L3COS Blockchain Will be Officially Presented at the World Economic Forum
- L3COS will give detailed presentations during WEF which will take place between January 21 and 24, 2020.
- The blockchain is based on three layers that serve separate purposes under separate consensus mechanisms.
Black and white city skyline concept. Freepik
The three-in-one blockchain that is suitable for citizens, businesses and governments all together – L3COS – will be officially premiered at the World Economic Forum (WEF) Annual Meeting in 2020.
A demo version was available for evaluation purposes but the first official version will launch at the WEF. The event will take place in Davos-Klosters, Switzerland and will be held between January 21 and 24, 2020.
The creators of L3COS intend to provide a couple of get-acquainted sessions where they will explain the idea of the project and its benefits for both business and governments.
The WEF was founded in 1971 and connects global leaders from the business and politics sphere with the aim to shape the industry in different ways.
What is L3COS?
As mentioned, L3COS is a product suitable for individuals, businesses and governments altogether, as it is a blockchain with three totally different consensus algorithms. While it grants the possibility to automate processes, it still conserves digital identity and also provides conditional governance.
L3COS is comprised of three levels. The top one works as Proof of Government (PoGvt), granting a super-node to each government, which also controls the other two levels and the necessary token issuing mechanisms.
The middle layer rests on the Delegated Proof of Stake consensus algorithm in which businesses carry out operations. The bottom layer is based on the Proof of Storage (PoST) consensus which lets individuals rent their storage to other participants in the system that control data usage.
- The WEF used data from over 30 technical standard-setting entities, 185 jurisdictions, and almost 400 industry groups to create its report.
- Called the Global Standards Mapping Initiative, the study notes the gaps, divergence and overlap in the blockchain standard-setting space.
Then President of Ukraine Petro Poroshenko speaks at the World Economic Forum in Davos, Switzerland on January 21, 2015. Shutterstock
- The Bank of England is among the institutions investigating the applications of blockchain technologies.
- L3COS’s CEO believes that their technology can empower governments to regulate digital economies.
- The public toolkit is 244 pages long and is available as a PDF file and as an online service.
- Project lead Nadia Hewett believes that the guide can solve issues that are typical in epidemics and pandemics.