The "SOLVENCY" value at Litecoin Plus

28/02/2020

In the current scenario of crypto-currency development, it is hard not to notice that trading sites and exchanges are the biggest contribution and at the same time the biggest obstacle to the full blossoming of the entire sector. So many of them have failed, disappeared, lost coins, being hacked etc.


We at Litecoin Plus do not want to take any side or bad-mouth anyone. The hard work that goes behind making, launching and managing an exchange is beyond belief. We just want to tell our users that our core, utmost important value of all has been decide to be SOLVENCY.


By dictionary definition, "SOLVENCY is the possession of assets in excess of liabilities; ability to pay one's debts.". That's all it is. We have made it our core, most important value of all. Nothing, no decision of anyone at the top or below can ever go against that. Spidersbox and Tysimon will make sure that, once the non-profit company holding Litecoin Plus will be founded, that this core value will be put as founding value of the new venture. Currently, we have two places where this value is applied the most: our Web/Android Wallet and our new LCPExchange trading website.


In regards to our Web Wallet, we have the combined assets of a lot of users, and we have decided that the balance will be disclosed to anyone of them who makes a request via the registered email. In the balance we have: Grand balance, Balance without locked, Balance without locked and unverified, Wallet balance, Balance with stake, Delta Wallet - MySQL - paid profit. Paid profit means that the wallet is paying 10% PoS stakes weekly to all account, all the surplus is destined to Marketing activities at the moment. We never allow ourselves to use any of the "bank money" to invest in risky trading just to make some quick profit. That quick profit would benefit us so much in terms of marketing, but we put SOLVENCY as our core value, nothing can surpass that.


Similarly for our LCPExchange trading site, we will disclose at any time all the balances of the wallets and database to our users, for everyone to see that we are absolutely serious about that. The mission of LCPExchange is to be a "safety net" to always be able to swap your LCP for BTC or other cryptos. Our values should support the mission !


Spidersbox (Wally Rowe), ty_simon (Simone Lussardi) and Management Team


Less PoW in the pipelines

02/16/2020

Litecoin Plus team has put heads together to determine the best future for LCP. We are considering a move with less PoW and more PoS. Friday Feb 29th we will announce the starting block at which PALADIN51 will be activated, and subsequently we want to quickly set PoW block reward from .50 to .10 LCP to run an experiment.

Please update to 5.0.0.1 ~ 5.1.0.1 as soon as possible so we can activate PALADIN51. Older wallets will disconnect after PALADIN51 is ACTIVE. THEY WILL APPEAR TO CONNECT TO OLD NODES AND PRODUCE STAKE. THOSE STAKE BLOCKS WILL APPEAR AS ORPHANS WHEN YOU UPGRADE, AND YOU WILL NEED TO RESYNC YOUR ENTIRE CHAIN AND ZAP YOUR WALLET. We strongly encourage you to update before the date please.

The block reward change above is for a 2~3 weeks trial period, while we determine the effects on markets. The Decision to further reduce pow or remove it all together will be made at that time.

The reason for the change is stop Multiport profitability mining pools from damaging coin price by mining and selling LCP with out regard for its status and value. They instant sell causing constant down pressure on coin price.

As soon as coin price hits 350 + Satoshi we become more profitable to mine then LTC on scrypt algorithm this is a problem if we want the price to ever be over 4 cents. Scrypt pools have an enormous amount of hash power and when all that hash power jumps into LCP network then mines out and dumps the coins instantly price will always steadily fall back to 350 range until its less profitable to mine then Litecoin is.

Thank you for supporting LCP team and our coin.


Spidersbox (Wally Rowe), ty_simon (Simone Lussardi) and Management Team

51% vulnerability

03/05/2019


It is a well known problem in the cryptocurrency world, and with extensive research done by many professionals, no one has been able to fully solve this vulnerability. The problem starts early and is intrinsically related to the decentralization topic.

To make a long story short, it is not possible (yet) to combine true decentralization with fixing the 51% vulnerability. True decentralization will always admit some degree of susceptibility to attack. Having said that, after extensive analysis, is however true that with ASIC power it's quite easy to mount an attack with PoW protocol.

The Litecoin Plus dev team has concluded that PoS mining already present in it it's largely sufficient to guarantee a great protection against a 51% attack. Since Litecoin Plus is a community coin, we will not make this decision alone. Should the time come when PoS block generation is clearly larger than PoW and thus able to properly sustain the network, we will put to a community vote to shut down the PoW mining capability of the entire network.

This "shutdown" switch mechanism will be present starting from version 5.0.0.1 upwards, and will be activated only in two cases (with methods to be defined):

   1. Temporary, if an emergency occurs, due to a suspected attack
   2. Permanently, if the community decides to do so

We strongly believe is the right way to go forward, without introducing any other kind of centralized control.

If in the future newer discoveries allow to combine true decentralization with 51% vulnerability fix, the Litecoin Plus dev team will be more than happy to evaluate their adoption.


Spidersbox (Wally Rowe) and ty_simon (Simone Lussardi)


Long term strategy of Litecoin Plus

12/17/2018

It is with great pleasure that Spidersbox and tysimon announce that, as soon as 2 millions USD of market capitalization is reached, a non-profit organization/foundation will be setup, owned by Spidersbox and tysimon in equal parts (or almost equal parts, will be according to the regulation and laws that will be chosen for it). At the moment Singapore and Hong Kong are the two considered juridictions for the setup of this organization.

The mission of the organization will be to devolve all the surplus to online education, and Wikipedia will likely be the likely receiver of most of the eventual surplus.

We feel that Litecoin Plus, and all its accessories, including LCPExchange.com, deserve to go to the next level and do not need to be eventually held back by the fact that they seem amateurish compared to the bigger players. At the same time, a non profit organization fully reflects the spirit that Spidersbox and tysimon has for it. The new organization will fully own Litecoin Plus and all accessories, and perform the protection of its name.

The organization not only will benefit investors, community and everyone involved, but also will open door for many more opportunities that requires it. For example, almost all serious exchanges will consider mature crypto-currencies only when backed up by registered organizations. When such organization is setup, there will be many advantages for investors and community members who work for Litecoin Plus. For example, the organization will be able to formally hire and pay people, and be able to protect its interest in a formal way. Bitcoin and Litecoin have done very similar things, it's a necessary step toward greater things.


Spidersbox (Wally Rowe) and ty_simon (Simone Lussardi)

Follow us on Social Media: