Lucidity Insights

Bitcoin Latinum | The NextGen Crypto - Greener, Faster & More Secure

By Anamika Patel, 20 January 2022
The NextGen Crypto - Greener, Faster & More Secure
The NextGen Crypto - Greener, Faster & More Secure

Bitcoin Latinum (LTNM) is a next generation, fully insured, asset-backed cryptocurrency. LTNM is a hard fork of the Bitcoin blockchain, and it aims to be greener, faster, and more secure than the bitcoin blockchains that have come before it. Additionally, Bitcoin Latinum have committed to achieving a net-zero carbon footprint over the next decade from the power consumption linked to their crypto-related operations.

It is no secret that there are inherent issues with Bitcoin including speed, security, scalability and energy consumption which are all standing in the way of mass adoption. Bitcoin Latinum is a hard fork of Bitcoin, meaning it used the foundation of the Bitcoin blockchain and enhanced the code in order to create a cryptocurrency with higher security, increased transactional speed, higher reliability, and lower transaction costs. 

And how exactly is this achieved? Bitcoin Latinum uses an advanced Proof of Stake (PoS) mechanism. Bitcoin Latinum holders earn rewards for holding their coins as collateral to stake on the Bitcoin Latinum network. Essentially the stakers become the validators of the transactions on the network and the transaction fee on the network is divided among the validators relative to the amount they stake. 20% of the fee is shared with the validators and the rest of 80% is reinvested into the network, which is again beneficial for the validators who have locked Bitcoin Latinum to the network. Investing back to the network in this way means the token will grow in value over time.

Mining in this way means that there is no heavy computing power, hardware wastage and high energy consumption such as is the case for mining Bitcoin. The energy efficient community-based consensus on the network also means that Bitcoin Latinum is able to reduce the size of a transaction and increase the transaction volume capability. This means the network can facilitate more transactions per minute, at lower transaction fees. Bitcoin Latinum’s PoS structure is projected to be able to process over 10,000 transactions per second with a confirmation time of 3 to 5 seconds. This is a vast improvement compared to Bitcoins current rate of 6/7 transactions per second and confirmation time of 10 minutes. Would you wait 10 mins to make a purchase in store? Probably not. Transactions need to be fast to be usable in the real world and the Bitcoin Latinum is banking on this idea.

The founder of Bitcoin Latinum is Dr. Donald Basile, an entrepreneur and venture capitalist who has been in the crypto and blockchain development space since 2016. The idea for Bitcoin Latinum came about in 2020 when a number of clients approached his firm Monsoon Blockchain corporation wanting a unique crypto solution for media and gaming use cases, one which was secure and could be used for low-dollar value transactions. 

Dr Basile shared with us that, “ The crypto space hasn’t been able to find a solution around retail transactions or low-dollar transactions, like of a few dollars to a few hundred dollars. There is a huge opportunity for a currency like Bitcoin Latinum to grow, one that can be used for small transactions, like in-gaming payments, retail transactions. We expect Bitcoin Latinum to disrupt the crypto space, that is currently void of a currency that is faster, inexpensive, and has an asset backing approach as well as a network effect from usage. Furthermore, we believe consumers will increasingly demand a green currency that is not environmentally harmful.”

Bitcoin Latinum are targeting the high growth markets of Media, Gaming, Cloud Computing and Telecommunications and have a range of partnerships underway to expand their reach. They launched the world’s first Bitcoin enabled NFT platform in partnership with UnicoNFT. UnicoNFT is a multi-chain marketplace to create, sell or buy digital arts exclusively using Bitcoin and Bitcoin Latinum (LTNM).  They also have a celebrity partnership with three-time Grammy-nominated recording artist Quavo of Migos for the launch of the Cyber Yachts NFT Collections also offered on UnicoNFT.
Bitcoin Latinum intend to install 100,000 crypto ATMs across all fifty states of the United States as part of their plan to make crypto easily accessible for everyone and increase adoption of the currency. And they are already partnered with the ten top exchanges too.

Bitcoin Latinum boasts a unique combination of improvements on Bitcoin and even Ethereum, whilst still promoting a DeFi network that facilitates secure transactions. They are certainly one to watch as they set the standard for the future of crypto innovation to be more sustainable and pave the way for increased crypto adoption and utility.