Blockchain

We have created a formidable open source blockchain network.

blockchain

Decentralized Consensus

Our blockchain network uses centralized consensus (which is the converse of a centralized consensus). With a decentralized scheme, trust and authority is on a decentralized virtual network and the nodes in the network are continuously and sequentially recording transactions on public “blocks”, establishing unique “chains” (hence the name “blockchain”). Each block has a unique fingerprint, called a “hash”, of the previous code.Cryptography, via these hash codes, secures transaction source authentication, removing the need for centralized control. Blockchain and cryptography combine to eliminate duplicate records of the same transaction.

blockchain

Smart Contracts

Decentralized applications are built atop smart contracts and smart property. Smart contracts are like little programs that can be entrusted with units of value (such as money or tokens) and the rules governing these programs. Smart contracts allow for the programmatic verification of contractual governance transactions between 2 or more parties through the blockchain instead of through a centralized entity. We appreciate the concept of parties agreeing between themselves and coming up with implications and terms of their agreement conditionally and programmatically instead of using a crippling centralized authority. The rules, which can be simple or complex, are embedded in the transaction, allowing for self-managed end-to-end resolution.We use an x86 Virtual Machine that supports C, C++, Java, and other major programming languages to adopt and develop smart contracts.

Proof Of Stake Service

Our blockchain network uses Proof of Stake Service (PoSe) algorithm to achieve distributed consensus. This means the creator of the next block will be picked through wealth or age and a variety of combinations of random selection, referred to as the “stake”. This is in contrast to Proof of Work algorithms like the one used by bitcoin which is based on mining (solving of computationally intensive puzzles for the creation of new blocks and validation of transactions). More specifically, we use user Masternodes which is Proof-of-Stake Service. Masternodes are basically servers with full copies of the Dash blockchains. This guarantees some level of functionality and performance to perform some block validation tasks, InstantSend (instant transaction feature), and PrivateSend and InstantSend (anonymity feature). PoSe is used to pay the Masternodes for their service. To maintain fairness, PoSe uses different methods to select the next valid block in the blockchain network. These are randomized block selection, Coin age-based selection, and Delegated Proof-of-Stake.

blockchain

A Hybrid System

Our blockchain network merges codeback from both Bitcoin and Ethereum, allowing us to offer you the best of what the industry leaders have to offer. The Lotan Chain network is basically a Bitcoin ecosystem that has the power of the Ethereum VM.

Coin specs

Algo Hybrid
Block Time 60 Seconds
Difficulty Retargeting Every Block
Max Coin Supply (PoS Phase) 3,725,000,000
Premine 524,000,000 LTN

Reward distribution

Genesis Block
Block Height Reward Amount Reward Amount
1 524,000,000 LTN Bounty, presale & STO

Real Time Checkpoint Computing

For the security of our blockchain network, we have deployed real time checkpoint computing to offer protection from changes through 51% attacks. This feature allows for the broadcast of the main chain’s block height and hash to prevent overwriting. The double SHA-265 hash function used by Bitcoin to minimize collision also protects our network.

Other notable features of our blockchain network include:

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POS rewards breakdown


Phase Block Height Reward Masternodes POS Miner Budget
Phase 1 2-43200 250 LTN 20% (50 LTN) 80% (200 LTN) N/A
Phase 2 43201-151200 275 LTN 20% (50 LTN) 70% (200 LTN) 10% (25 LTN)
Phase 3 151201-259200 50 LTN 45% (22.5 LTN) 45% (22.5 LTN) 10% (5 LTN)
Phase 4 259201-302399 50 LTN 90% (45 LTN) 10% (5 LTN)
Phase 5 302400-345599 45 LTN 90% (40.5 LTN) 10% (4.5 LTN)
Phase 6 345600-388799 40 LTN 90% (36 LTN) 10% (4 LTN)
Phase 7 388800-431999 35 LTN 90% (31.5 LTN) 10% (3.5 LTN)
Phase 8 432000-475199 30 LTN 90% (27 LTN) 10% (3 LTN)
Phase 9 475200-518399 25 LTN 90% (22.5 LTN) 10% (2.5 LTN)
Phase 10 518400-561599 20 LTN 90% (18 LTN) 10% (2 LTN)
Phase 11 561600-604799 15 LTN 90% (13.5 LTN) 10% (1.5 LTN)
Phase 12 604800-647999 10 LTN 90% (9 LTN) 10% (1 LTN)
Phase 13 648000-1154203 5 LTN 90% (4.5 LTN) 10% (0.5 LTN)
Phase 14 1154203-∞ 6 LTN 84% (5 LTN) 16% (1 LTN)