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Proof Of Stake Vs Proof Of Work

Since the dawn of cryptocurrencies, the majority of cryptocurrencies have relied on the Proof of Work consensus algorithm for mining and confirming transactions. Proof of Work was a revolutionary concept that allowed the development of cryptocurrencies by generating new blocks to record transactions.

However, as the number of transactions increased, a new problem of network congestion emerged. The Proof of Work consensus algorithm was not developed thinking about the large number of transactions that take place today. The result of this network congestion was increased transaction times, costs, and power consumption.

As an alternative, the Proof of Stake consensus algorithm was developed. This alternative offers a much cheaper, faster, and environmentally friendly way to mine new blocks. Platforms such as Bitcoin Latinum are one of the first to implement the potential of Proof of Stake in Bitcoin hard forks, and then the rest followed, including the second-biggest cryptocurrency, ETHER, who also plans to use Proof of Stake.

How does Proof of Stake differ from Proof of Work?

Proof of Work relies heavily on mining hardware to mine and create new blocks. It is an energy-intensive process that is now facing bad network congestion and, as a result, high transaction costs. On the other hand, Proof of Stake relies on staking existing tokens to mine new ones and does not require specialized mining hardware.

Here are the key differences between PoS and PoW consensus algorithms.

Proof of Work

  • Proof of Work uses heavy computation-based problem solving to earn rewards making the mining process more costly.
  • Due to the heavy computation-based mechanism, it requires a lot of energy which results in a massive carbon footprint.
  • PoW has become decentralized over time because of the monopoly of a few mining groups over the mining hardware, making it susceptible to 51% attacks.
  • Due to network congestion, PoW based cryptocurrencies such as Bitcoin and Ethereum face slow and costlier transactions.

Proof of Stake

  • Proof of Stake relies upon staking tokens and various nodes verifying the transactions to mine new blocks, making the process of generating new blocks more affordable.
  • PoS can cut down the electricity consumption by 99%, making it more environmentally friendly and sustainable.
  • PoS is completely decentralized and is not susceptible to a 51% attack making it more secure and transparent.
  • As PoS has a better hash rate, it does not face any network congestion and offers faster, cheaper, and safer transactions, as is the case with LTNM.

While the Proof of Work consensus algorithm is still very popular, it requires a complete makeover to cope with the new demands and standards. Bitcoin Latinum is an excellent example of the potential of the Proof of Stake protocol and is aptly regarded as next-generation Bitcoin.

Bitcoin Latinum partners with The H.Wood Group

In an exciting turn of events, Bitcoin Latinum is partnering with the world-famous luxury hospitality and lifestyle company, The H.Wood Group. The H.Wood Group, based out of Los Angeles, is a well-renowned hospitality company that combines luxury food with innovative concepts and warm hospitality to provide a unique experience.

The partnership between Bitcoin Latinum and The H.Wood Group will result in the next-gen Bitcoin being accepted across the entire chain and several cross-promotional marketing initiatives. Both the platforms will benefit by introducing their services to a new genre and pitch to the respective clienteles.

What does the partnership entail?

The partnership between Bitcoin Latinum and The H.Wood Group will involve several marketing initiatives, event sponsorships, and endorsements. The H.Wood Group will allow the guest to pay for tables, drinks, food, and merchandise using Bitcoin Latinum with Bitcoin and Ethereum Tokens.

This partnership is a vital step for both companies to expand their horizons. The co-founder of The H.Wood Group, John Terzian, expressed his excitement about the partnership,

“As entrepreneurs, Brian and I have always looked into the future rather than getting stuck in old ways. We are constantly watching, learning and adapting. Crypto and blockchain are the future in many ways and we want The h.wood Group to be ahead of the curve. We are excited for this endeavor with Bitcoin Latinum,”

Cryptocurrencies are gradually integrating with different industry verticals, and the hospitality and entertainment sector is one of the busiest industries. By integrating Bitcoin Latinum with a prominent hospitality company, Bitcoin Latinum will open up new opportunities.

“It is an honor to work with great entrepreneurs like John and Brian,” said Dr. Donald Basile, CEO of Monsoon Blockchain Corporation. “We look forward to our partnership, and helping companies and individuals understand the benefits of the blockchain to foster widespread adoption across the entertainment and hospitality industries.”

