As seen in prior segments, Bitcoin Latinum’s architecture is engineered to support the media and entertainment, gaming, cloud computing and telecommunications industries. This article will showcase Bitcoin Latinum’s unparalleled utility in the cloud computing space.
Data production increased exponentially over the last decade, igniting exponential growth of the cloud computing industry. Whether at the enterprise or individual level, everyone shares the same desire to protect their data. Furthermore, people desire custom-tailored data storage with enough customizability to support their changing needs for data processing. Cloud infrastructure is made up of a massive network of servers, which is not dissimilar from blockchain technology, which is an immutable data chain that relies on a network of user nodes to govern data storage. The data storage capabilities of blockchain technology make it an alternative to cloud storage, though use of blockchain has yet to be widely recognized as more effective than traditional cloud.
Although cloud dominates the market for digital storage, blockchain has potential to optimize data storage procedures in a more efficient manner. Quite arguably the biggest selling point of cryptocurrencies and blockchain technology is that they are for the most part decentralized, as opposed to cloud, where the biggest players are big tech firms like Amazon, Microsoft, Google, and Apple, respectively. While tech companies have spent billions over decades to establish consumer trust, blockchain only requires trust in the code that regulates the blockchain network’s community. Each ‘block’ of data created requires 51% validation from the network’s consensus mechanism, which governs the data input process and subsequent block creation. The most widely used blockchain networks are so large that a 51% attack on the network is almost impossible.
Blockchain’s node governance of data achieves greater transparency than centralized data storage because its record chain is interactive, unchangeable, and provenly secure. Centralized data storage, on the other hand, is often vulnerable to data breach as the associated software and/or hardware are targets for hackers. Despite blockchain’s apparent benefits, further development, testing, and consumer education are required before it reaches mass adoption.
Effective implementation of cloud-computing on blockchain requires a token faster, and more scalable, efficient and secure than Bitcoin. Groundbreaking in its time, Bitcoin’s code has not changed since inception and largely fails to meet the standards required to make blockchain cloud-practical. The issues with Bitcoin can be solved via a hard fork, where the Bitcoin code is duplicated, allowing a project to diverge based on Bitcoin’s core components.
Bitcoin Latinum is a Bitcoin hard fork that achieves what Bitcoin lacks: scalability, lighting speed, cost-effectiveness, undeniable security, and sustainability. Using the quintessential features of Bitcoin, Bitcoin Latinum increases the speed and efficiency of block creation and validation with potential to bring costs far lower than market leading centralized web services. Bitcoin Latinum’s utility in the media and entertainment, gaming, telecommunications and cloud computing spaces alike will encourage development of a unique arsenal of blockchain applications across several markets. While the Latinum ecosystem is still evolving, the lower costs, undeniable speeds, strengthened security, and sustainable practices of the blockchain are primed for greater market adoption. As industry partnerships grow, greater market integration is on the horizon, making the future bright for Bitcoin Latinum.