BiKiTalk: AMA Recap with Justin Wai’au, Co-founder of LGCY.Network

BiKi is Listing LGCY, a fork of TRON, as the main exchange

We are proud to announce our strategic partnership between BiKi Exchange & LGCY Network starting with the listing of both the $LGCY and USDL Stablecoin tokens.

LGCY Network is a DPoS, open-source blockchain protocol with industry-leading transaction speed and flexible utility with only $0.01 cost per transaction.

LGCY Network began as a fork of TRON blockchain, differentiated by a unique & innovative governance model striving to be the most decentralized blockchain in existence, allowing the community which runs on the network to be in control.

On 25 November 2020, we were honored to have invited the Co-founder of LGCY.Network, Justin Wai’au to an AMA session with the BiKi community, sharing with them about the problems, solutions and challenges faced including what the future holds for them.

Trade LGCY here

Here’s a recap of the AMA on 2020/11/25, 18:00 (GMT +8):

Host: Hi everybody, I am Community Leader of BiKi and also the host for tonight’s AMA.

Host: It’s an honor that we have invited LGCY.Network co-founder, Justin Wai’au to be our AMA guest to share LGCY.Network’s story with our community members!

Host: Without further ado, we shall begin tonight’s AMA session. Let’s welcome LGCY.Network co-founder, Justin Wai’au.

Host: @Justin Wai’au Welcome!! Please introduce yourself.

Justin Wai’au: Hello everyone! My name is Justin Wai’au, I’m 31 years old from Hawaii, US. I’ve worked in import/export of various goods for many years (mainly with China and Pakistan), started building a payment solution dApp on Tron Network and most recently co-founded LGCY.NETWORK.

Host: @Justin Wai’au Please tell us about your project.

Justin Wai’au: We are proud to announce our strategic partnership between Biki Exchange & LGCY Network starting with the listing of both the $LGCY and USDL Stablecoin tokens.

LGCY Network is a DPoS, open-source blockchain protocol with industry-leading transaction speed and flexible utility.

LGCY Network began as a fork of TRON blockchain, differentiated by a unique & innovative governance model striving to be the most decentralized blockchain in existence, allowing the community which runs on the network to be in control.

Host: Okay, can you briefly explain your project background @Justin Waiau

Justin Wai’au: LGCYs DPoS system offers an innovative mechanism resulting in 10,000 TPS compared to Bitcoin’s 3 TPS and Ethereum’s 15 TPS.  The roadmap features a 33% burn of token supply in Year 3 as a symbol of the team handing over the project to the community and supporting our investors.

Host: Okay, so far, what are the stellar achievements? Please share with us (such as: investment, team members, public interest, celebrity endorsements, etc.)

Justin Wai’au: LGCY fund raise was entirely community led, raising over $1.6m in private sale of the LGCY token entirely via community engagement, and now enjoys a passionate community of advocates.

LGCY Network has received significant attention on Social Media being featured on many major channels including an article on Wolf of All Streets (131,000 Twitter followers) and an introduction article by Turing Research Network (3,250 Twitter Followers).

Most importantly, LGCY Network remains well ahead of its Whitepaper roadmap and are expecting to deliver the project significantly ahead of schedule with an updated roadmap soon to be released.

Host: What problems do LGCY and USDL solve?

Justin Wai’au: LGCY will also address the governance issues which plague Tron. We have designed an innovative governance model and 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.

The LGCY team recognise that the heartbeat of any blockchain network and often developers require both financial, as well as strategic support to realize their project ambition.  LGCY will provide support via an allocation of 6.6 billion tokens provide financial and strategic support to projects that will build on LGCY.

Host: Compared with other similar projects, what makes LGCY and USDL different? what are the characteristics? Why should users choose LGCY and USDL?

Justin Wai’au: Our revolutionary stable coin USDL is the only stable coin that will be fully backed by the blockchain. USDL is pegged to the US Dollar and backed by the number of transactions $1 costs providing scalability over time; backed by the blockchain.

