The technology strategy for Lynx is based on the Bitcoin v25 code with modifications for Data Storage and Proof of Stake block creation.
On December 25, 2023, Lynx will be a +10-year-old blockchain project. The original name, mining algorithm, and project objective have changed, but the entire blockchain history from Dec 2013 remains intact.
Here are a few points about the Lynx Blockchain project.
While the cryptocurrency functions of Lynx remain intact, this project's primary focus is on-chain data storage. The long-term strategy priority of the Lynx project is based on blockchain data storage, not cryptocurrency development. While this project retains the functions of a cryptocurrency, it does not compete with Bitcoin.
The energy consumption requirements of traditional Bitcoin Proof of Work mining are shameful. The world is on fire, and Bitcoin miners are not helping. We believe any new blockchain software development must consider the environment. While Lynx's previous Proof of Work design significantly reduced energy consumption and heat output, the new Proof of Stake design is even better. We put aside the love (and ego) of our previous method to create a better version of the environment.
The new version of Lynx is based on a newer version of Bitcoin, except we swapped out the energy-wasting functions of Proof of Work and implemented an LWMA (linear weighted moving average) Proof of Stake algorithm. The new version of Lynx is very low-cost to run and leverages all the security and latest features of Bitcoin Core. It is extraordinarily lightweight, consumes very few resources, and occupies a small footprint on computers that can run unnoticed in the background.
We modified the block time, size, and other core functions to accommodate generational data storage. The new design stores data more efficiently than the old method and is backward compatible.
The latest version of Lynx can run on the least expensive VPS computers available in the cloud and the least costly (current) Raspberry Pi devices. Full support for Debian Linux will remain, while official releases for MacOS and Windows will cease. Setting up a Lynx node takes minutes with almost zero configuration.
Full support for hardware wallets Ledger, Trezor, and Atomic Dex. Electrum and traditional exchange support will remain.
Lynx blockchain parameters are listed below.
The target block time for the Lynx blockchain is 5 minutes.