The Ledgerium ecosystem relies on the supply and demand of XLGs, which is the ‘gas’ or utility token that is used within the ecosystem in exchange for services. The demand for XLGs comes from the party requiring their transactions be written accurately and timely into the Ledgerium Blockchain by the Block Producers. In return the Block Producer will be rewarded with the gas rate and Block Rewards. The Block Producer can now sell its newly received XLG to the next party looking to write transactions into the Ledgerium Blockchain.
Luca+ captures transactions from services such as e-invoicing and audit trail. A typical transaction would involve
the seller to create and send the invoice to the buyer
the buyer to acknowledge and accept
the buyer to pay/transfer funds
the seller to reconcile the funds in their account
the seller to send the product or provide service as detailed on the invoice
As each step of the transaction is captured, it is submitted to one of the Block Producers in the Ledgerium Blockchain ecosystem to write as a block on the blockchain. Block Producers are selected on a round-robin-basis.
Consensus of the other Block Producers is required for the transaction to be written onto Ledgerium Blockchain and distributed amongst all the Block Producers. Simultaneously, the gas rate in XLG is calculated and paid to the writing Block Producer by Luca+. Additionally, to incentivise and create liquidity Block Rewards are also paid to that Block Producer, as per the Ledgerium Blockchain protocol (See Supply and Inflation for Block Reward schedule). The gas rate is variable and will be dependent on factors such as supply and demand, and the difficulty to write.
XLGs accrued by Block Producers can be sold on exchanges and/or market place. Alternatively, the Block Producers can also use the accrued XLG themselves for their own applications.
Luca+ will manage and acquire XLGs from the exchanges and/or market place in order to continue writing onto Ledgerium Blockchain. Luca+ subscribers will indirectly fund the acquisition of XLGs through their subscription fees for using Luca+ services.
The XLGs accrued by the Ledgerium Foundation Block Producers, which makes up 20% of all Block Producers will be used to maintain the Ledgerium Blockchain ecosystem.
Lastly, the Ledgerium Blockchain ecosystem is open to other third-party applications which may want to leverage the existing architecture and/or use XLGs adopting ERC-20 standard.