Monsoon Blockchain Corporation, an innovative blockchain company based in Palo Alto, California, is announcing the next generation digital cryptocurrency ecosystem for powering Bitcoin Latinum. Bitcoin Latinum is an insured, asset-backed cryptocurrency.
Based on the Bitcoin ecosystem, Bitcoin Latinum is greener, faster, more secure, and poised to revolutionize digital transactions. Monsoon Blockchain serves as the prime developer of the Bitcoin Latinum network on behalf of the Bitcoin Latinum Foundation.
Bitcoin Latinum was built as an open-architecture cryptocurrency technology, capable of handling large transaction volumes, cybersecurity, and digital asset management. Monsoon Blockchain is unveiling Bitcoin Latinum’s official attributes, differentiating factors, and major-use advantages, which include the following areas:
INCREASED TRANSACTION VOLUME
Bitcoin Latinum offers a highly scalable network that will initially support up to 10,000 transactions per second and millions of transactions per day to facilitate retail transactions. Its scalable architecture allows for increases in transaction rates to meet demand. With its Proof of Stake consensus method, Bitcoin Latinum ensures the network facilitates more transactions per minute at lower transaction fees.
Bitcoin Latinum reduces the cost of traditional Bitcoin transactions from the average of multiple dollars down to only cents per transaction, with an average fee per transaction of 0.1 USD in 2021. This is achieved with a variety of mechanisms including the energy-efficient consensus protocol, approved node configuration, high-performance node interconnection, and shorter confirmation.
Utilizing an efficient consensus mechanism, Bitcoin Latinum provides a much better on-chain payment network compared to Bitcoin, with an average transaction confirmation in 3-5 seconds. This immediately leads to reduced transaction size and increases the transaction volume capability.
GREENER, ENERGY-EFFICIENT CONSENSUS
Bitcoin Latinum uses an advanced version of the Proof of Stake (PoS) mechanism to counter the inherent problems of Proof of Work (PoW) based networks. PoS enables LTNM holders to earn rewards for holding their coins as collateral to stake on the Bitcoin Latinum network. This leads to less electricity consumption.
Incumbent tokens such as Bitcoin demand up to 885+ kWh, and Ethereum 102+ kWh of energy consumption per transaction, compared to Bitcoin Latinum which reduces the amount to only 0.00015 kWh per transaction.
INSURED AND ASSET-BACKED
Unlike other existing cryptocurrencies, Bitcoin Latinum is an asset-backed cryptocurrency, and is working to be the world’s largest insured digital asset. Its asset-backing is held in a fund model, so the base asset value increases over time. It accelerates this asset-backed fund growth by depositing 80% of the transaction fee back into the asset fund that backs the currency. Thus, the more Bitcoin Latinum is adopted the faster its asset funds grow, creating a self-inflating currency.
Bitcoin Latinum uses a representative government model to achieve democracy in its ecosystem. This is done by allowing community members to participate in the governance mechanism of the protocol via the staking model. The goal is to protect Bitcoin Latinum from 51% of attacks that often expose potential crippling flaws in many existing protocols.
As the first adopter, Monsoon Blockchain will utilize Bitcoin Latinum in developing powerful blockchain technologies and business solutions, in addition to digitizing and listing assets for companies and organizations across the globe. The initial industries to be serviced will be gaming, financial services, telecommunications, media and entertainment, and cloud and data storage. Monsoon Blockchain is facilitating the launch of Bitcoin Latinum on public exchanges in 2021.
As a cornerstone of Monsoon Blockchain’s strategic plans to further the mass adoption of Bitcoin Latinum, the company has been forging global partnerships with corporations that will integrate the token for their retail transactions. Significant adoption of Bitcoin Latinum and Monsoon’s blockchain ecosystem has been taking place, with a focus on insurance, entertainment, gaming, and data storage entities.
Global adoption of cryptocurrencies for use in retail transactions has been steadily increasing. Within a span of four months in 2021, the global crypto user base doubled from 100 million to 200 million. Major companies have taken notice. Starbucks and Burger King have started testing Bitcoin payment options, according to Nasdaq. And PayPal, Xbox, Yum Brands restaurants, and AMC theaters have started accepting cryptocurrencies for payments.
The ease of purchasing cryptocurrencies has increased significantly over the past two years. PayPal now allows all of its 377 million users to buy and sell cryptocurrencies. In the world of banking payments, Singapore’s Central Bank – the Monetary Authority of Singapore – is testing a cross-border payment system for digital currencies in partnership with a consortium of central banks, according to Forbes.
Dr. Donald Basile, Monsoon Blockchain Corporation’s CEO and founder, is the former CEO of Fusion-IO, a company known for playing a major role in implementing the cloud systems at Apple and Facebook as well as partnerships with HP, IBM, and Dell.
Dr. Basile is also the Co-CEO and Chairman of Roman DBDR, a special purpose acquisition company, which raised $236 million in its initial public offering in November 2020. Roman DBDR announced a merger with CompoSecure, a pioneer in premium payment cards whose clients include some of the world’s largest financial institutions. The merger of the two companies will create a combined enterprise value of approximately $1.2 billion. CompoSecure will soon be releasing its new cryptocurrency cold-storage solution, Arculus, allowing users to safely and securely store and manage their digital assets on a state-of-the-art metal payment card.