Bitcoin is the biggest, oldest, and most popular cryptocurrency. It is a name synonymous with the cryptocurrency world, and rightly so. However, since its inception in 2009, Bitcoin’s network has grown tremendously, and it is now facing several issues caused by network congestion.
Bitcoin was designed to become a digital currency that can be used for daily transactions with a decentralized and scalable approach. However, the founder of Bitcoin, Satoshi Nakamoto, never envisioned this exponential growth and was not prepared for a large amount of daily traffic. As a result, Bitcoin is now rigged with several inefficiencies hindering its growth. Some of the problems that Bitcoin is currently facing are:
- Bitcoin blocks are of 1 MB size, which is too small for registering the number of transactions taking place every day. As a result, these transactions are delayed and charge high gas fees.
- Bitcoin has an underlying scalability issue that was exposed due to the growth. Bitcoin is capable of managing only seven transactions per second which is extremely low.
- Bitcoin mining is an energy-intensive process that requires a continuous supply of a high amount of energy, causing several implications such as high price, carbon footprint, etc.
- While Bitcoin is decentralized, Bitcoin whales can hold a large amount of Bitcoin, causing a certain degree of centralization.
The good news is several platforms have been working to develop a better working model of Bitcoin, and Bitcoin Latinum has succeeded.
Bitcoin Latinum — The Next Generation Bitcoin
Bitcoin Latinum is a hard fork of Bitcoin that aims to carry forward the core ideology of Satoshi and create a bankless, decentralized digital cash system. It is based on the same source code, protocol, and algorithm of Bitcoin with an open architecture crypto technology. This infrastructure helps Bitcoin Latinum to be safer, quicker, reliable, and cheaper.
Bitcoin Latinum (LTNM) is powered by its core five elements that engineer it to become the upgraded version of Bitcoin. These elements are:
Greener and Energy Efficient
Bitcoin Latinum uses an advanced version of the Proof of Stake (PoS) protocol to counter Proof of Work’s (PoW) shortcomings. PoS mining allows LTNM token holders to receive rewards for using their assets as collateral for staking. The incentives increase as the staking amount increases.
Bitcoin Latinum uses an efficient consensus mechanism to offer a better on-chain payment network, leading to reduced transaction size and increased transaction capacity. Bitcoin Latinum network can process millions of transactions every day ensuring freeway movement of traffic.
Secure and Insured
Bitcoin Latinum uses Workload Protection strategies to secure the network. All nodes must meet minimum network requirements to get approved and become a part of the network. Bitcoin Latinum also slated to become the world’s largest insured digital asset via Marsh & McLennan (Asia division), one of the world’s leading specialty insurance brokers and risk advisers
Bitcoin Latinum ensures decentralization by using a representative government model where community members participate in the governance via the staking model. This architecture secures Bitcoin Latinum from 51% of attacks that Bitcoin is vulnerable to.
Decentralized finance is the next big thing for cryptocurrencies, and Bitcoin Latinum integrates it using a DeFi transaction network. This network facilitates secure and instant digital asset sales.
Bitcoin Latinum is not only resolving all inefficiencies of Bitcoin but also establishing a new, safer, quicker, decentralized, and cheaper generation of cryptocurrencies that will revolutionize Decentralized Finance.