L3COS (Level 3 Consensus Operating System) is an algorithm for digitising processes based on Blockchain, which has a three-level structure and is distributed as Platform as a Service for state bodies and businesses. The algorithm is based on the blockchain, in which any decision made at any of the levels will become part of the common chain. The technology involves a three-level framework that provides national governments, businesses, and private individuals with the tools to create a digital economy that does not allow fraudulent activity, financial or otherwise.[2]
 | |
| Original author(s) | Zurab Ashvil[1] |
|---|---|
| Initial release | 15 July 2013 |
| Stable release | 1.10.6
/ 8 January 2020 |
| Preview release | 1.11.1
/ 4 May 2021 |
| Written in | C++, GO, JavaScript, node.js, Axios, Solidity |
| Operating system | Linux, MacOS, Windows |
| Standard(s) | Infrastructure |
| License | MIT |
| Website | l3cos |
History
editWork on the “three-in-one” algorithm was started in 2013 and completed in October 2019. Founder and CEO of the project is Zurab Ashvil, a PHD in Cybernetics and Applied Mathematics, who was previously an executive of the Softbank Capital.[3] The official launch of the algorithm was held at the World Economic Forum in Davos from 21 to 24 January 2020.[4] Over the first eight years, more than $65 million was invested in the company.[5]
In March 2020, the Central Bank of England invited private companies to participate in the development of a CBDC (Central Bank Digital Currency).[6] In June 2020, a proposal was made to the Central Bank of England to use L3COS technology.[7][8]
In March 2021, information emerged that the world’s first digital platform for agricultural goods and foodstuffs, AgriDex, was investing $85 million to develop it's platform on L3COS blockchain. The creation of a smart marketplace allows improvements in global food security, with reduced transaction costs[9] and reduced food costs to consumers.[10] The plan was to create a tokenised payment and exchange platform for AgriDex based on blockchain. The volume of supplies was estimated at $2.25 trillion annually. The technology will enable the company to process more than 1.5 million concurrent transactions per second and provide more than 150 companies with access to the marketplace.[11]
In April 2021, L3COS announced a new partnership with US label ENT Global Technologies and entertainment company TITLE 9 Inc.[12] The $110 million deal will enable L3COS to create a global digital rights management system and a trading platform for music and film.[13]
In September 2022 Eros Investments, a portfolio of entertainment and tech companies like Eros Media World, Eros Now, and Xfinite's Mzaalo, has picked up a 90% stake in digital rights management company ENT Global for an undisclosed sum, and partnered with blockchain-based operating system L3COS.[14]
Principle of operation
editMore than 1200 programmers worked on the development of PaaS (Platform as a Service). This platform enables governments, organisations, businesses, and individuals to create and run applications on its operating system.[5]
The technology at the state level allows smart contracts and business applications to be developed without the involvement of an algorithm developer. The technology works on the basis of separate consensus algorithms, which allows users to access highly effective functionality[15] and automate their processes while retaining the capabilities of discrete digital identification and creating a basis for managing them.
The L3COS algorithm consists of three levels: The top level operates on the basis of the Proof of Government (PoGvt) algorithm[16] and is designed for national governments, providing them with their own ‘Supernode’ which allows them to regulate the citizens’ financial history.
The middle level of the technology is targeted at commercial enterprises and organisations.
The lower level is based on the Proof of Storage (PoST) consensus algorithm and provides individuals with the opportunity to lease their storage to other blockchain participants, thereby providing control over the use of personal data.[15]
References
edit- ^ Ex-Softbank executive launches L3COS project to commercialize blockchain // finyear.com
- ^ L3COS. "L3COS выбивается в лидеры, а TON и Libra выбывают из блокчейн-гонки". www.prnewswire.com. Archived from the original on 2020-01-30. Retrieved 2020-02-04.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "Бывший руководитель Softbank представляет проект L3COS для коммерциализации блокчейна". tass.ru. ТАСС. 2019-11-19. Retrieved 2022-03-21.
- ^ "EmTech Investment Meeting in Davos Gathers Investors with More Than $400 bn AUM". finance.yahoo.com. Archived from the original on 2020-01-30. Retrieved 2020-02-04.
- ^ a b "L3COS wins $85 million deal to build smart marketplace for AgriDex". finextra.com. Finextra. 2021-03-08. Archived from the original on 2021-04-16. Retrieved 2022-03-21.
- ^ "Central Bank Digital Currency: opportunities, challenges and design". bankofengland.co.uk. Archived from the original on 2020-06-15. Retrieved 2020-06-15.
- ^ "Bank of England pitched blockchain operating system for digital currencies – but will it use it?". Verdict. 2020-06-12. Archived from the original on 2020-06-15. Retrieved 2020-06-15.
- ^ L3COS. "L3COS Proposes to Build the World's First Regulated Blockchain-based Operating System for the Bank Of England". prnewswire.co.uk. Archived from the original on 2020-06-15. Retrieved 2020-06-15.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ Peter Smith (2021). Procurement With Purpose. eBookpartnership. pp. /376. ISBN 9781839523724.
- ^ Revolutionary digital marketplace, AgriDex, to launch — Feb 01, 2021.
- ^ А. Корнеев (2021-03-04). "В блокчейн L3COS вложат $85 млн для развития цифрового рынка продуктов". rbc.ru. РБК. Archived from the original on 2021-03-16. Retrieved 2022-03-21.
- ^ "L3COS Lands $110m Deal to Create Music and Film Industry Global Marketplace With Digital Rights Management for ENT Global Technologies". finance.yahoo.com. Yahoo.com. 2021-04-20. Archived from the original on 2022-03-21. Retrieved 2022-03-21.
- ^ "L3COS Lands $110m Deal to Create Music and Film Industry Global Marketplace With Digital Rights Management for ENT Global Technologies". businesswire.com. Business Wire. 2021-04-20. Archived from the original on 2022-03-21. Retrieved 2022-03-21.
- ^ Gaurav Laghate. "Eros Investments acquires 90% in DRM company ENT Global". economictimes.indiatimes.com/. The Economic Times. Retrieved 2022-09-06.
- ^ a b "L3COS выбивается в лидеры, а TON и Libra выбывают из блокчейн-гонки". tass.ru. ТАСС. 2019-10-23. Retrieved 2022-03-21.
- ^ Anastas Chobanov (2019-11-18). "L3COS Blockchain Will be Officially Presented at the World Economic Forum". The Chain Bulletin. Archived from the original on 2020-02-05. Retrieved 2020-02-04.
External links
edit- l3cos.com — Official website