USDL

USDL is a stablecoin and the gas token of the LGCY Network. The LGCY Network is an open-source blockchain protocol that offers faster transactions and flexible utility. Gas is the fee that a user needs to pay to run a transaction on the blockchain. Each transaction on the network includes some gas, and the fees paid to the miners for mining transactions are directly proportional to the gas fee consumed by each transaction. The gas token allows users to pay for less gas and save on miner fees and other costs.

As per the whitepaper, the LGCY Network uses USDL as gas for transactions on the blockchain. This model provides a stable backing to the gas while also giving scalability to the network. USDL is pegged to USD. Pegging is the practice of tying a currency’s exchange rate to another currency. The users who choose to stake or run nodes with the LGCY platform earn payouts in the USDL token, which is less volatile than other cryptocurrencies.

LGCY follows a delegated proof-of-stake (DPoS) consensus mechanism so that no single large token holder gains control of the network. DPoS consensus works with a voting system in which the network users elect delegates to validate the next block.

The platform uses a three-layer architecture—the storage, core, and application layers:

This model enables the LGCY network to provide scalability, security, and decentralization.

The LGCY Network was launched in August 2020. Justin WaiAu and Wes Wade are the founders of the platform. The initial total supply of USDL is 10 million tokens. The platform plans to increase the supply of USDL in the future as the LGCY network grows and more USDL tokens are needed to supply gas for transactions.