolving transactions, though, Luckycoin requires six network confirmations per transaction. It may take a bit longer than normal but it assures security for the altcoin.
Looking towards the future
Though the coin has survived the early challenges, the Luckycoin cryptocurrency is still going to need to distinguish itself in the marketplace. The Lucky block gimmick works well, but it needs to get adopted by more people before it can be taken seriously as an altcoin.