Thanks to the LKSCOIN Core wallet it is possible to receive, store and send LKSCOIN (LKS) tokens; this software is very easy to download and install, but it also allows activating the corresponding Masternodes.
Unlike a simple wallet, Masternodes also allow to actively contribute to the LSK network, in exchange for rewards, since the security of the LKSCOIN blockchain is guaranteed by the Masternodes, who are responsible for certifying transactions and blocks as well as validating instant transactions.
Every 3 minutes more or less (which would be 2.5 minutes, so it is essential to emphasize MORE OR LESS when talking about blocks and times) a block of the LKS blockchain is closed – which is about 480 blocks per day – and every single closure generates 500 new LKSCOIN.
Usually (if there is ONLY one miner, it receives the whole block) 20% of these tokens are distributed to the miners, while the remaining 80% goes to the owners of Masternodes. A total of 400 LKS are therefore distributed every day among the various Masternodes.
In addition, every 4,700 certified blocks, i.e. every 9 days or so, a Masternode will be automatically selected and given an additional reward of between 80,000 and 800,000 LKS, while the remaining 20,000 and 200,000 will go to the miner (if it hasn’t mined alone).
Unlike the wallet, however, the Masternode must run on a server with public IP, since it must be reachable by the whole network, and must contain 100,000 LKS tokens locked inside to function properly.
The reason is the same that underlies the Proof of Stake, which is to demonstrate the reliability of the node to each user.
The opening and management of a Masternode is not as simple as the installation or use of the wallet, it must be done by competent people, with particular emphasis on security aspects, since the server must be public and open.
To this end, on the same web page from which the software can be downloaded, it is also possible to download the LKSCOIN Masternode installation and configuration manuals.
The LKS Foundation has also made public a Linux server software that allows self-configuring, maintaining and interacting with masternodes.
The LKS token was created to address some specific problems, including the right of ownership of content and the fair reward in the world of social media.
It has been incorporated into the Cam.TV platform from the very beginning.
What is Cam TV?
LKSCOIN is used by both end-users and content creators to pay for content, courses and services, or for donations, for Cam.tv‘s “Support” function, similar to Facebook’s “Like”, for the payment of services through dedicated software or POS, and to pay directly for any specific content, or advertising within the social network.
LKS tokens can be purchased on Cam.tv. The project will soon be available on Eidoo as an IEO: just download the wallet and perform the KYC procedure to participate!