About The H.Wood Groups

The H.Wood Group is founded by entrepreneurs John Terzian and Brian Toll. They independently own and operate the entire network of restaurants, nightlife, and hotel venues worldwide. The H.Wood Group caters to the needs of celebrities and influencers and has won multiple awards for its unique concepts.

Some of the popular concepts under the company include, The NICE GUY, Delilah LA, Delilah Las Vegas at Wynn Resorts, Delilah Miami, SLAB, Mason, Petite Taqueria, and hospitality venues include Blind Dragon, Bootsy Bellows, Poppy, The Peppermint Club, SHOREbar, 40 LOVE and FOUND Hotels.

About Bitcoin Latinum

Bitcoin Latinum is the next-gen Bitcoin fork that offers faster, cheaper, and greener transactions. LTNM operates on a Proof of Stake consensus algorithm that bypasses Proof of Work’s network congestion and high power usage to offer a safer alternative to Bitcoin while staying true to its fundamentals.

Bitcoin Latinum does not restrict itself to a particular genre, as evident from this partnership with a leading entertainment and hospitality business. The company aims to introduce cryptocurrencies in several sectors such as media, entertainment, gaming, storage, cloud, and telecommunications. Bitcoin Latinum has a thorough roadmap planned which includes more strategic partnerships and launches coming soon.

Bitcoin Latinum X Nasdaq Recap

On August 16th, 2021, Bitcoin Latinum was part of an insightful interview with Nasdaq Trade Talks. The CEO of Bitcoin Latinum and Monsoon Blockchain Corporation, Dr Donald Basile, talked about the new greener, cheaper and faster cryptocurrency.

Here are a few insights from the interview.

The interview started with the host Jill Halandrino asking about the relation and difference between cryptocurrencies and fiat.

Jill: “Let’s talk about the real use of digital currencies alongside the cash. How do these two exist together?”

Dr Donald expressed the unified interest of the global population in having a digital currency that can be used in day-to-day transactions. However, digital currencies are currently only used for large value transactions such as NFTs or other real-world assets. The use of cryptos for daily transactions such as buying a cup of coffee is still non-existent because of high transaction fees and low speed.

Jill: “What are the issues the industry still faces and how can hardware wallets alleviate those concerns?”

Dr Donald: “Well, I think you have seen recently this week, where a $630 Million hack occurred of digital currency in a DeFi network, and a month ago in South Africa, $3.3 Billion were taken from a single exchange and a month before that in Turkey over 420,000 people reported by Bloomberg lost all their currency.

The issue here is the same, people should understand that in blockchain-based currencies, your money is out in public. It’s like a locked box in a bank, and whoever has the key can unlock it. You never hold it yourself. So what we are talking about is who holds the key to unlock that public box.”

A hardware wallet allows users to keep their keys on their person, ensuring no one can unlock the locked box. In hardware wallets, the locked boxes are kept with the users and not in a public area such as an exchange, making it safer to hack. A hardware wallet comes with a key, biometric lock and pins to ensure utmost safety. Hardware wallets are the solution to these problems, and several popular organizations such as Square corporation showed their support for such wallets and cryptocurrencies on the internet.

Jill: Why do you think Bitcoin Latinum is the next generation Bitcoin?

Dr Donald expressed that while Bitcoin is an amazing innovation and will continue to add value to the crypto ecosystem, Bitcoin Latinum focuses on day-to-day transaction capabilities. As several cities and entertainment hubs such as Las Vegas accept cryptocurrencies, including Bitcoin Latinum, in their clubs, restaurants, etc., the need for a digital currency that can perform daily transactions at low transaction fees and high speed is more important than ever.

Bitcoin Latinum focuses on these areas as it offers low transaction costs and high transaction speed and is backed by assets that support the currency. Bitcoin Latinum is the ideal solution for retail transactions as it will charge pennies for transaction fees rather than dollars that popular crypto charges. This is how Bitcoin Latinum achieves its goal of becoming the next-gen Bitcoin.

