FAQ

• Who is the miner?

  There are no miners in its classical sense. Miners are rather video bloggers who are connected to the system. The quality of the video blogger`s content and the activity of its subscribers ultimately determines how many coins will be issued to them.

  A certain amount of coins is issued per time unit and distributed among video bloggers (“miners”) according to their activity.

• What if I forgot my wallet password?

  Unfortunately, the passphrase from your wallet can not be restored! It is not stored on project servers or any other party.

  While registering your account you need to remember the passphrase well! In fact, the combination of a login and a passphrase is the key to accessing your funds. This is your private key.

  If you lose the phrase, you will not be able to restore access to your account. It is also important to remember that the passphrase cannot be changed or restored in the future.

• Where can I sell coins? On which cryptocurrency exchange can I find you?

  Now Likecoin is being traded on crypto-exchange Livecoin.

  Pairs: LKE/BTC, LKE/USD, LKE/ETH, LKE/RUR.

  We plan to enter on other crypto exchanges in the 1st quarter of 2019.

• What should I do to connect Likecoin to my videos?
  It is very easy to connect. The interface is intuitively clear.
  - You need to register your account in the web wallet
  – There`s also a section "My videos" in the wallet. It is necessary to copy the special text and place it in the description under your video.
  That’s it. Coins will start falling on the account with each like that your video gets.
• Can I activate Likecoin to my old videos?
  Yes, it is possible, but the coins start to be charged only for new likes.
• Will my coins stay on my account if I delete my video?
  Yes. Certainly.
  Videos and likes to them are only needed to generate new coins.
• Are dislikes counted by the system?
  No, dislikes are not counted by the system.
• How many coins I will get for each like to my video?

  The number of coins issued for one like (the so-called Leak Rate) varies depending on the current total activity of bloggers, the total number of likes for the period. This rate may change from time to time. And in general, with the connection of bloggers, it is constantly decreasing.

  Now Like Rate varies around 4-6 coins for one like. The exact value of the rate can be found in the block Explorer (like Rate parameter).

  It makes sense to connect Likecoin now, because with the low competition so far, you can earn a large number of coins. With the growth of the project, with the growth of the number of bloggers, the amount of coins charged for the like will be greatly reduced.

• Why do you use your own blockchain?
  In almost all of the blockchain platforms there is a limit of the number of transactions and the size of commissions. In Likecoin, information about the change in the state of each video and each like needs to be recorded in the blockchain. It is obvious that none of the existing blockchain platforms will not cope with adding such massive amounts of data without the appropriate commissions.
• What are the principles of issuing new coins in the system?

  The issue of Likecoin coins is time-bound and occurs in accordance with the logarithmic dependence.

  

  As a result, the size of the final issue of coins is not limited to a certain amount (like it happens in Bitcoin). The issue of coins is limitless. However, over the time, the rate of issue is significantly reduced and becomes close to linear dependence: with approximately constant inflation rate of 2-3% per year after 10 years of operation of the network.

• What type of consensus is used to confirm blocks in Likecoin?

  Currently all blocks are confirmed by a single master node. The external status (the number of likes in the video) is analyzed and recorded in the blockchain by special services – Oracles. However, all data in the system is completely public. Each coin transaction has a link to the source and is easily verifiable.

  Centralized oracles and block confirmations at this stage are rather a forced decision, as the current blockchain platforms do not allow adding a large number of transactions without charging the corresponding fees.

  In the future, the developers plan to make the confirmation of the blocks fully decentralized using the consensus DPoS (Delegated Proof of Stake), and to develop a system of decentralized oracles for the transfer of external information to the Likecoin blockchain.

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