The Technology Behind LAN Token
Blockchain technology is booming, and numerous companies are now racing against one another to hold the title of having the most advanced Blockchain technology.
- What is Token Technology?
The first Cryptocurrency token was Bitcoin. Now there are more than 13,000 Crypto projects in circulation. The technology behind these projects makes them stand out. In its proof-of-work scheme, Bitcoin uses SHA-256, a cryptographic hash function; Ethereum is known for its smart contracts. New tokens are getting noticed every day for their ability to compete with each other on who will be the next best token/blockchains.
2. How does the LAN Token function?
The LAN token is listed on the two most used Blockchains, Ethereum and Binance. The token boasts several use cases that can be integrated into the LAN Ecosystem. Following the main-net launch, the LAN token has allowed holders to bridge the token between Blockchains; this is a two-way bridge created to cap the supply of the LAN token to 750,000,000 across all chains.
The main goal is an ecosystem filled with several use cases through LAN technologies’ tokens which will incorporate network transaction fees, payments for NFTs, payments for in-game purchases, swap fees, NFTs mint fees and token mint fees. More use cases include staking for authority nodes and data nodes, collaterals and governance; additional use cases will be added to Dapps and games.
LAN tokens can also be exchanged with Ether on another platform; through LAN’s proof-of-authority puzzle, the person who solves the puzzle gets elected manager and receives a reward in LAN tokens.
3. What does the future hold for the LAN token?
LAN is yet to launch its own blockchain, allowing integrations with numerous chains, an exchange listing, an IDO launchpad and rewards on the LAN network. The WASL platform will have an updated v2 and LAN is planning to release its wallet by Q4 of 2022. A bright future lies ahead for LAN!
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