The Problems LT Blockchain Solves

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EOS has 21
Block Producers in enterprise class datacenters

Making millions of TPS in a smaller circuit
compromises decentralization

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LT HAS an architecture for unlimited number of
interchangeable nodes

LT has capacity to reach 11M TPS without
compromising decentralization

Decentralization

Some blockchain developing companies sacrifice decentralization in order to show fancy TPS. This is wrong. Reaching higher TPS on an architecture that e.g. has 21 block producer nodes situated in an enterprise class datacenter vs architecture that has thousands of interchangeable nodes scattered across the planet is similar like comparing number of circuit laps on two different tracks (e.g one being 100 meters long vs another which is 10 km long).

Naturally, it is easier to achieve higher throughput on the shorter one and there is nothing revolutionary about this. The challenge is how to achieve higher throughput while preserving the decentralization as the latter is what protects the funds of people.

Solution

LockTrip is a truly decentralized Proof-of-Stake blockchain that supports the Ethereum Virtual Machine and utilizes a truly decentralized POS consensus, which has a capacity of 11+ Million transactions per day (approximately 10 times the capacity of Ethereum). Current Testnet actually has a throughput of 18Million transactions.

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ETHEREUM
TIME
TRANSACTION
COSTS
  • July 3, 2018
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    $2

  • July 3, 2018
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    $20

  • July 3, 2018
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    ???

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LT BLOCKCHAIN
TIME
TRANSACTION
COSTS
  • July 3, 2018
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    $2

  • July 3, 2018
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    $20

  • July 3, 2018
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    ???

Unpredictability of Gas costs

All truly decentralized blockchains have an auctioning mechanism for miners to determine the fees, which they want in order to process transactions. This results in wildly unpredictable and volatile network fees, which are a major blocker for mass adoption.

Solution

To achieve transactional gas cost predictability through a governed and stable gas price protocol. The gas price will be governed by the nodes through a voting mechanism and will be bound in fiat equivalent. The fiat rate will be governed by an Oracle that will monitor exchanges where the underlying LOC cryptocurrency will be traded on. The end result will be a blockchain that has a fixed price per transactions in USD irrespective of LOC rate and thus an unlimited upside potential in terms of economic scaling.

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ETHEREUM

GAS COSTS

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  • LOW
  • HIGH
  • Total Gas Costs:???
  • Network Status:unpredictable
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LT BLOCKCHAIN

GAS COSTS

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  • FIXED
  • Total Gas Costs:Fixed
  • Network Status: Stable & Predictable

High Network costs

Currently dominating blockchains are based on the Proof-of-Work consensus which eventually runs into a situation where it takes too much resources to utilize hardware for little marginal improvement in terms or hash power. It leads to a spending race that has a self-purpose rather than a purpose to contribute to the ecosystem in a balanced way. This spending race results in artificially pumped transaction costs which harm the adoption of the blockchain by actual businesses.

Solution

To operate under a true Proof-of-Stake consensus with fixed gas cost in fiat equivalent through an Oracle. This will result in stable and predictable network costs.

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Actual Adoption driven fee from transactions

0.2%

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$25,000

Block Rewards account for 99.9% of the economy behind Bitcoinas well as all other major blockchains

99.8%

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$11,700,000

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BITCOIN

LT focuses on building a sustainable economy fueled by actual transactions and NOT block rewards

Transactional Economy

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Block Rewards

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LT BLOCKCHAIN

Long term dependence on artificial rewards and lack of sustainability

All current blockchains are fueled by artificial block rewards that pose long term systemic risk to the whole ecosystem. This is so, because eventually these rewards will be depleted and in case there are not enough transactions to incentivize the underlying nodes to continue operating at their current pace, this could trigger a potential collapse in node infrastructure/blockchain security followed by a potential collapse in value similar to a building collapsing under its own weight.

Solution

To utilize a true Proof-of-Stake based deflationary blockchain with an actual transaction driven economy and minimized block rewarding that would deplete over a period of 5 years.

