What is Libonomy?
Libonomy 101, learn what the Libonomy blockchain is and how it differs from Bitcoin, Ethereum, Cardano, Cosmos and other blockchains.
Libonomy blockchain
Libonomy is an all-around improved, AI-driven general purpose blockchain. It’s fast, energy efficient and low cost. It connects other blockchains together and serves as a universal solution to create any private, public or hybrid blockchain project. Libonomy simplifies the user experience with easy-to-use tools for people without prior blockchain knowledge and provides a variety of services for developers to realize their maximum potential.
- Fits any blockchain project
- High transaction speed
- Cross chain communication
- Advanced security system
- Constant network improvements
- Dynamic, forkless upgrades
History
Libonomy project was started in early 2018 by Richard Haverinen, Fredrik Johansson and Therese Johansson, three Swedish entrepreneurs, as an answer to the growing scalability, decentralization and security problems in the blockchain industry.
Libonomy company and its blockchain community have been steadily growing since. Right now Libonomy is a multi-country blockchain software development company with offices in the United Kingdom, Spain, Latvia and Pakistan, and it has a worldwide blockchain community.
Artificial intelligence consensus — Aphelion
Aphelion is a redesigned blockchain consensus engine with a highly improved performance. It’s built with decentralization, transparency and blockchain utility in mind. It is a combination of the latest artificial intelligence breakthroughs and the knowledge and experience of past blockchain projects like Bitcoin, Ethereum, Cosmos and others. It offers a faster, cheaper, more secure and more reliable way of reaching consensus and exchanging information. It’s the core element of the Libonomy blockchain and could establish a new foundation for the blockchains in the future.
Aphelion is involved in many different tasks in the system, the first takes place right when new nodes join the network. AI evaluates node prior contribution as well as the technical characteristics that typically include computing power, disk space, and network speed. This information is combined to understand the nature of the nodes that helps the engine to classify them into different node pools. Node pools are used to improve the system’s efficiency by dividing the workload among them. After each dataset, Aphelion consensus records the performance and learns. Thus in future, it will be able to make better predictions on how to split the workload and further increase the efficiency of the system.
Libonomy solves major problems
Decentralized technology proposes great benefits, but because of its complexity it has to overcome many challenges. For legacy blockchains, due to the limits of their architecture, some of these challenges are very hard to overcome, even impossible. The short-term solution has been to compromise some blockchain traits in order to optimize others, for specific projects this can be a solution, but it’s definitely not a solution for all. This also creates hundreds of different blockchain architectures and no blockchain standard.
By learning from the earlier technologies and taking the best principles of them, Libonomy has reinvented a new type of blockchain architecture. Scalability, decentralization and security — Libonomy is an all around improved system that doesn’t compromise any of the core blockchain principles, but instead improves them and combines all of them in a single universal blockchain.
Scalability
Information in blockchains is processed in data blocks, scalability defines how much data can be fit in one block and how fast it can be transmitted across the network. When working towards increasing scalability, it’s important to keep processes on-chain as Layer 2 solutions endanger data integrity.
Libonomy has optimized the consensus process and has utilized a multi-layer gossip protocol; combined they enable Libonomy to have a very high transaction speed.
Decentralization
One of the most valuable aspects of blockchains is the lack of a single authority control and the lack of single point of failure. Decentralization defines how distributed the network is, who is welcomed to join, how hard it is to join and if the economic incentives are fair.
Libonomy checks all the boxes — it presents a much improved blockchain technology ensuring the growth of the network, everyone is welcome to join, the process is simple, it doesn’t require a significant investment, there are no forks splitting the community, and the reward system is fair, not incentivizing formation of mining or staking pools.
Security
Blockchain empowers people to come together and form networks that they can trust even though they don’t necessarily trust other participants. Most blockchains have been built on strong fundamentals that eliminate most of the security issues, but there are always those who try to break the rules to gain a personal benefit. 51% attack, DDOS, double spending and many new exploits are constantly tried to get past the security with an intention to take advantage of the system
The security of blockchains has to be continuously overlooked and improved. Libonomy for this reason has created a multi-pool structure where each of the node pools has a specific task in running the Libonomy blockchain and ensuring its integrity.
Power Pool is responsible for the verification of transactions. To accommodate any commercial system to become a validator while maintaining a high blockchain’s scalability, nodes here are divided into subclasses — Lightning Nodes, Medium Nodes and Lower Nodes.
Exploit Finding Pool is the security layer that continuously makes sure that the blockchain is safe from any kind of exploit that could disrupt the system.
Audit Pool is a further security layer, it runs auditing on the nodes in the network and broadcasts the network’s rules.
The Maintenance Pool is combined with extra nodes that are waiting to be distributed to other pools. This pool ensures a steady system performance, saves nodes from long and high computation, reduces node cost, ensures system’s reliability and helps to achieve high throughput.
