India’s first cryptocurrency, Futuristic Blockchain technology envisioned by Mitthan Meena, cloud be launched as the biggest blockchain platform
The past couple of decades have seen a titanic shift in the world — a shift which many agree has affected and will continue to affect human civilization in fantastic ways. Led by digital technologies, this shift has made the world flat, creating new synergies, business models, and opportunities. With the massive surge in the popularity of cryptocurrencies such as Bitcoin, it appears India might soon have its very own cryptocurrency, dubbed the Laxmicoin.
An Overview on LaxmiCoin
Laxmi coin is India’s first cryptocurrency same as Bitcoin, Ripple, etc. This could be the biggest hit in the crypto world as this is the first Indian cryptocurrency and soon started making an opening in exchanges. Laxmicoin is a digital cryptocurrency created by Raj Dangi and Silicon Valley-based Mitts Daki. As per the founders, Laxmicoin is expected to have a total coin supply of 30 million that will use blockchain technology to function similar to Bitcoin
What Is Cryptocurrency
A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security.
Why are cryptocurrencies so popular?
Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:
· Supporters see cryptocurrencies as the currency of the future and are racing to buy them now, presumably before they become more valuable
· Some supporters like the fact that cryptocurrency removes central banks from managing the money supply since over time these banks tend to reduce the value of money via inflation
· Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
· Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money
It was in 2012 when Mitthan Meena and his team in Jaipur struck upon the idea of having India’s first and only Cryptocurrency aptly named Laxmicoin. It was more a question of when and not why. While talking to a friend of his one day, he realized most people in India had never heard of a Cryptocurrency. “I thought why shouldn’t Indian people have their own currency? That’s the first-time idea of Laxmicoin came up,” informs Matthan. Matthan has been tracking this new technology called blockchain since 2009 and it took shape in 2016, after seeing many a company launch in India and the world.
As the technology kept getting advanced, many a company closed or folded down, and yet, Laxmicoin was tweaked and made so advanced that it can ensure high transaction speeds, scalability, and usability. “Laxmicoin is known to possess the most advanced and secure network for the digital world and uses some latest research done in blockchain space to make their network powerful.
How Laxmicoin is effective
Laxmi coin’s a distributed platform for all end-users in the world to set up the most advanced blockchain making it possible for a number of use cases in different fields such as banking, land registry, voting platform, and healthcare to name a few. It also plans to build its own network layer to support services such as VPN and DNS.
In 2012 accomplished technological expert Mitthan Meena started Laxmicoin as a decentralized global platform for consumers, as Laxmicoin team says Blockchain for billions of people around the world, this team really build a scalable blockchain that performs microtransactions at scale competing with some of the best-known blockchain projects like Ripple, Stellar and EoS
Have he been granted permissions in a timely manner as his team requested multiple authorities time on the time it would have been one of the best blockchain projects, He envisioned this back in 2012 most of the people were not even aware of blockchain, as said better late than never, even if this team allowed to launch now also we envision Laxmicoin blockchain Rover Network one of the top 5 blockchain projects while most of the blockchains struggling on scalability, Laxmicoin team main focus was scalability and highest TPS(Transactions per second) for mass adaption
This team clearly penned down most of the use cases and architecture on www.laxmicoin.com and www.rover.network
Some of the use cases penned down and explained by the team are
Land registry is one of the critical concerns for most people and if the land registry is on the blockchain, it can’t be manipulated and won’t have a double registry or encroachment problem like “Khosla ka Gosla” movie
A voting platform on blockchain: Every time vote counting or voting machines are blamed, imagine all voting record is on blockchain even if someone takes away voting machines, they won’t be able to manipulate, and elections can be done the much fairer and more transparent way
Banks on the blockchain( BoB): assume all banking operations ran on a blockchain, Vijay Malia, Nirav Modi, Lalit Modi, and Mehul Choksi won’t be able to cheat banks, as loan officers can’t approve loan more than assets and as they default assets start moving to banks automatically without 3rd party involvement, we are simply amazed by this use case
Remittance: Indians receive the largest remittance, everyone pays 2–5% in transaction fee and it takes a couple of days to receive the money, if it’s done on the blockchain it can be done with a fraction of a percent and within seconds at scale, that’s the vision set by Laxmicoin team
Laxmicoin blockchain Rover Network
“Rover Network” — A decentralized platform for consumers around the world. Rover Network has the potential to disrupt the trade landscape by making it easier to reduce disputes and fraud to provide delivery and payment certainty, enable transparency of trade asset movement, and facilitate the flow of trade receivables
Rover Network will provide solutions for, uniquely identifying each transfer in a transaction, provide authority and verification. With Rover Network the institutions can track the flow of funds with greater certainty, providing transparency, timeliness, and auditable reporting. It works on Decentralized Network System, which makes it Public, easily Traceable and hence, no Manipulations can take place.
More on Rover and Rover Network
Rover will be like a giant supercomputer powered with combined computation power and storage of billions of devices. “This will be the future of the Internet. Rover Network is expected to be a blockchain platform where anyone can set up a mobile app or website or anything using the friendly, “Rover Network. It is going to be a faster, more usable blockchain platform. It is likely to solve problems of transaction speed and scalability which most blockchain solutions have as of now. Rover Network is going to be a highly scalable Dapps Platform. Hopes are that the next big thing like Facebook or a Google will be powered by Rover Network
The journey of Laxmi Coin
2012: Started the journey of Laxmicoin project
2017: Relaunched the project
2018 Q2: Laxmicoin launch, India’s first cryptocurrency
2018 Q3: Main net and P2p Transactions
Main net an independent blockchain running its own network with its own technology and protocol.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network
2019 Q1: Rover Network Alpha Launch
Laxmicoin and the “Rover Network” — A decentralized platform for consumers around the world. It is committed to building the most advanced blockchain facilitating a number of use cases in different fields such as banking, land registry, voting platform, and healthcare to name a few.
2019 Q3: Rover Storage
The Rover Decentralized storage will bring together the best features of decentralized technology, with attributes that meet the practical demands of storing high volumes of data. Rover decentralized storage works by distributing the data across a network of nodes, in a similar way to the distributed ledger technology characteristic of blockchain.
2020 Q1 Rover Based App: (The voting platform on a blockchain)
Every time vote counting or voting machines are blamed, imagine all voting record is on blockchain even if someone takes away voting machines, they won’t be able to manipulate, and elections can be done the much fairer and more transparent way
The expectation by 2022: More rover-based Apps such as banking, land registry, and healthcare
Laxmicoin® is a blockchain platform powered by billions of devices. Started in 2012, and Now are on a mission to make the most powerful infrastructure for decentralized applications.
· But now in 2018, it is restarted.
· They have a very good roadmap now.
· Now working with Rover network
· Have Big team with qualified developers
· They have highlighted their concerns on their website
Laxmi coin could be the biggest hit if it comes to the open market as this is India’s first cryptocurrency by Mitthan Meena who has been working on it since 2012. So far it has been using Rover Network, having features of highly customizable, distributed Rover Storage, Highly secure and p2p Transaction. If it is used in few areas such as Banking, Voting, Healthcare then it can have its own huge impact with much more expectations. It could be a great go head to build a cashless economy in the country.
Laxmicoin: ‘Made in India’ Blockchain For Billions was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.