This implies that we will minimize the artificial rewards and focus on attracting DAPPS, tokens and/or centralized apps that would generate real transactions from real businesses and real customers.

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STANDART BLOCKCHAINS are not

shared economies

ERC20 Transfer

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100% Gas fees paid to agnostic miners

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I need to buy more videocards

Investors get no other reward than speculation

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ERC20 Creator
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ETH Miner nodes are agnostic of the actual state of the ETH network and are focused on the self purposed hardware roi.

Token creator gets no reward for the transactional economy he is able to generate through his DAPP/Token network fees

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LT BLOCKCHAIN shares the economy

with all participants

ERC20 Transfer

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50% OF FEES
50% OF FEES

ERC20 Creator

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One click install desktop wallet for staking and holding! And I am a true supporter of the newtwork!

Investors are also stakers and nodes. Thus they can earn rewards by staking

Token creator gets 50% of the network fees all transactions related to his token are able to generate

Current Blockchains are not shared economies

Without any doubt, blockchains derive their value from the applications that build on top of them (DAPPS and Tokens), which also means that blockchains as crypto assets, are similar to the derivative assets in centralized financial regulated systems. Derivatives are assets that rely on another asset for their economic value.

Solution

We will integrate the first true shared economy blockchain, where 50% of the transaction fees that are generated by tokens, will be reimbursed back to the wallet of the ERC20 smart contracts of those same tokens. To further illustrate what this means, if CryptoKitties generate 10,000 transactions per day, yielding $0.1 per transaction, this means that they create a transactional economy worth $1,000 per day for the Ethereum miners.

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BITCOIN TOTAL SUPPLY

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TOTAL SUPPLY

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Time

= INITIAL SUPPLY NO MATTER HOW MANY TRANSACTIONS OCCUR

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LT TOTAL SUPPLY

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TOTAL SUPPLY

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Time

EVERY TRANSACTION LEADS TO BURNED COINS AND AS A RESULT, SUPPLY CONTINUOUSLY DEFLATES

Existing blockchains are not effective in utilizing deflation

LockTrip is a blockchain that is built with the capacity to burn a certain % (between 0 and 50 %) of all transaction fees on its protocol level. This feature has the tremendous potential to cut supply and stimulate deflation in correlation with its adoption, because the more transactions there are, the more coins will be burnt and the lower the total supply will be. The setting for the burn rate is defined through a democratic vote from all stakers.

Solution

We will integrate the first true shared economy blockchain, where 50% of the transaction fees that are generated by tokens, will be reimbursed back to the wallet of the ERC20 smart contracts of those same tokens. To further illustrate what this means, if CryptoKitties generate 10,000 transactions per day, yielding $0.1 per transaction, this means that they create a transactional economy worth $1,000 per day for the Ethereum miners.

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STANDART BLOCKCHAINS

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Lower Block Time!

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Increase Block Size!

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Burn Coins!

Differences lead to forks
that dillute communities

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LT BLOCKCHAIN

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I vote 200 for Lower Block Time

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Lower Block Time!

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Burn Coins!

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Next Vote: Change Block Time

Next Vote: Change Block Time

(Each casted vote is a direct burn on the voted tokens, thus any different opinions can democratically be decided while improving the network economy

Sample numbers:

Total YES: 1200 LOC

Total NO: 900 LOC

Decision: YES

Total Coins Burnt: 2100

Voting Starts in 7 days

Existing blockchains are not governed democratically

Existing (truly decentralized) blockchains don’t provide sufficient tools and authority to their communities to adjust the economic and technical specs of those blockchains.

As a result, it is common to see community members to go into disputes and eventually to escalate to a point where they execute a hard fork. This damages the authority and economic value of blockchains over time because it dilutes the achieved network effect.

Solution

To provide a truly democratic governance in combination with a flexible architecture so that the community can initiate votes and modify key economic and technical parameters of the LockTrip blockchain. This feature on its own will not only minimize of forks but will also enhance the token economy because every single vote will result in direct coin burning.

