L3COS
| Developer(s) | Zurab Ashvil |
|---|---|
| Initial release | July 15, 2013 |
| Stable release | 1.10.6
/ December 8, 2020 |
| Preview release | 1.11.1
/ May 4, 2021 |
| Written in | C++ |
| Engine | |
| Platform | Microsoft Windows, MacOS, Linux |
| Standard(s) | Infrastructure |
| License | MIT |
| Website | l3cos |
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L3COS is a Blockchain-based commercialization technology, that allows for the creation of a regulated and transparent infrastructure for digitalization and process automation. Software technology is a single system for digitalization of processes occurring within and between states, companies, social projects and individuals. Any decision made at any level will become part of the blockchain, leaving no room for tax evasion, financial fraud, speculation and corrupt practices.
History[edit]
History of work on the three-tier framework on the Blockchain protocol known as system "L3COS" began in 2013 and ended in October 2019. The official presentation of the product took place at the World Economic Forum in December 2020, which brought together leading industry representatives and investors to discuss current topics in finance, sustainable investment instruments and the evolution of the global financial market. At the World Economic Forum in Davos, L3COS developers held several introductory sessions, where they talked about the concept of the project. In June 2020, L3COS submitted its proposal to the Bank of England to build the world's first regulated blockchain-based operating system. The Bank of England is one of several sovereign authorities, including the United States Departament of the Treasury, which have begun the process of investigating the application of regulated blockchain technologies.[1][2][3]
Technology mechanism[edit]
The technology works on the basis of separate consensus algorithms that allow automating processes, while maintaining the possibility of discrete digital identification and forming a foundation for conditional control. The principle of operation of L3COS blockchain protocol consists of three levels.[4]
Upper level[edit]
The upper tier operates on the basis of the Proof of Government (PoGvt) algorithm and is designed for national governments, providing them with their own supernode, which allows them to regulate the financial and credit history of citizens.[5] By allocating one of 195 super-nodes, L3COS provides central governments with all the tools to manage a national and international blockchain network that allows them to interact with each other, business and citizens. The technology also provides national governments with a tool to manage and control token emissions.[6][7]
Areas in which governments will be able to use the blockchain include international supply, natural resource management, transportation services and other opportunities. The L3COS solutions also allow the government to use the blockchain to obtain VAT-related information. L3COS technology allows to create a tool for providing notarial services to the public, issuing birth certificates registered exclusively using blockchain technology. In addition, there is the possibility of forming a system for creating a ledger (DLT) in government management.[8]
Middle level[edit]
The middle level of the L3COS system is focused on commercial enterprises and organizations. The work is based on the concept of Delegated Proof of Stake (DLPoS). Automated business processes provide transparency, security and regulatory compliance, as well as a seamless delivery sequence and a payment platform that can be automated through smart contracts.
Lower level[edit]
The lower tier is based on the consensus algorithm Proof of Storage (PoST) and allows individuals to lease their storage to other participants in the blockchain, providing control over the use of personal data.
Analogues[edit]
- Burstcoin - is an example of Proof of Capacity consumes disk space rather than computing resources to mine a block. Unlike Proof of Work, where the miners keep changing the block header and hash to find the solution, the Proof of capacity implementation in Burstcoin generates random solutions, also called plots, using the Shabal cryptographic algorithm in advance and stores it on hard drives. This stage is called plotting and it may take days or even weeks depending on the storage capacity of the drive. In the next stage - mining, miners match their solutions to the most recent puzzle and the node with the fastest solution gets to mine the next block.[9][10]
- Chia - is an cryptocurrency, that presented two papers presenting a new protocol based on proof of space[11] and proof of time.[12] In February 2021, Chia published a white paper outlining its business and has since launched its mainnet and Chia coin (XCH) using the Proof of Space Time concept.[13] The involvement of storage media (hard disk and solid-state drives) as the cryptocurrency's mining medium has raised concerns over potential price surges and shortage of high-capacity storage devices.[14]
References[edit]
- ↑ "L3COS Blockchain to Officially Launch at the World Economic Forum 2020". AP NEWS. 2019-11-18. Retrieved 2021-05-20.
- ↑ Chobanov, Anastas (2019-11-18). "L3COS Blockchain Will be Officially Presented at the World Economic Forum". The Chain Bulletin. Retrieved 2021-05-20.
- ↑ L3COS. "L3COS Proposes to Build the World's First Regulated Blockchain-based Operating System for the Bank Of England". www.prnewswire.com. Retrieved 2021-05-20.
- ↑ M. Blatt, A. Gusev, Y. Polyakov, K. Rohloff, and V. Vaikuntanathan. Optimized Homomorphic Encryption Solution for Secure Genome-Wide Association Studies, 2019
- ↑ "Proving algorithmic discrimination in government decision-making". Public Law Project. Retrieved 2021-05-20.
- ↑ "L3COS Blockchain to Officially Launch at the World Economic Forum 2020". AiThority. 2019-11-18. Retrieved 2021-05-20.
- ↑ "Government Is Using Algorithms — Is It Assessing Bias?". GovTech. 2018-12-10. Retrieved 2021-05-20.
- ↑ "Government by Algorithm: The Myths, Challenges and Opportunities". Institute for Global Change. Retrieved 2021-05-20.
- ↑ Wahab, Abdul; Waqas, Memood (October 2018). "Survey of Consensus Protocols". Survey of Consensus Protocols: 6. arXiv:1810.03357. Bibcode:2018arXiv181003357W.
- ↑ Salimitari, Mehrdad; Chatterjee, Mainak (September 2018). "An Overview of Blockchain and Consensus Protocols for IoT Networks". An Overview of Blockchain and Consensus Protocols for IoT Networks: III–G. arXiv:1809.05613.
- ↑ Abusalah, Hamza; Alwen, Jo\"{e}l; Cohen, Bram; Khilko, Danylo; Pietrzak, Krzysztof; Reyzin, Leonid (2017). "Beyond Hellman's Time-Memory Trade-Offs with Applications to Proofs of Space" (PDF).
- ↑ Cohen, Bram; Pietrzak, Krzysztof. "Simple Proofs of Sequential Work" (PDF). Simple Proofs of Sequential Work.
- ↑ Hoffman, Gene (10 February 2021). "The Chia Business Whitepaper". Chia Network. Chia. Retrieved 1 May 2021.
- ↑ Humphries, Matthew (2021-04-19). "Chia Cryptocurrency Expected to Cause Hard Drive and SSD Shortages". PC Magazine. Retrieved 2021-05-10.
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