Loki project becomes Oxen

Loki project becomes Oxen

By Quaro | the dev diary | 10 Nov 2020


Loki project

Loki was born in 2017 as a Monero fork by the Australia-based Loki Foundation, but soon expanded to a full suite of privacy tools: a privacy-oriented Proof-of-Service cryptocurrency (Loki), a private messaging app (Session), an encrypted routing net (Lokinet), and recently a DeFi platform called Chainflip.

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In these 3 years, Loki coin managed to keep a relatively stable value, but struggled to increase its volume as you can see in the chart below, and is currently ranked 330 on CoinMarketCap.

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Yet, the devs and community have been very active during all this time, and today made a big announcement.

 

The future

In a live community roundtable, CEO Simon Harman and CTO Kee Jefferys announced that the Loki project is going to have a complete overhaul, starting from its name and logo: many users are fond of the brand, but the marketing team thinks it's seen as outdated, failing to attract new investors.

The brand isn't the only thing that will change in the project: the Oxen evolution aims to make the privacy suite more organic, because until now they are seen as separated products by the audience.

All these operations will be announced in a mass marketing campaign, hoping to bring the proper attention on the project.

 
Chainflip

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The DeFi platform Chainflip needs a different discussion: it was initially planned to be released as a centralized version, becoming fully decentralized over time, but the team thought it was unacceptably risky. So it will be fully decentralized from the beginning, and this will obviously need more work.

Chainflip will also use its own blockchain and thus its own token, and it will be possible for users who already own Loki/Oxen coins to swap (all of some) of them to Chainflip tokens. ALl the coins swapped will be publicy burned in the process.

 

Conclusion

We don't have many informations yet, and surely in the next days and weeks we will better understand if this is a true evolution and will ad value to the project, but being in the community since the beginning, I surely hope the best to the team and the whole project.

More informations on the announcement page.


Quaro
Quaro

web / gis developer and freelance illustrator


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