The enablement of this private network is aimed to address reliable and secure needs of enterprises and institutions.
This feature is built on the revolutionary i2pd Technology and SAM Protocol thus enhancing Lux’s security capability. The Parallel Masternodes will only be available to verified and vetted business and government institutions and will act as a secure information gateway on the blockchain. Any wallet or transaction on the Parallel Masternode will be encrypted with the ip addresses auto-changed. These wallets and transactions are invisible to prying eyes to meet institutional security pre-requisites.
LuxGate is nothing short of a technological marvel in the blockchain space. LuxGate will allow communication between validated blockchains with the ability to perform advanced functions and tasks.
In simple layman terms, LuxGate, with the help of PMN acts as a unifying bond between blockchain ecosystems. For example, the Bitcoin blockchain can engage with Ethereum blockchain or Monero blockchain or Zcash blockchain for that matter.
LuxGate will be able to interact with centralized functions (eg: banking institutions) along with the PMN private network, which will act as an autonomous system to act on behalf of the function. Luxcore will provide the required technology assistance and consultancy services to setup PMN and will support the deployment of the private network for private institutions. These networks will be centralized trustworthy environments and will be verifiable by the customer to validate legitimacy of the transactions.
With the help of this functionality Luxcore aims to disrupt the traditional banking transactional systems as LuxGate and PMN can work cross algorithm and will be system agnostic compared to other blockchain competitors in this space.
A specific feature from a security perspective is the ability of LuxGate and PMN to strengthen two layers of differing safety algorithms to be unified at a combined strength level.
From a use case perspective, if an institution has two layers of firewall security A & B, with each layer of different security strength, with A at 300 points and B at 200 points (a total of 500), with PMN enabled, each level will have a combined strength of 500, bringing the total difficulty to 1000 points.
LuxGate and PMN products are currently work in progress and is expected to be ready for stress testing in Q2-Q3 2018.
LUXCORE’s PoS enabled Web Wallet will be a key product offering and will remain free for LUX Coin Users.
We plan to license and monetize this as PoS enabled Web Wallet-as-a-Service by the end of the year to other blockchain assets and providers in the market with customizations and service add-ons. The Licenses and Service options for the PoS Web Wallet-as-a-Service will be available for purchase using LUX Coin, thus adding value to the LUX Coin economy.