Most of us by now have heard of DAO’s (Decentralized Autonomous Organizations). No one doubts their benefit to society but their true potential has yet to be realized. First let’s take a look at major online marketplaces like Amazon and eBay, revenue coming from these platforms is enormous.
But where does it all go? Some goes to the management of the system as a whole, websites, employees, marketing, and the legal aspect of business but what about the remaining vast majority? A short answer is that it goes into the pockets of the owners, its locked away as profit and will not be seen again by the average user of the platform. The user pays fees to use the platform, just like with Ethereum you must pay a gas fee on every transaction. That ETH is gone forever from your wallet. But it does not have to be…
What is Lynx and how can it solve this problem?
Lynx is an ecosystem of individuals, Dapps, and smart companies that navigate across all platforms (Facebook, Twitter, Reddit ect.). They govern themselves and implement any blockchain or web based application for an infinite array of customization. Everything is hosted on a peer-to-peer network and backed by Ethereum smart contracts so that your account or organization can never be destroyed or manipulated.
So what does that have to do with using Ethereum for free?
One of the applications hosted on the Lynx Network is the Marketplace, where users can buy or sell items for a smaller fee than major retailers. But instead of pocketing the profit, all ETH is sent to the global pool smart contract that tracks and calculates all transactions that are made by LNT holders. Then at anytime you can withdraw your spent gas from normal transactions using your private key, this is similar to how banks refund ATM fees. Not only can LNT holders use Ethereum for free but they directly control how much of a discount is allocated to users by the global governance protocol
that is controlled by community voting.
What is LNT?
LNT or Lynx Network Tokens are used to power every aspect of the network, from voting or alteration of Dapps to managing smart companies and much more.
Lynx is a community project who give back to the community. they are distributing over 97% of all tokens to the community, this is for two reasons; so that the founders may not hold special privileges over the networks governance and to maximize decentralization. On top of that 10% of all funds raised during the crowdsale will go to the global ETH pool so that the first users of Lynx can experience a free to use Ethereum immediately!
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