The coin parameters are changes from Lynx’s upstream, Litecoin. These parameters reduce the likelihood of miner profitability, a core tenet of the Lynx Blockchain project.
Lynx is an eco-friendly blockchain project for three reasons.
- 1.The computer hardware required to maintain the network is very inexpensive. Older computers with less processing power are ideal candidates to use—putting fewer computers in landfills and extending the life of otherwise undesirable computer hardware.
- 2.The electricity required by the computers remains low and does not increase due to a competitive mining algorithm. By finding balance in the modified mining algorithm, HPoW, requirements for unbounded energy consumption come to an end.
- 3.Removing a mining reward with a profit incentive restricts profit-hungry participants from engaging in the project. This economic model eliminates a class of selfish participants while the modified mining algorithm can still keep the network secure.
Lynx blockchain parameters are listed below.
- 1.The target block time for the Lynx blockchain is 35 seconds.
- 2.The cost of a transaction is 0.0001 Lynx/kilobyte.
- 3.The block reward maturity time is 20,000 blocks.
- 4.The block reward for miners is 1 Lynx + fees.
Removing the profit incentive for miners ensures that Lynx developers can maintain control of the project’s innovative direction and continue to deliver value towards the goal of a low-cost, on-chain, generational data storage solution.