L3COS

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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 open source software 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.

History

Work on the “three-in-one” algorithm was started in 2013 and completed in October 2019. Founder and CEO of the project is Zurab Tsitsuashvili, a PHD in Cybernetics and Applied Mathematics, who was previously the head of the holding company Softbank. The official launch of the algorithm was held at the World Economic Forum in Davos from 21 to 24 January 2020. Over the first eight years, more than $65 million was invested in the company.

In March 2020, the Central Bank of England invited private companies to participate in the development of a CBDC (Central Bank Digital Currency). In June 2020, a proposal was made to the Central Bank of England to use L3COS technology.

In March 2021, information emerged that the world’s first digital platform for agricultural goods and foodstuffs, AgriDex, was investing $85 million in the L3COS blockchain. The creation of a smart marketplace allows improvements in global food security, with reduced transaction costs and reduced food costs to consumers. 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.

In April 2021, L3COS announced a new partnership with US label ENT Global Technologies and entertainment company TITLE 9 Inc. The $110 million deal will enable L3COS to create a global digital rights management system and a trading platform for music and film.

Principle of operation

More 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.

Open source 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 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 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.

Links

• l3cos.com — Official website