LGCY Network stakers will receive their payout for staking LGCY in USDL. We do this for a number of reasons. This is far better for the investors in LGCY as we are removing inflation that usually exists in a classic DPoS staking system.

Host: So, why did LGCY Network choose to list on BiKi?

Justin Wai’au: LGCY Network is proud to announce our strategic partnership with Biki Exchange including the listing of both the $LGCY and $USDL tokens. Not only does Biki serve nearly 100 countries and 3 million registered users worldwide but is also leading implementation of cutting-edge exchange technology including an innovative automated grid trading strategy。

Host: What is going to change and improve from this partnership?

Justin Wai’au: The strategic partnership with Biki will not only expand liquidity for $LGCY & $USDL tokens, helping to support our investor community but it also represents a step towards adoption of the project.  

At Biki Exchange and LGCY Network we are working together to expand the trading pairs for USDL, and also collaborating on mutually beneficial strategic opportunities.

We have 3 primary focus areas;

Firstly, our development team are working hard to bring the testnet to life.   We are well ahead of schedule and anticipate that the testnet and early project partners will be in place for early Q1 2021.

Secondly, we are driving adoption of both LGCY and USDL via collaboration and partnerships that will significantly extend the utility of the project into new domains.  

Finally, we are in discussions with key projects currently residing on the Tron Network, and once the Test Net is live, we will commence migration and unlock the developer fund to reward early adopters of our project.

Host: One last question, is there any other fun facts/interesting comments about LGCY and USDL to add?

Justin Wai’au: The LGCY Network team are from hugely diverse backgrounds working together from far reaching corners of the globe from Hawaii to San Francisco, Amsterdam, Bangkok, Bangalore, Karachi and Delhi. The teamwork across every time zone making LGCY Network a true 24/7 project!

Host: Okay, thank you very much for the wonderful sharing by our Guest. Our AMA session has come to an end. Now we will proceed to the Q&A session. Everyone is welcome to ask your own questions.

Community Question 1: @Justin Waiau How much does the LGCY have in circulation? How much does the team have?

Justin Wai’au: There is about 10.5 billion tokens in circulation and only approximately 11 billion more tokens to ever be in circulation. The team has 5 billion tokens to be distributed over 12 months. We have distributed 3 months so far and none of the team has sold or have any plans on selling anytime soon.”

Community Question 2: How is the LGCY application use cases developing now?

Justin Wai’au: Members of our team are well established in the Tron community, and we are in discussion with various projects who follow and support LGCY.   Out of courtesy to those projects we cannot release specific details for now.    We are also building a Dex, MyriaDex, which will launch at MainNet together with other applications launching during 2021

Community Question 3: Will there be any follow-up activities after the listing of biki exchange?

Justin Wai’au: We are working with Biki as a Strategic Partner and as our main exchange.  We chose Biki as we see them as a rising star, and will be looking to take advantage of the unique utilities that are offered within the space.   We appreciate the Biki teams counsel to ensure we maximize the partnership together leveraging the best Biki can offer our community.

Community Question 4: @Justin Waiau Does the LGCY HAVE A P.O.S. plan

Justin Wai’au: Yes, LGCY is a DPOS network

Community Question 5: @Justin Waiau If we want to participate in LGCY, what are the ways and means? What kind of return can we get?

Justin Wai’au: We appreciate you joining our community for the journey, and using Biki to buy as our main exchange partner.  We cannot comment on price, but as a community centred project our goal is to work hard to deliver for our community, investors, and developers alike.  

Community Question 6: LGCY has been perfected to the best condition at the application level, right?

Justin Wai’au: Yes, our developers have significant experience and are experts in their field and we have a team that we confidently know can deliver the requirements of the project.

Community Question 7: Many projects with a large issuance that lack a stable economic model, leading to serious inflation in the later period. What is the economic model of LGCY?

