Lykke (LKK) price

What is Lykke?

For over a century, the retail financial trading market has been plagued by a slow settling of accounts even when transactions take place in milliseconds and balance sheets net out overnight. Lykke is a digitized financial marketplace that trades in traditional financial assets, crypto assets, and Forex assets. The technology behind Lykke is compatible to any Blockchain through its open software system. It started off as a colored coin on the Bitcoin Blockchain but later moved to the Ethereum Blockchain.

History of Lykke

The concept was first introduced in a whitepaper by Richard Olsen and the Lykke exchange in 2015. In the late 90’s Olsen opened a Forex market exchange called, ‘Olsen and Associates’ (OANDA).  This exchange is a market leader in Stockholm, Sweden. During its Initial Coin Offering (ICO), Lykke raised a total of 1.15 million USD through the selling of over 23 million Lykke Coins (LKK) to 700 investors. Each coin was sold at 0.05 USD.

What is Lyyke?

Lykke is a cryptographic exchange that lets you trade all classes of financial instruments issued globally through peer-to-peer protocol with the transactions happening by the second. This platform is decentralized and operates on an open source system that is available on the web browser or an app in Android/ iOS. It also offers both private and transparent transactions. The payments made on this platform are published on a public Blockchain, but the sender, recipient, and amount of a transaction remain private.

How does the exchange work?

Lykke creates a single global marketplace where financial instruments can be traded and settled transparently or privately. Every financial instrument traded through the system becomes a listed security on the Blockchain through a colored coin protocol. Colored coins are a technology that allows real world financial assets or digitized assets to be associated with blocks or addresses on the Bitcoin network. The owner of the colored coin has rights and ability to buy real assets through the platform. The owner always has access to the coins which are covered by the underlying asset, depending on the item of trade. This ensures that financial markets will no longer be a solo playing avenue for the people with the most resources but an area anyone with an internet connection can access.

Mining

The coin is not actually mined, since this would entail creating a totally new Blockchain. However, the coin protocol is based on the Bitcoin and Ethereum Blockchain to create a colored coin. The orders placed on the platform are connected to the matching engine, which matches purchases and sales of assets. Investors then use them to create colored coins which are converted to either buy or sell offers via the Lyyke backend. The backend, then, transfers the transactions to the Blockchain, creating the coin.

Benefits of the coin

Given its association with Bitcoin and its flexibility to adopt into any Blockchain, Lykke offers its users various benefits. First, there is no brokerage commission fee due to its peer-to-peer connection and low spreads due to a matching engine with spread priority. The exchange also offers users and owners of the coin direct ownership through Blockchain technology.