Hi All,
It can be hard to find all the details and answers to your frequently asked questions about LynxChain and the LNX token. So I’ve put this together so all the info is in one place. I don’t represent the lynx people, this is just all info that I’ve found online or in telegram. It may not be 100% accurate. Remember, DYOR!
Enjoy!
How is Lynx Chain Different?
Lynx is different in that they are seeking to provide an industry standard user experience. Blockchains are notoriously bad at this. You can understand the decisions/tradeoffs the team has made by looking at it through that lens.
::LynxChain Accounts::
All your questions about Accounts are answered below.
But first, You’ll need an account! You can get one here: https://create.lynxwallet.io/cryptomaneos
How do I get an account on LynxChain?
Click here and sign up!
https://create.lynxwallet.io/cryptomaneos
You can create 3 accounts per unique cell phone number. Only the first account you create will be get the referral bonus.
How much is an account on LynxChain?
Accounts on Lynx are free! If you’re used to having to pay for accounts on EOS, TELOS etc. then this is a nice benefit.
How do they keep Lynx Accounts Free?
On other EOSIO chains you have to pay for RAM because it’s a limited resource. LynxChain does it differently. They limit each person to 3 accounts and this protects the RAM resource.
Why Do they Need my Cell Phone Number?
LynxChain requires a cell phone in order to reduce spam accounts on the network. At some point in the future you will be able to purchase accounts if you don’t want to use your phone number.
What do they do with my cell phone number?
It’s only used to limit the number of accounts people can have. They only store your number as rsa public key encrypted format. Once the account is created it’s not tied to your phone. You can import the private key to a different phone or the desktop wallet.
How do I recover my LynxChain account if I lose my phone?
Be sure to back up your private key! That’s the only way to recover your account. You can not use your phone number to recover your account.
::LNX Tokens::
Everything you want to know about the LNX Token.
What is the LNX token used for on Lynxchain?
The LNX token is the base currency of the blockchain. It’s used to pay block producers. It’s used as the ‘rails’ for converting between other tokens on the network. Unlike EOS mainnet, it doesn’t represent resource ownership. It’s also used to pay you for playing games. See below…
How do I get free LNX tokens for LynxChain?
1 — Join using my referral link here: https://create.lynxwallet.io/cryptomaneos
You and I will both get 1 LNX :)
2 — Start playing Bombsweeper or Alien Invasion. These are the two games live now.
You can also use these links for iPhone and iPad users:
Alien Invasion: https://invasion.lynxgames.io
Bomb Sweeper: https://sweeper.lynxgames.io/
3 — Once you join, you can create a referral link for yourself and get 1 LNX for each person you refer. Here’s my link.
How do I swap my LYNX from EOS mainnet for LNX on LynxChain?
Right now there isn’t a way to do that yet. However, they are going to come out with a specialized dApp to make the conversion happen.
My understanding is that the LYNX will essentially be burned or frozen or sent to a contract and LYX will be issued. So there isn’t a snapshot. I’m not sure if there will be a deadline or not.
Keep in mind that the LNX:LYNX ratio is 21:500 or in other words 1 LYNX is worth about 0.042 LNX.
What is the Lynx Chain inflation rate for LNX token?
LNX will have zero inflation and a total supply of 21 Million.
How are block producers paid?
At first block producers are paid with undistributed LNX tokens to help launch the network. After some period of time the block producers will transition to being paid by dapp and wallet providers. dapps and wallets will pay a monthly fee based on how much of the network they use. This preserves free transactions for end users while removing the need to manage resources.
Note: This is not any investment advice, just sharing the information received from online. please do your own research.