The Loki Network’s mainnet went live earlier today. Those interested in mining LOK tokens have been directed to the project’s Github page to download the source code and binaries.
Loki’s private token sale ended just 5 weeks ago, and whilst there is no public sale, the project is currently conducting a series of airdrops.
Monero Fork
Loki Network promises to provide decentralized, private and untraceable transactions on its network. The project was code-forked from the Monero codebase and has adopted key privacy features from Monero, including ring signatures and stealth addresses. Loki also aims to address several concerns related to the security of the Monero network.
However, the team insists it is not merely a clone out to compete with Monero. Rather, Loki is being pitched as a blockchain for privacy focussed apps (which it calls SNApps) to be built on top of its mainframe. The first of these will be Loki Messenger, a decentralised private messaging tool.
Loki’s consensus algorithm is a hybrid of PoW and PoS. Half of all block rewards will go to miners performing PoW operations, service nodes will receive 45 percent of block rewards, and the remainder will go to the governance pool.
The token supply is tightly held which will make for an interesting market when the tokens begin trading. The total token supply is 150 million, just 15 percent of which are pre-mined. Sixty percent of the pre-mined tokens were sold during the private sale, with the rest going to the team and airdrops.
The privacy coin space is very crowded. If Loki’s messaging app takes off, however, the coin will be hard to ignore.
