- What is LOKI?
- The development team
- Service Nodes
- The future of the Project
What is LOKI?
Australian founded and based LOKI is a privacy project based on Monero. The project is a decentralised and open source app platform and fully encrypted private messenger that is based on CryptoNote protocol.
Founded at the beginning of March 2018, LOKI raised US$9m through a private sale of 59% of its coins, totaling to 13,275,000. LOKI then became minable on the CryptoNightHeavy algorithm in May.
With the bear market taking shape, LOKI sat as the most profitable coin to mine on the CryptoNight algorithm for over 2 months. The basic breakdown of the block rewards, occurring every 120 seconds, is as follows; 50% Miners, 45% Service Nodes & 5% Governance (Developers).
Being based on Monero, LOKI has adopted many of the notable privacy features that Monero is known for; Ring signatures, confidential transactions & stealth addresses to name a few. LOKI are also adding some improvements of their own; being that one can run private decentralised apps on the coin. The first being a private messaging service, which according to their road map will be released to the public in JAN/FEB 2019 .
As LOKI is an ‘open-source’ project, anyone can contribute to its continued development. Contributors from all over the world are assisting the development team in all aspects of the project, ensuring they meet the needs and expectations of their community.
For a complete in-depth review of ‘What is LOKI?’, you can view the following interview of Tech Lead Kee Jefferys & Project Lead Simon Harman at the Melbourne Blockchain Centre Presentation; https://miningstore.com.au/what-is-loki-coin/
For a short explanatory video on ‘What is LOKI?’, https://www.youtube.com/watch?v=Lykh-NqkKys
The development team
The development team at LOKI is full of experienced, well renowned and respected members of the block chain industry. Fortunately for the project, it has been able to benefit from the support and involvement of former Monero developers. Tom Winget, who has worked on Monero development extensively , is now one of the developers leading CryptoNote optimisation at LOKI. To have Tom on the LOKI project is a major benefit and credit to the LOKI team.
Project lead Simon Harmon and tech lead Kee Jeffreys have both made outstanding contributions to the block chain network and have achieved above and beyond what many thought was even possible. Simon and Kee have been entirely transparent and responsive during their interactions with the community, including their interaction on Telegram, Discord, Twitter and direct messaging.
For more information on the entire development team, please visit their website; https://loki.network/.
It has been a breath of fresh air for the Members of MiningStore who have been dealing with the development team, and we want to thank them and provide credit to them for the way they are caring out the project.
Service Node Applications (SNApps)
SNApps are anonymous, decentralised and uncensorable which serve as the tool on which applications are built that mainly focus on privacy and resilience. The first of LOKIs SNApps is their end to end encrypted privacy messenger (as mentioned above), listed on their website for a JAN/FEB 2019 release. LOKI has identified their target users as those who want the highest level of privacy in their communication channels. LOKI can also offer its network to 3rd party developers to then establish their own privacy-centric applications on.
LOKI introduced Service Nodes on September 20th. Service Nodes are LOKI’s version of Master Nodes; they add a Proof of Service (POS) requirement to a block chain network, thus increasing the LOKI networks protection against cyber-attacks.
To have setup a LOKI service node on release, you needed to stake 45,000 LOKI for 30 days. The idea is that as more nodes are setup, more LOKI is removed from the market, thus reducing the supply and increasing the price. The basic idea is that it then becomes exponentially more expensive to obtain enough LOKI & Service Nodes to complete an attack on the network.
For more information on LOKI Service Nodes, why they’re important & how to get started, check out this article written by Will on dapp.tech; https://dapp.tech/loki-service-nodes-how-to-get-started/
The future of the project
It is fair to say that the LOKI project is ticking all the boxes. They have an outstanding team who is dedicated to the overall project and is taking the communities best interests in mind to achieve its end goal. They have an impressive and beautifully engineered application which will enhance privacy of messaging and web interaction. The possibilities that this holds for future SNapps is endless.
Overall LOKI is an impressive team, a professionally engineered product and has endless future application to offer.