Locus Chain will be the world's fastest and most scalable next generation blockchain platform, making it the most practical and cost effective integrated solution for smart governments to develop smart cities.
Experts and participants of Locus Chain World Summit held recently in Singapore expressed such optimism, according to a statement.
Sang Yoon Lee, a world renowned computer game programmer from Singapore, who created the games like Kingdom under Fire and Crusader, founded Locus Chain Foundation with fourth generation technology in 2018.
He is the managing director of the foundation. Through blockchain Lee wants to create a new world where financial transaction will be quick and free without any kind of irregularity.
It will also ensure transparency and accountability while different sectors like financial, health and social development sectors will operate through blockchain. The open-source basis technology will contribute to the technological advancement of the world and harness its power to reduce inequality, promote sustainable growth and benefit human society.
Currently blockchains like bitcoin, ethererum are operating in the market.
But due to weak technology these blockchains did not get desired popularity due to slow speed. The transaction through these blockchains consumes more time than traditional medium like credit cards, banks.
"The state-of-the-art blockchain Locus Chain protocol can maintain stable transaction time even if the number of nodes and transactions increase using Account Wise Transaction Chain (AWTC); through this, Locus Chain is able to provide high transaction speed for every user in the ecosystem and the network," the statement added.
Locus Chain is also world's first blockchain platform accepted for use by sovereign governments. Its technology is expected to provide a low-cost transaction mechanism, a reliable and transparent management system, and empower growing economies to become future-ready.
Through strategic partnerships, the company is fast becoming the go-to platform for smart governments to develop smart cities, with MoAs already signed with the governments of Tunisia, Saudi Arabia, the UAE, Democratic Republic of the Congo, Rwanda and Brunei. In total, company has more than 40 partnerships in natural resource development, infrastructure, health management and financial services with corporations and governments in Asia, the Middle East, Africa and Europe.
The blockchain protocol also provides scalability through dynamic state sharding technology, resolving issues associated with growing data size; supports Smart Contracts, which can be executed even in harshest network environments that other blockchain protocols cannot manage; and is protected by a secure cryptography system that shields the platform from cyber-attacks. Transaction costs involved in the process are divided fairly and transparently, thereby tackling the concerns of large-scale applications of blockchains.
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