A group of companies in the Latin American blockchain industry, including Ripio, SenseiNode, Num Finance, Cedalio and Buenbit have created LaChain, a first layer (LI) blockchain specifically designed to meet the needs of Latin American individuals and institutions. Its presentation to the market took place during the Modular event in Buenos Aires-Argentina, organized by Ripio to explore the potential of blockchain technology and its implementations in other industries.
According to its creators, the network is oriented towards the development of use cases that include retail payments, settlement of international transactions, remittances, and Decentralized Identity (DID) systems; likewise, its LaChain technology is being developed and maintained by Latinos for Latinos, with the aim of improving finances and offering new experiences that put users in the spotlight. “We want to offer not only a blockchain designed to mitigate local problems, but also create an ecosystem made by Latin Americans for Latin Americans. Latin America is fertile ground to develop this new paradigm due to the historical problems of the region that make the creation of a technology like LaChain”said Sebastián Serrano, CEO and Co-Founder of Ripio.
LaChain was created through the Polygon Supernet platform, and as reviewed, it uses a Byzantine Fault Tolerant Proof of Authority (IBFT PoA) consensus mechanism in which the nodes (validators) are solely responsible for creating the blocks and adding them to the serial blockchain. In the future, the network is expected to migrate to the Proof of Stake (PoS) consensus mechanism, already used in established networks such as Ethereum.
Finally, about the token native of LaChain, they told that it is LaCoin (LAC)and explained that the token would have a fixed supply of 10 billion that would be used to pay transaction fees on the network.
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