As Facebook and Telegram’s startups Libra and TON stumble and fall, L3COS (pronounced Lecos) is making progress. According to PRNewswire, L3COS is now providing blockchain solutions for government and state/province at national and transnational levels. With three algorithms backing its blockchain, L3COS presents itself as functional for individuals, businesses and governments.
As government’s interest in blockchain technologies increase especially in countries such as the United States (US) and the United Arab Emirates (UAE), a reliable platform is in need and L3COS might just deliver.
With the mishaps and failures of front-runners such as TON, Hedera, Libra and EOS, the market is wide open for L3COS. TON is dealing with major legal trouble due to the SEC’s scrutiny of its cryptocurrency; the Gram (Read More), Hedera cannot seem to find a suitable consensus model, Libra is struggling to keep its investors (Read More) and EOS is faling to overcome its scalability issues. Those platforms also come with one common problem as well, they are a one package deal with their corresponding digital currency and this could spell trouble for governments as no country would appreciate having an unstable cryptocurrency.
With L3COS, however, governments can issue their own tokens, and everything would be controlled by the issuing government. According to a source from L3COS: “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”.