NEW YORK, Oct. 23, 2019 /PRNewswire/ -- As high-profile startups from Telegram and Facebook stumble or run afoul of regulation, L3COS [pronounced as lecos] can now deliver accessible blockchain solutions for government at the city, state/province, national and transnational level. A three-level blockchain with separate consensus algorithms lets L3COS provide the most relevant functionality for each user set: individuals, businesses and governments.
Many platforms have promised to bring the power of distributed ledger to governments, or to create interlocking relationships open to individuals and organizations on the blockchain. Just one has delivered.
Government, blockchain and business
As countries including the United States1 and the United Arab Emirates2 look into creating their own cryptocurrencies, and governments investigate blockchain use cases including land registration3 and intellectual property protection,4 the G7 considers the risk of existing stablecoins as a threat to international financial stability.5 In particular, central banks don't wish to relinquish their control over the money supply, a key economic lever. Governments want to use blockchain, but they need a platform that's both reliable and flexible.
TON, Hedera, Libra and EOS:
EOS, long the presumptive frontrunner for a general-purpose blockchain, has failed to overcome its inherent scalability issues and is, in the words of Vitalik Buterin, 'almost full.'6 Hedera, with its fast transaction speeds and Byzantine fault tolerance, was another contender for 'blockchain 3.0.' But its consensus model failed to scale from the smaller, permissioned original Hashgraph net.
Other potential solutions ran up against regulators. Libra is struggling to retain partners, particularly payment providers, in the face of increasing legislative scrutiny and regulatory uncertainty. And TON had just gotten through its big Telegram reveal and initial fundraising when its Gram token came to the attention of the SEC, which issued an emergency notice against Telegram for $1.7 billion in illegal securities sales.7
Worst of all from governments' viewpoint, each of these solutions comes bundled with its own cryptocurrency, issued and controlled by the provider. No national government wants a currency as variable as Bitcoin, or to hand over monetary policy to a third party.
The solution: L3COS is live now
L3COS is a Level 3 Consensus Operating System that uses blockchain technology as a base for sovereign countries to digitize value and automate processes. It uses 195 super-nodes to offer nations a discrete digital identity which can be the basis for automated record-keeping and even conditional governance by smart contracts. A three-level consensus model tailors consensus algorithms to users' needs, and each super-node can build out its own subnodes for federalized digital governance.
Crucially for governments, each super-node can both issue its own value tokens, and control issuance further down the hierarchy. Thus, on L3COS, there is no 'L3COS Coin' — instead, there is the potential for 195 internal, L3COS-based coin/token economies, based on L3COS but controlled by a government super-node.
How L3COS works
L3COS has three levels. The top, super-nodes level, operating on Proof of Government (PoGvt), grants each government its own super-node and lets governments manage the other two levels and control token issue.
The middle level is for businesses and organizations, based on Delegated Proof of Stake (DPOS); below this is a level for individual registration based on Proof of Storage (PoST). Individuals can lease their storage to the rest of the system, creating real personal control over data and creating decentralized, highly secure cloud storage for the global system.
Why L3COS?
For governments:
- Digitize government structure and regulations by using smart contracts
- Take control over digital value issuance (digital national currencies, securities, tokens and other financial instruments)
- Access benefits of blockchain without loss of authority
- Gain transparency and automate processes over financial transactions
- Impenetrable data security
For enterprises:
- Digitize and automate all business processes by using regulated decentralized applications
- Multi-user accounts management
- Automatic transparency and regulatory compliance
- Real-time transactions & settlement
- Guaranteed immutable data security
- High scalability for any business operations
- Cross-chain for efficient interdependency between the platforms
For individuals:
- Real control over personal data
- Highly-secured decentralized data storage
- Lower prices, easier payments, and secure, near-instant transactions
- Lease storage to make extra income
L3COS welcomes press enquiries. Please visit www.l3cos.com for more information about how the Level 3 Consensus Operating System delivers regulated infrastructure for sovereign countries.
1 https://www.coindesk.com/top-fed-official-says-us-central-bank-actively-debating-digital-dollar
2 https://www.emirates247.com/business/uae-and-saudi-arabia-announce-launch-of-common-digital-currency-aber-2019-01-29-1.678791
3 https://www.gov.uk/government/news/hm-land-registry-to-explore-the-benefits-of-blockchain
4 https://euipo.europa.eu/ohimportal/en/web/observatory/blockathon
5 https://www.coindesk.com/g7-evaluates-stablecoins-as-risk-to-global-financial-stability
6 https://bitcoinist.com/ethereum-almost-full-says-vitalik-buterin-as-bitcoin-dev-slates-supporters/
7 https://www.coindesk.com/sec-halts-telegrams-1-7-billion-unlawful-token-issuance
CONTACT: L3COS
PHONE: +1 (917) 259-5959
EMAIL: pr@l3cos.com
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