Technology - LocalCoin.is¶
The LocalCoin platform itself is run and maintained by the LocalCoin community–an open consortium of individuals and organizations committed to providing universal access to the power of smart contracts.
Working together, this community has designed and developed the LocalCoin platform to include numerous innovative features which are not found elsewhere within the smart contract industry:
Table of Contents
- Price-Stable Cryptocurrencies
- Decentralized Asset Exchange
- Industrial Performance and Scalability
- Dynamic Account Permissions
- Recurring & Scheduled Payments
- Referral Rewards Program
- User-Issued Assets
- Stakeholder-Approved Project Funding
- Transferable Named Accounts
- Delegated Proof-of-Stake Consensus
- SmartCoins provide the freedom of cryptocurrency with the stability of the dollar
A SmartCoin is a cryptocurrency whose value is pegged to that of another asset, such as the US Dollar or gold. SmartCoins always have 100% or more of their value backed by the LocalCoin core currency, LLC, to which they can be converted at any time at an exchange rate set by a trustworthy price feed. In all but the most extreme market conditions, SmartCoins are guaranteed to be worth at least their face value (and perhaps more, in some circumstances). Like any other cryptocurrency, SmartCoins are fungible, divisible, and free from any restrictions. (Read more…)
- A fast and fluid trading platform
LocalCoin provides a high-performance decentralized exchange, with all the features you would expect in a trading platform. It can handle the trading volume of the NASDAQ, while settling orders the second you submit them. With this kind of performance on a decentralized exchange, who needs risky centralized exchanges? (Read more…)
- Graphene is capable of 100,000 TPS when we pay for the network to go with it
- High performance blockchain technology is necessary for cryptocurrencies and smart contract platforms to provide a viable alternative to existing financial platforms. LocalCoin is designed from the ground up to process more transactions every second than VISA and MasterCard combined. With Delegated Proof of Stake, the LocalCoin network can confirm transactions in an average of just 1 second, limited only by the speed of light.
- Keep everything in memory.
- Keep the core business logic in a single thread.
- Keep cryptographic operations (hashes and signatures) out of the core business logic.
- Divide validation into state-dependent and state-independent checks.
- Use an object-oriented data model.
By following these simple rules, LocalCoin is able to process 100,000 transactions per second without any significant effort devoted to optimization. Future optimizations should bring the performance of LocalCoin.
Memory is becoming cheaper every day because it is extremely parallel in its design. The amount of information required to track the account balance and permissions of every person on the Internet is less than 1 Terabyte of RAM. This can cost less than $15,000 and it’s installable on commodity (high-end) server motherboards. Long before 3 billion people adopt the system, this kind of hardware will be in the average desktop.
Memory isn’t the real bottleneck, but bandwidth is critical to performance and scalability. At 1 million transactions per second and 256 bytes per transaction, the network would need 256 megabytes per second (1 Gbit/sec). This kind of bandwidth is not available to the average desktop; but it is a fraction of the 100 Gbit/s that Internet 2 furnishes to more than 210 U.S. educational institutions, 70 corporations, and 45 non-profit and government agencies.
For the scalability and performance to handle millions of transactions per second, a blockchain must keep everything in RAM.
- Management for the corporate environment
LocalCoin designs permissions around people, rather than around cryptography, making it easy to use. Every account can be controlled by any weighted combination of other accounts and private keys. This creates a hierarchical structure that reflects how permissions are organized in real life, and makes multi-user control over funds easier than ever. Multi-user control is the single biggest contributor to security, and, when used properly, it can virtually eliminate the risk of theft due to hacking. (Read more…)
- Flexible withdrawal permissions
LocalCoin is the first smart contract platform with built-in support for recurring payments and subscription payments. This feature allows users to authorize third parties to make withdrawals from their accounts within certain limits. This is a convenient way to “set it and forget it” for monthly bills and subscriptions.
- Network growth through adoption rewards
LocalCoin has an advanced referral program built directly into its software. Financial networks derive their value primarily from their network effect: more people on the same network increases the value of that network for everyone. LocalCoin capitalizes on this by rewarding those who sign up new users, and does so in a fully transparent and automated way. (Read more…)
- Regulation-compatible cryptoasset issuance
The LocalCoin platform provides a feature known as “user-issued assets” to help facilitate profitable business models for certain types of services. The term refers to a type of custom token registered on the platform, which users can hold and trade within certain restrictions. The creator of such an asset publically names, describes, and distributes its tokens, and can specify customized requirements, such as an approved whitelist of accounts permitted to hold the tokens, or the associated trading and transfer fees. (Read more…)
- A self-sustaining funding model
LocalCoin is designed to be self funding and self-sustaining by giving the stakeholders the power to direct where blockchain reserves are spent. LocalCoin has a reserve pool of 1.2 billion LLC (about $8 million dollars) that automatically grows as transaction fees are collected and the share price rises. Each day, the blockchain is authorized to spend up to 432,000 LLC (about $77,000 per month), which is enough to hire a small team to maintain the network for years, even with no price appreciation. (Read more…)
- Easy and secure transactions
Named accounts enable users to easily remember and communicate their account information. We don’t use IP addresses to browse the internet or numbers to identify our email, so why shouldn’t we have human-friendly account names for our financial transactions? (Read more…)
- A robust and flexible consensus protocol
Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available. DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way. All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates. Deterministic selection of block producers allows transactions to be confirmed in an average of just 1 second. Perhaps most importantly, the consensus protocol is designed to protect all participants against unwanted regulatory interference. (Read more…)