By Turing Research Group
In August 2020, a young team of entrepreneurs have taken on what would seem to many as a daunting task; taking on a global giant of the blockchain industry.
The team at LGCY network is made up of active members of the blockchain and developer community. They hold a firm belief that blockchain adoption will come where the best technology and true decentralisation come together.
What is the problem they are addressing?
It is well known that the popular Ethereum network suffers from slow speeds and high costs, an issue that has been exacerbated by the rapid emergence of defi which has placed considerable strain on the network In recent months.
In contrast the Tron network ($TRX) offers faster speeds, and lower costs. However negative public perceptions and poor marketing cloud opinion on Tron and have resulted in relatively low levels of real adoption.
Many developers within the Tron community feel that decisions taken are primarily motivated by greed or ego rather than considering the long term, sustainable value that could be created through a fully decentralised and community centred blockchain network.
A recent article published on TheVerge provided an insight into just how disenfranchised many within the Tron teams and community really are.
“There’s no bottom to how low he’s willing to go to achieve his goals,” a former employee said. “He doesn’t care about anybody. He doesn’t care about anything.” (TheVerge Aug2020)
Justin Sun (pictured) is perhaps most well known for his notorious “announcements of announcements”
The fact is, Tron is still largely centralised under the leadership of Justin Sun. The governance model of Tron relies on the 27 Super Representatives (S/R) taking votes that help shape the future development of the network. In fact, only 7 of the 27 Super Representatives are in fact from the community themselves.
In effect, this creates a centralised network that many within the Tron developer community believe has hampered the ability of Tron to compete effectively against the likes of Ethereum.
In practice this means proposals put forward by members of the developer community themselves rarely are voted in, while proposals from Tron will typically be unanimously approved.
Further credibility issues arose in early 2020 when Justin Sun initiated a “hostile takeover” of the Steem network resulting in a community outcry and ultimately a community led fork to the Hive blockchain.
As reported in the block crypto.com
Steem community plans hard fork to expel Justin Sun's Steemit - The Block
The Steem community - a group of members claiming to represent the Steem blockchain - are planning a hard fork to remove…
“When Justin [Sun] acquired it, Steemit absolutely had some strong value, in the form of intellectual property, branding, and experienced blockchain and frontend developers. But now, all the developers he acquired are gone (they’ve all quit),” said Blocktrades.
It continued that the Steem community now “mostly wants nothing to do” with Sun and that some members of the community are even “willing to pay him to leave.”
Needless to say controversy has followed Justin Sun and the Tron Network much to the detriment and dismay of developers and community investors alike.
How will LGCY network address this?
At the heart of LGCY network the team seek to create a blockchain that puts the community at the centre of its approach.
It recognised that a blockchain will only succeed in the long run through an engaged, supported and motivated developer community.
The LGCY network team have ring-fenced a proportion of the token allocation, dedicated to supporting projects to build on LGCY. This will be through direct financial support as well as strategic and marketing guidance to support projects who migrate successfully to the LGCY testnet.
The LGCY team have also assembled an experienced Marketing Team that will offer strategic advice to projects and developers helping them to broaden their reach and drive awareness in what is a particularly competitive space.
LGCY will also address the governance issues which plague Tron. They will reshape the governance model through an innovative voting system called the Libertas protocol which ensures that the direction of the network is truly managed by the community, for the benefit of the community.
As the project moves rapidly toward Mainnet, the team will conduct a token burn of 33% of total supply; thus enabling true decentralization and an effective transfer of power to the community. The team have recently reported that development is ahead of schedule when compared to the timeline articulated in their roadmap.
The team recently announced a partnership with Ferrum network that will incentivise early supporters to benefit from a generous 56% APY through a pre staking mechanic, which will go live in October 2020.
What might seem like an audacious project, we believe it is a bold and ambitious step toward the future that is promised by blockchain.
Where speed, scaleability and cost effectiveness are liberated and the power to develop is in the hands of the people that matter most; the developers and community who will ultimately determine the success of the network.
Justin Sun may have billions of dollars, but in the eyes of many in the community he is an egotistical narcissist who has missed the opportunity to provide a platform that encourages and supports developers to build on Tron.
At only $1.3m Market Cap at the time of writing (October 1st 2020) we see tremendous growth potential for LGCY Network if they can secure key exchange listings, community engagement and ultimately entice developers to migrate to their network once the LGCY testnet is live.
We admire the LGCY network team. We love an underdog, and if the team can deliver their vision of the future this project has all the promise of a rising star.
Website : http://lgcy.network
Telegram : https://t.me/LGCYNetwork
Turing Research Network represents a team of crypto enthusiasts sharing our knowledge and ideas on areas of topical interest within the blockchain space. None of our posts represent financial counsel or advice. Always #DYOR
Turing Research never asks for our accepts any financial reward for project reviews. All opinions are our own.