On-chain interoperability
There are hundreds of different private and public blockchain projects already created, many more will come in the following years. Some of them work perfectly fine individually, but for most it’s important to create ways to communicate across different blockchains. Up till now, the possibilities for cross-chain communication have been very limited — some solutions offer interoperability within narrow ecosystems and others offer to take processes off-chain, compromising the blockchain’s decentralization and putting a risk on the integrity of the data.
Libonomy offers full on-chain interoperability with any private and public blockchains that are Aphelion compatible (run on POW, POS, DPOS or BFT consensus algorithms). Libonomy acts like a universal hub — blockchains such as Bitcoin, Ethereum, Cardano, Cosmos and others can be interlinked within the Libonomy network. Also, Libonomy can create sophisticated hybrid networks for enterprises that are looking to utilize both public and private blockchains.
Energy efficiency
It’s widely known that proof of work (POW) blockchains like Bitcoin and Ethereum utilize “block mining”, a heavily inefficient process, and thus consume enormous amounts of energy. Proof of stake (POS), delegated proof of stake (DPOS), Byzantine fault tolerance (BFT) and other blockchain consensus algorithms are more energy efficient comparing to the POW algorithm, and don’t pose a significant threat to the ecosystem, but it’s often forgotten that they are still quite inefficient with loads of room for improvement.
Libonomy’s multi-pool node structure in combination with the artificial intelligence prediction algorithm achieves a very high efficiency not just in terms of energy usage, but also in terms of transaction speed, security overlooking and guaranteeing fair reward distribution to all participants.
A Universal Solution
Scalability, decentralization and security are the three of the main aspects that define the blockchain’s type, interoperability and energy efficiency as well as other factors are complementary to them. Each of these aspects has a critical role for the blockchain ideology, but striving for all of them at the same time thus far has not been possible. Because of that, an ecosystem with hundreds of different blockchains that can’t communicate with one another has been created.
Libonomy blockchain uses a new type of architecture and a new artificial intelligence consensus. It allows Libonomy to successfully perform in all three of these key categories, and be utilized for any project whether it’s meant for public or private use.
A faster, cheaper and more secure way of communicating data
Blockchain utility goes far beyond Bitcoin and other cryptocurrencies, in fact, some of the most exciting ideas are outside the finance industry. With blockchain’s potential to lower costs, speed up processes, introduce more fairness and transparency while enhancing data security finds a perfect fit in countless industries. This is why IBM, Ford, DHL, Shell, British Airways and many other companies already have integrated blockchain solutions within their systems. Libonomy presents a universal, all-around improved blockchain that opens doors for countless enterprises and government entities to integrate blockchain within their industries.
Government
Security and transparency are vital for every responsible government, with the help of blockchain governments can mitigate corruption, provide cybersecurity, optimize processes, and boost accountability.
Finance
Automated and individually customizable setup helps to increase security, enhance data integrity, and improve processing speed.
Healthcare
Blockchain allows immutable, secure, transparent patient medical history in a distributed network. That way, it allows for better diagnosis and medical record quality.
Real Estate
Blockchain can provide an immutable database to record and track property titles, deeds, liens and more; properties can have partial owners.
Internet Identity
Blockchain can grant access to an identity document from anywhere around the world, heavily encrypted and impenetrable.
Education
With blockchain, the process of manually verifying student records like transcripts could be automated, lessons and courses could be programmed and executed automatically when certain conditions are met.
Supply Chain Management
Permanent record documentation on a decentralized ledger would allow tracing product and manufactured item origins as well as more precise package tracking, it would lower costs, reduce delays and lessen the possibility of human errors.
Other
Decentralized voting, cloud computing, decentralized social media, crowdfunding, donations and many other secure and fast utilities are possible with blockchain technology.
Libonomy is a team of fresh innovators and seasoned veterans
The Libonomy Founders
A team of three successful Swedish innovators and entrepreneurs with decades worth of experience in technology, business and marketing. They possess deep knowledge in managing all areas of both small and large companies, have been board members of a variety of companies.
The Libonomy Management
Holding company Board of Directors
RZ Capital Holding AB is the holding company of Libonomy, its Board of Directors was hand-picked to create a dynamic team that could contribute with ideas, create momentum and open new doors. It features many accomplished CEOs and board members of companies like Cryptozone, Tele2, Deutsche Telekom, Valea AB, Catella group, Amfix AB and others.
Libonomy Ecosystem
Blockchain is becoming a significant element of our daily lives, Libonomy strives to achieve mass adoption by introducing simple, fast and low-cost tools that anyone without prior blockchain knowledge can understand and use.
Important note: Not all parts of the project have been finalized and launched. Libonomy team is actively working in many areas of the ecosystem, please check the commercial road map and Libonomy social media for more information regarding launch dates of specific parts of the ecosystem.
