Entering the world of cryptocurrencies it’s kind of a life journey. An uphill path during which you must have a lot of patience; you will make mistakes; you must study new concepts, new subjects and often face all the disadvantages of and often face all the disadvantages of being the pioneers in something.
A world of pioneers
It is obviously not the first time that human beings are faced with new technologies that are often difficult to use. Let’s look at some examples from the past:
>> How to send an “E mail” — Database
this is a video of one of the first e-mail sent, we have to go back to 1984. Only the engineers and some web pioneers ventured between noisy devices, heavy and difficult to use interfaces.
Who among us does not have a Smartphone today? By now anyone is able to make an international video call via WhatsApp or Telegram, yet the path of this technology was born from this single device:
The cryptocurrency revolution starts with Bitcoin
Cryptocurrencies are the next example. The first bitcoiners were typically computer scientists, pioneers of digital currencies who communicated on anonymous mailing lists via Tor and IRC chats. In almost 10 years, this market has also evolved very quickly, opening up new markets for both retailers (i.e. small investors) and institutionals (i.e. banks, listed companies, funds, states, etc.).
The first Bitcoin Wallets were difficult to use, to say the least; you had to download the entire Blockchain and wait for it to synchronize, with very few people explaining the first steps towards this new technological and economic revolution!
The bravest could even mine thousands of Bitcoins with a computer with the risk of losing everything; the platforms to exchange Bitcoins were very few, dangerous and unknown, far from the Exchanges and Wallets we are accustomed today and which are more similar to Banks and Brokers of the traditional world.
LKSCOIN token has had a very similar path and those who have experienced the community from the beginning will remember it very well: developing on blockchain technology is one of the most difficult things a team can achieve and the LKS Foundation has employed dozens of people for over two years to reach that goal. First softwares are often imperfect and a bit complex to use, luckily the community has always helped the project with video-guides, articles and supporting less experienced members.
A bit of decentralized theory: coins and tokens
Let’s start with some theory: coin or token?
These terms are taken from everyday life, but what’s the difference?
A coin is a coin that typically uses its own Blockchain, like Bitcoin, Ethereum and LKSCOIN. The latter uses a modified Blockchain from X11, the technology used by Dash, one of the most famous Cryptocurrency in the world.
What is a token instead? A token is an asset that exploits a “someone else” Blockchain. Tether (USDT), for example, is a token because it uses different Blockchains: Ethereum (via the ERC20 standard), Bitcoin (OMNILAYER protocol), Tron (TRX20 standard) and many others.
Let’s look closer at the LKSCOIN example. It’s native coin, that is, it uses its original Blockchain in which users exchange coins via addresses and QRCode.
The Swap Machine
One of the most important milestones for the LKSCOIN project has been the Swap Machine.
But what if a user wants to use coin A for the functionality of another Blockchain (which uses coin B)? Think about going to a casino, where only chips are accepted. Therefore, you cannot use Euros directly, you have to convert them into chips: you need a currency changer. In the world of cryptocurrencies they are called Exchange but in this case they are not the ideal tool. Why then?
An Exchange, such as Binance or Coinbase, is a private entity that earns from the activity of its users, who must register and deliver documents and personal data to be identified and be compliant with anti-money laundering laws (also called KYC/AML). These structures are often opaque, putting user funds at risk of hacking.
- Swap Machine
A Swap machine to solve this problem has been created: a Swap Machine is a Software entity that works exactly like an automated money-changer.
Insert €1 and it gives you 1 chip equivalent to €1. Insert 1 chip and you get €1 euro back. But what exactly the Swap Machine exchanges? LKSCOIN and LKSC!
LKSC is the LKSCOIN token that uses the Ethereum Blockchain.
Why should you use LKSC? To take advantage of the opportunities that the Ethereum Blockchain offers such as the famous DeFi, Decentralized Finance. A first example of the LKSC use is UniSwap, where a POOL ETH/LKSC was born, a “pool” of tokens locked in by users in a Smart Contract. What is the purpose of depositing ETH and LKSC on UniSwap?
It allows the birth of a totally free and decentralized trading market (UniSwap is a Decentralized Exchange). Fantastic isn’t it?
We have said that the Swap Machine is a Software that exchanges LKSCOIN (the X11 coin) for LKSC (Ethereum token). What properties must a Swap Machine have?
- Safety. It must not happen that users lose their funds
- Swap bug. If a user deposits 1 LKSCOIN, he/she must be able to withdraw 1 LKSC. If he/she were to receive 2 LKSC, problems would arise because he/she is collecting 1 LKSCOIN never deposited!
How to use the Swap Machine?
Would you like to transform some LKSCOIN into LKSC? Don’t worry, it’s super easy!
1. Click here
2. Send the quantity of Ethereum to the address specified in the following image.
3. Enter your Ethereum address (generated by Wallet as Metamask), you will need it to receive your LKSCs in the following field.
4. A QRCode will appear on the web page to send your LKSCOINs on the X11 network.
Once sent, you just have to wait to receive your LKSCs on your Ethereum Wallet.
LKS Foundation aims to bring the world of cryptocurrencies into the hands of everyone, even the less technology-addicted users. The Swap Machine is certainly one of the first steps to achieve this goal: the first of many innovations, which soon everyone will be able to use!