Zurab “Z-Man” Ashvil, an ex-Softbank executive, announced the launch of L3COS, a project that will offer blockchain security and performance to national governments, businesses, and individuals.
L3COS is a Level 3 Consensus Operating System that uses blockchain tech to create regulated infrastructure for sovereign countries to digitize value and automate processes.
L3COS [pronounced lecos] gives governments control over a blockchain-based infrastructure that can be managed, developed and leased.
The groundbreaking project will be officially presented at the World Economic Forum (WEF) Annual Meeting 2020 in Davos-Klosters, Switzerland, on January 21-24, 2020.
A demo version of the project is already available for assessment purposes. Still, the L3COS team plans to perform a series of get-acquainted sessions where it will tell about the project in detail, covering its potential and benefits for national regimes and companies.
L3COS Could Boost Transparency and Regulation
L3COS consists of 3 separate consensus algorithms, each offering specific functionality for governments, industries, and individuals. It allows automating processes while preserving confidential digital identity, as well as inaugurates conditional governance.
The L3COS blockchain consists of 3 layers: the top-level operates as Proof of Government (PoGvt), providing each government with a super-node, and each government has control over two other layers, including token issuing processes.
The middle level is based on the Delegated Proof of Stake consensus algorithm, where industries perform operations. Lastly, the 3rd layer is based on the Proof of Storage (PoST) consensus for persons that can lease their storage to the rest of the ecosystem.
Traditional blockchains offer trustless interaction and transparency but have been difficult to regulate, with no access point to individual blockchains for regulatory authorities. Moreover, blockchain projects frequently struggle to attract institutional investment.
This is however not the case with L3COS, which recognizes that no one blockchain structure can be all things to all participants and uses a triple-layer structure to meet the needs of 3 types of uses: national governments, businesses and organizations, and individuals.
This makes it ideal for adoption by governing agencies, which could usher in a new era of blockchain tech being embraced by national governments resulting in less restriction in the crypto space.
Are Governments Embracing Blockchain Tech?
The launch of the L3COS project highlights the blockchain hype that keeps growing, and governments are starting to take notice.
For instance, the Thai Finance Ministry on November 13, 2019, announced that its key finance agencies would be adopting blockchain technology and artificial intelligence starting from November 28. The technology will be used for information associated with value-added tax and inspecting VAT refunds.
Another prime example of government adopting blockchain tech is the recent issuance of the first birth certificate recorded by exclusively using blockchain technology in Brazil. According to reports, the registration was made on SEP 01, 2019 through Growth Tech’s Notary Ledgers platform, which seeks to provide virtual notary services as a new solution for better efficiency in recording birth certificates.
Furthermore, the Turkish government recently unveiled policies to establish a national blockchain setup to utilize distributed ledger technology (DLT) in public administration. According to reports on September 19, 2019, Turkey aims to develop public-centred applications in land registry and education with an open-source platform.
In a speech late last month, Chinese leader Xi Jinping declared blockchain “an important breakthrough,” and promised that China would seize the opportunity to be a leader in the field. He explained ways in which the Chinese government would support blockchain research, growth, and standardization.
Interestingly, on October 25, just days after President Xi publicly embraced blockchain tech, the searches for blockchain experienced more than a ten-fold increase on China’s largest social media network WeChat.
This could indicate that the adoption of this revolutionizing technology by governments could positively impact cryptocurrency adoption and lead to less restriction in the crypto space by mainstream regulators.