LogisCoin – Changing the Face of Global Trade and Logistics Through Tokenization
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In addition to global finance, one of the most potential applications of blockchain technology is global trade and logistics. The ability to provide real-time round-the-clock information with absolute transparency and high-end security is causing the global logistics industry to adopt blockchain quickly.
Although blockchain is currently in the early stage of development, its foreseeable future with the logistics industry looks entirely promising. Blockchain would change the face of the global supply chain by connecting all the participants on a single network. Further, it also promises to enhance and streamline the automation of commercial processes in logistics.
Using blockchain a user can track a product through its entire lifecycle from the origin to the store shelf. It can also record and store and the essential details like changing hands between manufacturers, wholesaler, logistics service provider, retailer, and consumer.
Through the unique features like smart contracts blockchain also facilitates to automate as well as the transfer of legal ownership between different parties. All this comes along with effective risk management and security to deal with high risks of data manipulation, hacking, and data compromise.
The Logis Blockchain Platform
The Logis blockchain platform is developed by subject-matter-experts and advisors from the field of technology and logistics. The Logis platform aims to solve all the existing anomalies like high prices, lack of trust, weak turnovers, insolvency of cargo owners, information, barrier, hidden damage to goods, and much more.
Furthermore, the platform simplifies the process of document circulation while ensuring transparency of transactions and mitigating any possibility of illegal actions. The ultimate goal of the Logis blockchain project is to develop a convenient, understandable and uncomplicated system while facilitating a seamless interaction of carriers with the cargo owners.
Additionally, the Logis platform also provides control over all records of cargo transportation as per the requests and up to the successful closing of all transactions. The Logis Platform registers all the actions within the supply chain. In also implements smart contracts like features for the automatic execution of mutual settlement which is approved before the shipment as per the data fed in its blockchain. The platform also ensures to bring high-level security and confidentiality within the logistics industry.
One of the key areas where Logis platform plays a crucial role is a better understanding of insurance and compensation for the transported or damaged goods. As noted in the official whitepaper, the “Logis platform provides greater compliance and awareness of tariffs, carrier transactions, insurance status, missing/damaged goods, and insolvency of cargo owners.”
Tokenizing the Global Logistics Sector With LogisCoin
The Logis blockchain Platform plans to further streamline operations by tokenizing the global logistics industry. The platform has got its own native token Logis Coin (LGS) with a vision to optimize the use of blockchain technology and solve the existing logistics problems.
The Logis Coin (LGS) leverages the technology from the previous generation of digital currencies. The Logis Coin is a hybrid cryptocurrency that is based on Proof-of-Stake (PoS) mining and masternodes.
The Proof-of-Stake consensus algorithm is the storage of all operations in the LGS wallet. All the wallet nodes of Logis Coin running on Proof-of-stake are synchronized through the peer-to-peer (P2P) network. The Proof-of-Stake algorithm shields the digital currency by providing high-end security and avoiding hacker attacks and fraudulent actions.
The Proof-of-Stake (PoS) provides additional benefits over the Proof-of-Work (PoW) which require expensive high-end hardware and consumes a lot of energy.
As it can be assumed from the name itself, the Proof-of-Stake algorithm gives additional credibility to the wallet which possesses a higher number of LGS tokens and further staking them. In return, the wallet gets block rewards because of the higher responsibility in protecting the network due to its heavy weight. The amount of time a wallet contributes to protecting the network is also an important factor under consideration.
Furthermore, the Logis Coin Platform leverages the blockchain technology to accelerate all the audit-related processes like involving manual checks for compliance or credit purposes.
Furthermore, the LGS platform also implements Masternodes – a financial model to generate passive income for the LGS owners. Users which act as masternodes of the LGS blockchain platform are compensated through a dynamic allocation of rewards depending on the LGS owner contributions to the network either as confirmation nodes or masternodes. further details regarding the reward structure are provided in the whitepaper.
Technical Details of the Logis Coin (LGS) Cryptocurrency
The Logis Coin (LGS) cryptocurrency is currently listed on three exchanges: CoinExchange, CryptoBridge, and Cryptopia. According to the data on CoinMarketCap, the Logis Coin (LGS) is currently trading at over $7.5. From the official website, you can also download LGS wallet for Windows, Mac, Android, and other platforms.
Below are some of the technical specifications of Logis Coins:
Coin name: Logis Coin
Ticker: LGS
Algorithm: (POW/POS): X11/POS
Block reward: 1-9 LGS
Masternode Collateral: 1 0000 LGS
Masternode reward: 80-90%
Staking (POS) reward: 20-10%
Block Time: 60 seconds
Total supply: 21 000 000 LGS
Premine: 197 000 LGS
Future Roadmap
The team behind the Logis platform is currently preparing for the full-scale launch of Logis platform. To promote the platform, the team is also working on several marketing campaigns to reach to potential customers. Once after the full-scale launch of the LGS platform, the team is willing to form potential partnerships with big businesses in the logistics space.
By the next year 2019, the team plans to list LGS tokens on popular platforms like KuCoin and Binance.
