Started in 2009, Bitcoin’s journey has been exciting and revolutionary. Bitcoin introduced the idea of a decentralized digital currency that offered a faster, safer, and cheaper alternative to the traditional financial system. But, what Satoshi might not have anticipated was that Bitcoin’s exponential growth might become the reason for its inefficiencies.
Bitcoin was developed to create a peer-to-peer and transparent payment system to eliminate intermediaries. However, its architecture and design were not built to accommodate the high demand. As a result, Bitcoin is facing network congestion, high gas fees, slowed transaction speed, and most importantly, increased energy consumption.
Increased energy consumption is one of the most concerning factors, as Bitcoin mining leaves a massive carbon footprint. To avoid that, China has restricted the mining process causing the Bitcoin price to flush down. It is evident that Bitcoin needs to alter its architecture, and that is precisely what Bitcoin Latinum aims to achieve.
What is Bitcoin Latinum?
Bitcoin Latinum (LTNM) is a hard fork of Bitcoin that aims to take the ideology of Satoshi a step further by using a more optimized architecture. Bitcoin Latinum is based on the source code, algorithm, and protocol of Bitcoin itself but can handle large transactions, digital assets, and cybersecurity more efficiently.
Bitcoin Latinum aims to improve the existing Bitcoin code and achieve better functionality while consuming less power rather than creating a new one. Instead of the Proof of Work protocol that Bitcoin uses, Bitcoin Latinum uses a PoWer-friendly Proof of Stake (PoS) consensus algorithm, ensuring that LTNM has a smaller carbon footprint. Some of the advantages of Bitcoin Latinum are:
Greener, Energy Efficient Consensus
Bitcoin Latinum utilizes an advanced Proof of Stake mechanism to tackle the problems caused by the Proof of Work protocol. Users can mine the Bitcoin Latinum native currency, LTNM, and earn rewards by simply holding the tokens as collateral for staking. The amount of rewards of staking is directly proportional to the number of coins a staker holds.
Bitcoin Latinum is not only green but faster as it offers a more efficient on-chain payment network than Bitcoin. It uses an efficient consensus mechanism that results in lower transaction size and an increase in transaction capacity.
The Bitcoin Latinum ecosystem is scalable and can support millions of transactions daily without facing network congestion by using a larger block size. As there is no network congestion, it will result in lower transaction fees as well.
Secure and Insured
Bitcoin Latinum nodes (miners) secure the network by implementing Workload Protection strategies. Pertaining to this strategy, all nodes must comply with network requirements to participate in an “Approved Party, “ eliminating any inefficiencies.
To keep the ecosystem decentralized, Bitcoin Latinum uses a representative governance model. Community members can participate in the governance mechanism using the staking model and vote on the LTNM future decisions. This mechanism also protects Bitcoin Latinum against 51% attacks that often cripple several protocols.
One of the most futuristic and essential use cases of cryptocurrencies is decentralized finance. Bitcoin Latinum formulates a DeFi network that offers secure and quick sales of sagittal assets such as Media, Cloud, and Gaming.
Bitcoin has become the subject of scrutiny after its increased energy consumption. Considering the restrictions on Bitcoin mining, it is evident that the currency needs to optimize its architecture. Bitcoin Latinum shows that higher scalability, security, quicker and faster transactions can be achieved while operating on the same underlying model.