Project Key Characteristics

Considering all of the above problems, we have spent the last 6 months working on designing and building a blockchain that would evolve around current technology and would solve key problems that could unlock significant economic potential, while offering maximum investor protection

key-characteristics

A true Proof-of-Stake consensus that will enable every single user to stake without any requirement for a minimum amount of LOC

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Total output of 120 - 200+ TPS / 11M - 15M transactions per day (approximately 10+ times the capacity of the current Ethereum network, with functioning prototype being in the 200+ TPS, but we leave some room for adjustment)

key-characteristics

One-click installers for running a node on an average household computer (after you install the node, you will be able to stake your coins)

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Ethereum VM support in order to have full compatibility and easy migration of Ethereum DAPPS and Ethereum smart contracts

Deployment & Migration Road-Map

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Q3-2018

Final Prototype & Research Phase

This stage has nearly been completed. At the time of writing of this document, we have already come to a point where we have a validated prototype that includes all core features outlined in this document. We have also developed a node/wallet application as well as a blockchain explorer and a faucet.

Q4-2018

Testnet launch

During this stage we will deploy our alpha testnet with all of the peripheral components (wallets, explorer, faucet etc) and will engage our existing community to participate in the node testing under a limited bounty program. Our target is to reach a state of minimum 150 nodes to support the network and to perform a wide range of security and performance stress tests. We will also migrate a copy of the existing LockTrip travel application and stringent tests on all of its features. In addition, we will go through a thorough assessment of the functionality of all economic aspects of the shared blockchain economy, wallets and all peripheral components of the blockchain. This process will be completely independent from the ongoing LockTrip Travel project development.

Q2-2019

Mainnet launch

After all stress tests have been completed, we will deploy our main net and will present a limited total reward of 262,500 LOC for the mined blocks without affecting LOC’s current limited supply. This block reward incentive is to grow the number of supporting nodes during the early stage of the blockchain until the transactional economy reaches a point where it can sustainably take over. The 262,500 LOC will be at the expense of the company pool (meaning the total supply of LOC will remain unchanged from the current one). Our target is to reach a minimum of 500+ nodes. During the early stage of the network, LockTrip will be taking part of the staking process in order to increase the total network weight and to protect it from 51% attacks. To make it economically fair and to prove that protecting is the sole reason we will be participating in the staking, any reward or transactional income, which is generated through the staking for the company, will be burned. We will lower our staking weight gradually and leave the staking completely to the community, as the blockchain matures and more stakers join and increase the network weight.

Additionally the following critical processes will go in parallel with the above...

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Launch of Ethereum/LockTrip cross-blockchain Transfer Smart Contract

Every token owner will be able to transfer his ERC20 LOC tokens to a smart contract hosted on the Ethereum network, which on its end will communicate with a parallel smart contract hosted on the LockTrip blockchain. The LockTrip blockchain smart contract will have a total fixed supply equivalent to the total fixed supply of the Ethereum based ERC20 LOC. Token transfer will be possible in both directions.

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Existing exchange listings transitioning from the ERC20 LOC Token to the new proprietary LOC coin

This process will take some time and is subject to unpredictable delays due to third party reliance. This is why we intend to keep cross blockchain transfers possible in both ways until all exchange listings are successfully migrated to the new LOC coin. Upon reaching this moment, the cross blockchain transfer smart contract will be changed to a state where it will facilitate transfers only in the direction of the LockTrip blockchain. This is to ensure all tokens are transferred to the LockTrip blockchain and to stimulate maximum transactional economy of the new LockTrip blockchain.

LT Wallet

LOC Wallet is available for Windows, Mac, Linux and Raspberry. Our Technology inherits the security of the Bitcoin Core wallet.

One-click installation turns the wallet into a fully-functional node, capable of transmitting data, staking coins as well as deploying and executing smart contracts.

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Stay up to date with the latest LOC news!

Block Rewards

The block reward strategy is to incentivize the network only during the very early stages of its development The reward schedule is as follow:

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manifest

Blockchain Manifest

Read our detailed Manifest, to learn more about LockTrip Blockchain project!