Libocoin (LBY)
Libocoin (LBY) is the main asset of the Libonomy blockchain, it’s used throughout the whole Libonomy ecosystem. The rising interest in blockchain technology and the strong foundation of Libonomy blockchain secures the project’s longevity which make LBY a great investment opportunity, a great way to secure financial freedom.
LBY is versatile, its efficient and reliable network makes it an excellent store of value and a hedge against inflation, and the low fees make LBY a great day-to-day digital currency as well.
Cryptocurrency wallets
Libonomy’s multi-currency wallet enables users to store Libocoin as well as Bitcoin, Ethereum, Atom and other popular cryptocurrencies all in one decentralized wallet. Wallets have been created both for desktop and mobile devices, there is also a web-based wallet and support for a hardware wallet like Ledger.
- One wallet for all popular cryptocurrencies
- More secure, more reliable
- Supports various devices
Where do I download desktop wallet?
Where do I get the mobile wallet (Android)?
Mobile Wallet (iOS) — coming soon
Decentralized exchange (DEX)
Keeping digital assets safe is crucial, but thus far trading possibilities have been very limited — users either need to trust a centralized exchange and their security with their funds or use a decentralized exchange within one blockchain’s ecosystem.
Libonomy DEX reaches the highest grade security by facilitating interoperable cross-chain trading — now it’s possible to trade any cryptocurrencies supported by Libonomy without the need of brokers or exchanges, or any other middlemen. Instead, trades happen directly from one person to another, from one wallet to another.
Passive income through mining and staking
Libonomy makes passive income easier than ever. Download Libonomy OS, set it up and start earning!
Blockchains don’t store information on centralized servers, instead it’s distributed between the network’s participants. Blockchain mining is a process where users allocate their device’s computational power and network speed to the network in order to store and communicate information and make sure that it’s correct.
Mining thus far has been a process where all nodes compete for the same task. Libonomy, however, splits different tasks between different nodes allowing a variety, even low-end nodes to contribute and earn rewards. In further development, even mobile device mining will be supported.
Staking is the process where nodes stake the coins and thus get a chance to operate as a validating node. Contrary to other blockchains, Libonomy takes in account not just the size of the stake, but also node uptime and trust factor, providing a more even reward distribution across the network.
Create your own projects
A smart contract is a self-executing code written to operate on a blockchain in order to carry out transactions or functionalities as specified in the code. Smart contracts automate processes and eliminate the middleman which makes the system more efficient, transparent and secure. However, building smart contracts is a difficult task, either specific knowledge is required or trust needs to be put in costly smart contract developers. Because smart contracts after launching can’t be changed, this is a very crucial task.
Libonomy one-click smart contract platform lets anyone create utility and security tokens, stablecoins, real estate tokens or any other digital tokens in a matter of a few clicks. Users no longer need to put their trust in third-party companies, smart contracts are now made simple and understandable to everyone.
File storage on blockchain
Blockchain thanks to its decentralized nature alongside its immutability and transparency serves a significant role in distributing duties and tasks across vast networks. It is a technology that is growing rapidly, every day maintaining countless distributed databases. Enabling file sharing and transferring through blockchain can open many doors towards unlimited growth potential for the technology — it can completely revolutionize the way file sharing is seen.
Instead of uploading on a third-party platform and downloading through it, Libonomy allows files to be shared from node to node on a decentralized network without any risks or security vulnerabilities. Third-party platforms are always going to be prone to hacking and theft of important data, which can put privacy and security of users at risk. On the contrary, Libonomy blockchain provides secure storage and transfer for financial and legal documents, agreements, photos and other essential data. And Libonomy also gives nodes a chance to earn rewards by contributing disk space to the network.
Software development kit (SDK)
Libonomy SDK allows developers to create custom blockchains, blockchain modules and cryptocurrencies based on the Aphelion engine. Any solution created using Aphelion comes with the same high performance as Libonomy does — high speed, efficiency, improved security and support for on-chain interoperability. Libonomy supports various well-known programming languages for software development like Solidity, JavaScript, GoLang, Python and C++. And, thanks to the on-chain interoperability, Libonomy also allows interoperable smart contract creation and direct smart contract migration from other blockchains without ever needing to take information off the chain.
Private Blockchain Solution
According to the use case, blockchains created via Libonomy SDK can be set up to function as private, public and even hybrid (private + public) solutions.
Private blockchains come with a development-ready interface which allows developers to program their system at the application level with SDK. Developers can use GoLang to personalize their blockchains and JavaScript to create unique client side nodes. They can make customizations at the core or application level themselves or with the help of Libonomy development teams.
The Hybrid blockchain setup enables developers to keep their private chain fully synchronized and upgraded with the public blockchain and allows cross-chain communication. Certain permissions can be applied on the chain using customization at the policy manager or application layer. Hybrid blockchain is already enriched with private blockchain features.
