Laser - The Blockchain Without Borders
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Laser Coin which is a cryptocurrency that uses an open protocol to facilitate secure payment transactions has arrived.
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Laser Coin is a cryptocurrency that uses an open protocol to facilitate secure payment transactions. The platform is decentralized and distributed to different nodes on the network. The platform is described as “nearly identical” to bitcoin because it was built on the bitcoin platform. Just like bitcoin, you can send LZR anywhere in the world. All transactions are recorded on the blockchain.
In the event that Laser Coin is indistinguishable to bitcoin, at that point for what reason do we require it? What issues does Laser Coin try to tackle? Essentially, Laser Coin is by all accounts connected to a loaning plan where you can acquire cash by staking it on the stage – like Bitconnect, Hextra, and different organizations. Be that as it may, there's constrained data about the undertaking accessible on the web, so it's difficult to make sense of anything about this venture (in spite of the reality the ICO is planned for December 8).
We should investigate how Laser Coin functions and what makes it one of a kind.
Currently, no similar system exists for cryptocurrencies. Laser’s mission is to change that. Laser is a network that operates parallel to an existing blockchain network (such as Bitcoin’s blockchain). As it runs parallel, it is able to translate unique attributes of clients and nodes on each blockchain (such as the wallet ID number) into a “generic” code that can be understood by all blockchains that run with Laser. This “generic” code effectively enables blockchains to speak the same language to each other. The result of this is that a user of Cryptocurrency A can send money to the Cryptocurrency B wallet of their recipient. Instead of being restricted to just their own cryptocurrency (e.g. only A > A, not A > B), Laser eliminates the borders of the blockchain world through a parallel Servicenode layer, much like how SWIFT eliminated the borders of the banking world.
MORE ON LASER
Aside from enabling blockchains to interoperate, Laser also adds other key same-blockchain functions that address current shortcomings of blockchain networks. For example, using an overlay protocol, transactions can be completed near-instantly (as opposed to taking several minutes or hours). Laser also offers an anonymity service, which scrambles coins of multiple transactions to prevent ownership of a given coin unit being traced through a public blockchain.
ADVANTAGES OF LASER
Allowing users of the network to send any supported coins or tokens to any other supported cryptocurrency wallet address. So, for example, you can send Ethereum to a Bitcoin address.
Allowing users of the Laser Network to send any supported tokens anonymously through our Join service, which scrambles tokens to prevent traceability through the blockchain. So, for example, you could send Bitcoin anonymously without having to worry about the currency’s movement being tracked by others.
Allowing users of the Laser Network to transact supported tokens on a near-instant basis with pseudo-confirmation.
A generous incentive model that will help to build out the network quickly.
How Does Laser Coin Work?
Laser Coin's authentic site depicts the money as "a genuine task that creates genuine advantages for its group and speculators." If that line doesn't persuade you, at that point Laser Coin's loaning system may carry out the activity. The loaning program appears to work like Bitconnect and other crypto loaning plans: you store cash, bolt that cash up for a multi-month time frame, at that point pull back gigantic benefits once the advance is finished.
Obviously, Bitconnect has been blamed for being a Ponzi plot, and other crypto loaning stages are obtrusive tricks that offer unimaginably significant yields. Is Laser Coin yet another loaning trick? Or then again is this a genuine undertaking?
The issue with Laser Coin is that there's restricted data about the coin accessible on the web. The official site, LaserICO.online, has no whitepaper or additional data about the task. There are pictures of a Laser Coin application, and a fundamental diagram of the loaning stage, yet there's no solid data about the undertaking's objectives.
This is what we think about Laser Coin in light of the site:
You can loan or get Laser Coin through the laser coin stage
At the point when a loaning contract is finished, you can pull back Laser Coin or reestablish your agreement
Each loaning contract goes on for 30, 45, 60, or 90 days, contingent upon the measure of cash being loaned; LZR can't be pulled back amid this period
You can win referral commissions of 4%, down 5 levels, for alluding individuals to the stage
There's no base or greatest coin loaning sum
Laser Coin doesn't appear to have any intrigue program set up; on the off chance that you get 1 LZR through the stage, at that point you're required to pay 1 LZR back to the stage, and the bank gets 1 LZR
The motivating force to loan LZR originates from the normal future cost; if the cost of 1 LZR is $1 USD when you store it, and that value ascends to $5 USD when you pull back it, at that point you've profited
That is the procedure specified on the official site. I don't generally comprehend what Laser Coin is attempting to state here. For what reason would somebody loan cash at a 0% financing cost? Is there any valid reason why you wouldn't simply clutch your coins while they acknowledge in esteem? The organization bases a ton of its data on the presumption that the cost of Laser Coin will rise drastically – however we see no motivation to trust that will ever happen.
How will laser differ from existing blockchain solutions ?
The primary difference is in accountability. The true backbone of blockchains is the supply of full nodes to verify transactions (not the supply of miners, which process transactions). Since these full nodes generally do not get rewarded like miners do, there is little incentive to operate them. Laser’s model provides for compensation of full nodes, while also requiring them to put up collateral in order to operate. With incentives to provide stable computing resources, and do so honestly, Laser will ensure a reliable, trustworthy, and sustainable blockchain environment.
The central idea of Laser revolves around operating the servicenode layer on top of an existing blockchain as shown in Figure 1. It runs in parallel to the existing blockchain, sharing computing resources between both blockchains to perform functions as needed.
For a full node on a given blockchain to be escalated to a servicenode, all of the following conditions must be met:
Collateral: The requirement of collateral creates a high entry barrier to dishonest players, making it an expensive and risky endeavor to deploy multiple rogue nodes on the servicenode layer, as it will require a substantial commitment of capital to attempt this. Further, with the possibility that the collateral will be confiscated from nodes that exhibit dishonest behaviour, it disincentivizes such conduct – as the collateral can be confiscated upon discovery of this behaviour.
