First and foremost, thank you for taking the time to read the documentation on Light Pay Coin (LPC). Our international team has given lots of effort in building this open-source, cryptocurrency project. We are pleased to provide this overview. Because of the everchanging landscape of the cryptocurrency industry, this paper is a living document that will be updated from time to time as needed. However, in doing so, we will attempt to maintain the original objectives of this project. LPC is a next-generation, hybrid cryptocurrency based on proof-of-stake (POS) mining and masternodes. This project is a fork of the open-source project of PIVX (which is ultimately a fork of the open-source project, Bitcoin) and leverages the innovations of previous generations of cryptocurrencies.
LPC is distributed within a two-tier, hybrid network for securing the blockchain by (a) confirming transactions, (b) ensuring the privacy of transactions, and (c) facilitating instant transactions. As in other masternode networks, owners of LPC are compensated by the network through a dynamic allocation of rewards based upon LPC owner contributions to the network as confirmation nodes and masternodes. This incentive structure encourages LPC owners to utilize the digital currency for securing the LPC payment network; this is conceivably more profitable than selling the cryptocurrency on the open market. In addition to securing the network, the primary mission of the LPC project is to create an easy-to-use contactless payment system for peer-to-peer, retail, and government transactions worldwide.
By creating the next generation of user-friendly wallets, point of sale devices, and automatic teller machines (ATMs), the LPC network will facilitate mass adoption of this innovative financial technology. A long-term goal of this project is to position the digital currency of LPC as a medium of exchange, store of value, and a unit of account, ultimately satisfying the defining characteristics of money in this digital age. This process is a natural evolution in Internet technology in which cryptocurrencies will disrupt the financial industry (based on paper fiat currency) in a similar way as the digital transformation of the early 1990s Internet disrupted the traditional paper publishing industry.
Usage of Light Pay Coin
By creating Light Pay Coin (LPC), we made a cryptocurrency that would allow for the safe and secure storage of LPC in a cryptographic, digital wallet. Moreover, we have developed a financial model that would generate income for LPC owners while utilizing LPC itself for the security of the LPC blockchain. We have also inherited, through a selected fork of PIVX, the ability to provide for near instant payments through SwiftTX. This allows LPC owners the ability to transfer LPC within seconds across a global network of masternodes.
This makes LPC ideal for worldwide cashless payments through contactless, point of sale devices. To address the issue of previous first-generation cryptocurrencies, the network provides the owner the option to ensure fungibility of LPC through the inherited functionality of PIVX’s Zerocoin Protocol.
One of our main goals is to design, develop, and supply user-friendly point of sale devices, ATMs that utilize mobile phone near field communication (NFC) technology, and easy to use wallets. We will build the next generations of automatic teller machines (ATMs) for exchanging from one cryptocurrency to any other cryptocurrency and from one
cryptocurrency to any government fiat currency. LPC will be the first cryptocurrency in the point of sale and ATM payment network. This will allow for mass adoption of LPC worldwide for both regular consumers and businesses to pay for goods and services. Thus, LPC will make it easier and safer than traditional payment solutions, which are susceptible to billions of dollars in fraud each year.
Lightpaycoin
