Developed by Luxcore, LUX (LUX Coin) is a hybrid cryptocurrency utilizing both proof-of-stake and proof-of-work algorithms to enhance blockchain security and decentralization. Luxcore’s hybrid consensus model employs masternodes to provide specialized functions and further secure the chain while providing additional rewards to coin holders. The LUX blockchain enables developers to utilize smart contracts and decentralized applications.
Luxcore continues to develop products for the LUX blockchain including Luxgate (a trustless, peer to peer decentralized exchange) and Luxedge (a decentralized software development platform and repository).
LUX was created in 2017 as a fork of the Bitcoin codebase, and aims to introduce new innovations and services to the broader crypto community with cross-chain and decentralized solutions.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.