The value of the collateral can be decided based on the market value of the cryptocurrency of the underlying blockchain.
SLA (Service Level Agreement): Servicenode operators will be required to commit to guaranteeing network service with at least 99% uptime. This assures users of constant and steady service.
Dedicated IP Address: This acts as an identifier for the servicenode.
Node is not a Miner/Validator: In the case of blockchains that support miners and validators, a full node that is seeking to become a service node cannot be performing these functions. This is because the underlying blockchain network is responsible for confirming the transactions.
We propose the launch of a blockchain called Laser by hard-forking the Ethereum blockchain. We will also introduce a new cryptocurrency called Photon as part of the Laser blockchain.
All holders of Ethereum (ETH) and Ethereum Classic (ETC) before the hard fork will receive an equal number of Photons on upgrading their software.
The total supply of Photons will be capped at 42 million units.
All ETH and ETC holders will be entitled to Photons under the proposed distribution plan, as below.
30% (12.6 million Photons) will be pre-mined for the company.
15% (6.3 million Photons) will be pre-mined for the servicenode crowdsale.
30% (12.6 million Photons) will be generated by the miners. Note that eventually the mining will be replaced with PoS by Q4 2018.
25% (10.5 million Photons) will be airdropped to Ethereum and Ethereum classic holders. The Photons allotted to the Ethereum and Ethereum Classic holders will be 5% of their current holdings.
Current holders of Ethereum and Ethereum Classic will be incentivized to begin staking on the Laser network through a targeted airdrop. Currently it is estimated that they will be rewarded with a yearly payout of 36% in Photons.
Laser Coin Roadmap
Laser Coin doesn't seem to have any items or administrations set up the present moment. Notwithstanding, the ICO and web wallet are booked for December 2017, trailed by the dispatch of a mining pool and blockchain wayfarer in January 2018. The loaning program is relied upon to dispatch in February.
By December 2018, Laser Coin would like to dispatch an Android application, be recorded on numerous trades, and have a total mining/loaning framework set up.
The Laser Coin ICO
The Laser Coin ICO dispatches on December 8, 2017. There's restricted data about the ICO accessible on the web. Be that as it may, it appears you can save your coins by going to LaserICO.online today.
Like other loaning plan crypto organizations, Laser Coin has a settled supply of coins accessible every day. Hextra's ICO propelled with this model, and they utilized it to appear like their coin had higher request than it really did.
Regardless, the Laser Coin site records a swapping scale of $5 per token. In any case, they additionally say that 300 LZR tokens will be accessible at a cost of 0.08 BTC amid the ICO, trailed by 900 LZR tokens at a cost of 0.02 BTC, and 4 million LZR tokens at a cost of 0.05 BTC, with the last 12 million LZR tokens recorded at 0.1 BTC.
The organization asserts that there's an aggregate supply of 49.6 million Laser Coin tokens, with just around 16 million of those tokens accessible amid the ICO. It's indistinct where the rest of the tokens are held.
Who's Behind Laser Coin?
Laser Coin's site includes no group data, and the organization has no contact data posted on the site.
Regularly, when somebody requests that you put resources into their chance however declines to reveal their data, it implies you're being misled.
Limitations of Current Blockchain Solutions
Traditional blockchain technologies face several practical issues, which are hindering the adaptation of these technologies into mainstream use. We will be focusing on the blockchain technology implemented in Bitcoin as the central case study to demonstrate its limitations. We believe that the blockchain mechanisms used in Bitcoin are well established, and have the largest base of installations as of this writing. Further, most other cryptocurrencies use similar concepts in their blockchains. Hence, we believe the limitations that Bitcoin faces are representative of those that are faced by other cryptocurrencies as well.
THE AMAZING TEAM BEHIND LASER
Shidan is the brain behind this project. Involved with cryptocurrencies since 2009, Shidan is one of the founders of the Laser Network’s parent company, Global Blockchain Technologies Corp. He recognized the need for a solution that helps blockchains work more efficiently and for them to interoperate with one another — which is why he made the necessary partnerships to make the company part of the early developments of Laser as it was being developed by Hughes Systique. Under Shidan’s leadership, this project has gone from concept to reality, and as of this writing — it is positioned to succeed as the SWIFT of blockchains.
Maxwell is an analyst at Global Blockchain. He has used his research abilities to identify and secure solid business opportunities for the company, and he has used his writing abilities to draft compelling business proposals and obtain coverage of the company in news media. Maxwell played a significant role in developing Laser’s whitepaper and website content. Through a balanced knowledge of the technical side of blockchain and the non-technical side of most people’s brains, Maxwell is able to simplify the significance of Laser’s strengths in terms that can be understood by the less-technical folks of the blockchain community.
Richard is a copywriter who has been brought onto the Laser Network project to assist with content strategy, and provide a more “technical” perspective with regard to the structure of content such as press releases. He also contributed to the whitepaper, in addition to optimizing Laser’s introductory video. Maxwell and Richard work closely together on content production, and are the main personalities behind Laser’s blog. Can you guess which one of us is writing this?
Mike is a web developer who, like many web developers, wears a lot of hats. He designed both Global Blockchain and Laser’s websites. He also did the styling for Laser’s whitepaper. He also worked out our creative vision so that one of Dribbble’s top-rated graphic designers could come up with logos, insignia, and colour schemes for us. His ability to juggle design work and development work, all while keeping Laser’s objectives as a technology in mind, has held much of Laser together to be brought to its current state.
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.