Loki, the ambitious Monero fork is a privacy network and provides a suite of tools to support anonymous browsing, transacting, and communicating online. Recently, Loki Network forayed into the hot DeFi space with Chainflip. After a lot of excitement around Chainflip, the last month has been unusually quiet for Loki. According to the official blog, the team was busy intensely planning the next big step for Loki. On 10 November 2020, the team finally announced that Loki is evolving into something that will be used by the whole world every day. That’s a big claim to make!
In light of the dense set of announcements, Loki Network’s native token LOKI has pumped by 68.7% in the last 24 hours. In the last 3 years, Loki, the Monero fork has developed a rich technology stack. However, the project is hard to understand for developers. For many newcomers, the project comes across as a platform with seemingly unconnected products and features. Precisely, the way Loki is projected into space limits its growth potential. Addressing these issues Loki is now being renamed and rebranded.
Loki is evolving into something bigger. Something better.
Something designed for the whole world to use every single day.
Here’s our bold new plan for the future of the Loki Project: https://t.co/NjtnPVYWBm$LOKI #LokiNetwork
— LOKI (@Loki_Project) November 10, 2020
Oxen is the new Loki
Loki Network has proved its potential by powering applications like Session and Lokinet and the team does not plan to stop there. With Oxen, it plans to open the potential of Loki Network to the developers who are looking to enhance the privacy and security of their products. The Oxen stack will enable this and the tech enterprises, projects, and communities can use it to develop:
- Messengers like Slack but with stronger encryption
- Secure voice and video call services like Zoom that are truly encrypted
- Peer-to-peer networking replacement library for blockchain projects
- Virtual LAN functionality. This can enable the development of private networks on the public internet.The existing products like Zoom, Slack, Discord, and Trello have proven to be highly useful during COVID times. However, their privacy and security models have been questioned time and again. Oxen stack will help tech enterprises overcome these privacy and security issues. That is because the Oxen tech stack will put privacy at the fingertips of developers and users.
Chainflip – a separate roadmap
Chainflip’s original roll-out plan has changed altogether now. Initially, they planned to roll-out a decentralized version of Chainflip overtime. But now it plans to deliver a fully decentralized Chainflip in one go. Currently, Quoter and front-end work are almost complete. Once Chainflip is complete, it will enable trustless asset swapping services with a positive permissionless user experience.
To achieve such excellence and future-proofing of the desired scale, Chainflip needs its own blockchain. Moreover, to accelerate the development, Chainflip will complete a fundraising round.
LOKI price
Over the last 24 hours, this Monero forks native token LOKI is up by over 67% and is trading at $0.62. However, it is still 48% down from its September 2020 all-time high of $1.20.
For more crypto-related updates do check out the Altcoin Buzz YouTube channel.
