Lynx BP Steering Committee Announced with EOS USA, Greymass, EOS Cafe, Lynx and CryptoLions as founding members.

Monday, Jan 13, 2020

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LynxChain, a new EOSIO blockchain launched on Monday Jan 6, has announced the formation of its initial BP Steering Committee which will define the governance of the chain, curate the community of Block Producers and approve worker proposals.

The founding goal of LynxChain is to prioritize user experience and simplicity over other factors. For the user this means free account creation, and no notion of “resources”. Simple transactions from A to B through a wallet must always go through. Like Bitcoin, there is also a hard cap of 21 million coins and no inflation — a simplification that has resonated with end users.

An app “gas” model will be developed after the first year of operation where apps are charged on a daily basis for the RAM, CPU and Network usage they incur. These fees will be paid by apps in the financial token of the blockchain, LNX and will be dispersed to the Block Producer pool.

To prevent network abuse, clear policies will be communicated to BPs and enforced by the steering committee as to acceptable use case. Apps like EIDOS, which has congested the EOS network will not be allowed. Malicious apps that are known to steal funds will also not be allowed on the chain.

The consortium will be self governing and self regulating for the first year of operation. Members of the steering committee can jointly add / remove other members with a supermajority multi-sig vote. Once the chain is established and a gas model is defined, we expect to move to a proof of stake model for BP selection, where the LNX token will be used to select BPs on a continuous basis, and steering committee members on a longer term basis.

The committee will meet once a month and will communicate transparently with the community. Chat rooms (Telegram and Lynx software based) will allow end-users to make suggestions and voice their opinion. As we move to a fully dPos model (with steering committee oversight), we will introduce the LNX token will be used to “weigh” these opinions.

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