Jill: “ Why did Marsh and Mclennan choose Bitcoin Latinum to back?”

Dr Donald: “So I think there is great interest ultimately in bringing insurance products in the industry of digital assets and there is very little of it. But one of the things that is important is that there is actually an asset. So in the case of most currencies and coins, there is nothing behind them. There is zero, they can go to zero, there is no asset backing them. So the first thing you want in the insurance world is an asset that you can actually back. So in the case of the Latinum, a trust fund underlies it like a university trust.”

The trust fund backing Latinum protects against cyber theft and cyber hacks and supports the currency’s value. Additionally, 80% of the transaction fees, which is significantly lower than Bitcoin, is put back in the trust fund to increase the price of Latinum. Additionally, Latinum is backed by security features, speed features and addresses the entertainment industry in which Marsh and Mclennan are already involved.

This concluded the interview between Nasdaq and Bitcoin Latinum. The full interview is available here.

How Workload Protection Strategies are securing the Bitcoin Latinum network

While there is no denying that cryptocurrencies are on a roll and will eventually see mainstream use for all financial transactions, there is also no denying that popular cryptocurrencies such as Bitcoin and Ethereum are facing several challenges. The architecture of these cryptocurrencies was not designed to uphold a large amount of traffic it is witnessing today. As a result, they are facing network congestion making them inefficient and costly.

There is a dire need to optimize their algorithms and network so that they can become sustainable. Bitcoin Latinum has developed an advanced algorithm that acts as an example of how cryptocurrencies must operate to ensure a profitable future for the crypto ecosystem.

What is Bitcoin Latinum?

Bitcoin Latinum is a hard fork of Bitcoin that uses an enhanced version of the Bitcoin blockchain, making it faster, greener, scalable, sustainable, and transparent.

Bitcoin Latinum has developed a groundbreaking, sustainable and greener Power-friendly Proof of Stake consensus algorithm that works in accordance with the project’s commitment to sustainable environmental practices.

However, the most noteworthy feature about Bitcoin Latinum is its Workload Protection Strategies that ensure the network’s safety and optimization.

Workload Protection Strategies

Bitcoin Latinum implements a Workload Protection Strategy that helps to secure the network. According to this strategy, Bitcoin Latinum has set up minimum requirements a node must meet to become a part of the development of the ecosystem. A node can be best explained using the reference of a Bitcoin miner.

As Bitcoin miners compute transactions and record them on the Blockchain, a node helps develop the Bitcoin Latinum network. However, in Bitcoin mining, anyone can become a node or a miner if they have the right hardware and software. This lack of a gauging mechanism has not only caused network congestion on Bitcoin but also allows unreliable elements to become a part of the network.

Bitcoin Latinum weeds out the unreliable and inefficient nodes and only adds certain nodes to the “Approved Party”. This approved party then accesses the consensus mechanism of Bitcoin Latinum and helps strengthen and develop the ecosystem.

Bitcoin Latinum also features a distributed transaction firewall that blocks any suspicious agent and activity to keep the network safe and tamper-free. Several blockchain projects have been the subject of internal collusion or external theft that caused the community members to lose all their holdings. Bitcoin Latinum uses a comprehensive insurance program to protect its community and their interest.

These workload protection strategies are robust enough to make Bitcoin Latinum one of the strongest competitors in the market. However, Bitcoin Latinum went all aboard and added more benefits to the mix, such as its greener, energy-efficient consensus that reduces the cryptocurrency’s carbon footprint.

Also, Bitcoin Latinum offers faster transactions using its on-chain payment network that has increased transaction volume capacity. This payment network also reduces the cost of transactions by using various mechanisms such as the energy-efficient consensus protocol, approved node configuration, and high-performance node interconnection.

Bitcoin Latinum is a future-enabled platform in a true sense that caters to Media, Cloud and Gaming verticals. For more information about the project, visit https://bitcoinlatinum.com/.

The 5 core elements that engineer Bitcoin Latinum

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.

Faster Transactions

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

Community Governed

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.

Future-Enabled

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.

Introduction to Bitcoin Latinum

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.

Faster Transactions

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.

Community Governed

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.

Future-Enabled

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.