What is a blockchain?
A blockchain is a chain of blocks (records) linked using cryptography. It enables digital currencies and secure paperless contracts.
Is L3COS a cryptocurrency?
No. L3COS is an operating system. It is designed to allow financial authorities to issue and regulate official digital currencies.
How is L3COS different from Bitcoin, Ethereum and other popular blockchains?
Bitcoin, Ethereum and other popular blockchains are public, decentralized and deregulated.
L3COS is specifically designed to be regulated by the government.
How does L3COS help reduce expenses?
L3COS automates a wide range of operations and cuts bureaucratic procedures. The automation is achieved using smart contracts.
The system removes intermediaries between end clients (businesses and consumers) and central banks.
What is a smart contract?
Smart contracts automatically ensure compliance with preset rules and regulations when an operation is executed. A smart contract is based on a blockchain.
How does L3COS help save the environment?
L3COS reduces the use of paper by governments and businesses to an unprecedented minimum.
How does L3COS help minimize fines?
When you attempt an operation, the system will automatically do a compliance check for you. L3COS will block the operation if it goes against preset rules and regulations. Thus the system saves you from getting involved in illegal activities.
How does L3COS help global business?
When used by two countries, L3COS enables international trade between the two markets using smart contracts. Smart contracts include all tax, tariff and other national regulations. This removes administrative barriers for businesses operating internationally.
How does L3COS enhance democracy?
L3COS provides a robust platform for society to influence government decisions from the bottom up.
The system is extremely secure, transparent and easy to use for individuals. This allows for inclusive and fair digital democratic procedures such as elections and referendums.
How does L3COS simplify taxes for individuals?
1. L3COS allows governments to digitize identities and track incomes. This data is 100% secure, private and anonymous.
2. Tax authorities preset tax rules in smart contracts.
3. The system automatically calculates and pays an individual’s taxes.
How does L3COS ease international travel?
Digitized identities and travel rules specified in smart contracts make the visa system obsolete. Travelers can use a mobile app to check their eligibility for entering a particular country. At border control, they can check in by scanning a QR code in the app.
Do giants like Microsoft and IBM provide similar solutions?
Not really. When you use their products, you need to compose various separate services to achieve the same benefits. This compromises security and blocks the potential for digital transformation.
Is L3COS secure?
Yes. As a permissioned blockchain, L3COS does not allow unauthorized use. Hacking the system and stealing the data is impossible.