Justin Wai’au: We recently announced the establishment of a Community Trust, which will see 33 billion tokens staked over 3 years to fund the future ecosystem, so our effective supply is around 80% less than Tron.  Our staking rewards are paid in USDL

Community Question 8: How does LGCY maintain its currency market?

Justin Wai’au: All of the price action that we are seeing currently is organic.   We have an active community who are passionate about the project and increasingly driving awareness through our Marketing campaigns

Community Question 9: Does LGCY have a deflation or destruction mechanism?

Justin Wai’au: Yes, when gas is used on LGCY Network it will be burned.

Community Question 10: What are the advantages of LGCY?

Justin Wai’au: We believe that the underlying tech of Tron is excellent; fast, scaleable, secure.   However, we believe in a future that is truly decentralised and so LGCY has created a unique governance model and voting system that prevents any one party from controlling the network.   Our goal is to be the most truly decentralised blockchain in the world.

Community Question 11: Is it possible to develop it in conjunction with the most popular short video sector on the Internet?

Justin Wai’au: We have a very experienced Marketing Team, and are progressively expanding reach across Social Media Channels, and geographically.   Great suggestion though and we will pass it onto our Marketing team.

Community Question 12: Is LGCY’s USDL using TRX20 or ERC20?

Justin Wai’au: The LGCY project has initially been built as an ERC20 token as it is popular for us to launch the project from enabling us to grow faster.   As we deliver MainNet we will migrate to our own native token.

Community Question 13: What do you think of DeFi, do you think it will be short-lived? What is LGCY’s real and sustainable user needs?

Justin Wai’au: We believe in the future of blockchain, and support its applications across many use cases where we think it brings unique innovation.   We expect to see continued innovation in DeFi.  LGCY will provide a fast, efficient, scaleable and truly decentralised network on which developers can build, supported by a strong network.

We just released our plans for our year 2 and year 3 tokens to be permanently frozen/staked (33.33 billion LGCY tokens) and the USDL rewards to be used for our dev fund. This means there will be a dev fund forever. Also, only approximately 21 billion tokens will ever be in circulation. This is 79% less than Tron.”

As a blockchain and future platform for DeFi projects, we encourage the exploration of all blockchain applications. As for the longevity of LGCY network, we will be cultivating the developer’s community and investor community to promote growth in perpetuity.”

Community Question 14: Does LGCY have any benefits for new users recently?

Justin Wai’au: We launched our Pre Staking program for early adopters, and also to coincide with our launch on Biki.  We will continue to look for the best ways of supporting our loyal investors and community.

Community Question 15: How is the LGCY application developing now?

Justin Wai’au: We are well ahead of our roadmap of development, and have now published an updated roadmap, with our TestNet due to launch in early 2021 and MainNet later in the year.

Community Question 16: Are LGCY and LGC related?

Justin Wai’au: No, they are not

Host: Thanks to the questions and answers from all our friends and our AMA Guest. Today’s live AMA has ended. Thanks for your enthusiastic participation!

Justin Waiau: Thank you for everyone for joining this AMA. I’d like to encourage anyone who has any more questions to join our telegram group (https://t.me/LGCYNetwork). We love to help and answer any questions or concerns our community has. Thank for you your time

Host: Thank you very much for your wonderful sharing

Follow us on:
Weibo:https://www.weibo.com/u/6790213530
Chinese Telegram:https://t.me/bikicoin
English Telegram:https://t.me/BikiEnglish
Vietnam Telegram:https://t.me/BikiVietnam
Twitter:https://twitter.com/BiKiEnglish
Facebook:https://www.facebook.com/bikiexchange/
Russia Telegram: https://t.me/bikirussia
Korea Kakao: https://open.kakao.com/o/gYmlp4Yb
Medium: https://medium.com/@bikicoin

Leave a Reply

Your email address will not be published. Required fields are marked *