This page provides information on the Corona Legacy Material.
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Corona Legacy Material is an updated name for the Corona Material which used to be the default material in Corona 6 and older. Corona Physical Material is the new default starting with Corona 7.
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In Corona 7 and newer both the Corona Physical Material and the Corona Legacy Material are available, however the Corona Legacy Material is only kept to ensure compatibility with older scenes. In Corona 7 and newer there is no need to use the Corona Legacy Material and it is best to use the new Corona Physical Material instead.
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Decorative elephant prop with glossy wood material controlled with bitmaps
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Candles using wax material with Volumetric Scattering enabled