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LALAWorld Monthly Roundup: November 2018

Monthly Round-up

LALA World’s trail through November has been about re-building connections, re-aligning business strategies, developing market penetration moves and bringing a holistic growth in every sphere of the organisation.

 

Roadmap

Moving through the Crypto-winter, many of the Blockchain based enterprises are retaliating due to the negative sentiments floating in the market. LALA World with its foresightedness prepares for the sunny days, looking through the dark clouds.

 

In this quarter (December 2018 to March 2019), LALA World prepares to introduce its standalone Crypto Wallet that will serve as the one stop solution for the crypto services, including payments, transfers and lending. This wallet will facilitate the mass adoption of Cryptocurrencies and serve the purpose of enhancing utilities of LALA tokens. Read the full Roadmap here.

 

Tokyo Business Camp

LALA World aggressively took part in three phases of the Accenture powered Tokyo FinTech Business Camp, hosted by the Tokyo Metropolitan Government. Over two months of networking sessions, LALA World reached out to various brand leaders attending the event to create synergies and a sustainable connected future.

 

Flagship Acquisition

LALA World acquired First Mobile Money Limited, a UK based Remittance service provider. This business expansion move is to penetrate the UK remittance market for providing financial services that support migrant workers, refugees and the unbanked. Click here to read the full article.

 

Events

Sankalp Shangari attended the Singapore Fintech Festival 2018 representing LALA World discussing the evolution of Blockchain and emergence of its markets.

LALA World was a part of the ASEAN Summit 2018 discussing the future of the ASEAN Economy and its efforts toward greening to a sustainable growth. Sankalp Shangari, CEO and Founder represented LALA World.

LALA Roadmap

Greetings for the day!

Dear Community Members,

It is indeed an esteemed pleasure to have you as a member of our LALA Family.

Today, I am writing to you in regards to a number of things that I would want to convey to you in person. To begin with, I express my heartfelt gratitude for believing in our project and making us what we are today. Thanks a lot for making LALA World successful and a reality.

We, as a team, are working day and night to adapt, improve and deliver, nothing but the best, to fulfill our commitments made during the ICO. For we are humans and tend to do mistakes, but we are a team of quick learners, fixing the issues and growing stronger each day.

With current markets running loose, we are constantly reviewing internally on how to plan and proceed with required development as we navigate through this storm.

In the previous months, we have been continuously striving and delivering products in tandem with the presented roadmap and ahead. While we have nearly checked the entire task list, here is the next roadmap to provide you with a glimpse of what upcoming months have in the oven. And the team will work to deliver everything as per the roadmap, if not more.

Thanks again.

Warm Regards,

Sankalp Shangari

CEO – LALA World

Practical Byzantine Fault Tolerance (PBFT) and How it Can Create a Social Impact

Practical Byzantine Fault Tolerance

Apps to make data secure and immutable are rolled out every other season. The benefits of using Blockchain Technology overrides these issues to a large extent. Every block in a blockchain uses a consensus mechanism to derive an outcome by achieving a consensus among its participants on the Blockchain.

 

Larger the network, greater are the chances of attacks from malicious participants. The Practical Byzantine Fault Tolerance (PBFT) consensus mechanism was introduced to negate such possible malicious intent of nodes.

 

What is Practical Byzantine Fault Tolerance (PBFT)?

 

Unlike other consensus mechanisms, the PBFT mechanism is used in a permissioned Blockchain and not a public one. Every participant involved is first vetted by the network owner.

 

The Blockchain database is then divided into smaller, easily manageable data ‘shards’. The message received by each ‘shard’ runs through a computation to arrive at a decision. This decision is shared with other shards in the network. When all the different shards reach a consensus on the result, a block is added onto the Blockchain. Since the computation is run through several verifications, malicious attackers in the system cannot alter the network as their identities are revealed if done so.

 

Advantages of PBFT Consensus Mechanism over others

 

  1.    Risk of Centralization of Blockchain is eliminated as the frequency of transactions are increased between each shard.
  2.    Energy Utilization is reduced as hashing energy is not required to enter the next block.
  3.    Larger scalability and lower transaction fees

 

What is the Use- Cases of PBFT Consensus Mechanism?

Zilliqa coins, Hyperledger, Stellar and Ripple use the PBFT consensus mechanism in their blockchain network.

 

Using this consensus mechanism has increased the scalability of transactions and authenticity of their blockchain. It has been proved to be an energy and cost-efficient alternative to other consensus mechanisms.

 

How will the advantages of PBFT bring a Social Impact?

  1.       NGO’s – In PBFT mechanism, the network is divided into smaller units. They help in maintaining confidentiality, resilience, flexibility, and scalability of transactions. NGOs can keep a tab on the moral functioning of its funds, divisions and structure using this mechanism in its Blockchain.

 

  1.       Health Care – The secure, immutable and trustless network of a Blockchain can use PBFT mechanism to fragment systems and generate better insights, improve efficiency and support.
  2.       National Security – Since government data needs to remain confidential yet transparent, the PBFT consensus mechanism in its Blockchain can be used to eliminate the myriad attackers who try to disrupt the network.
  3.       Government – The centralized system of governance leads to accumulated power, wealth and resources in a few hands. Using the PBFT mechanism in Blockchain can make the system transparent, accountable and eliminate corruption.

PBFT has proved to make the blockchain robust and improve its performance. However, it has been proved beneficial only for small consensus groups as the scale of transactions is large but outcome few. Platforms to optimize PBFT is continually devised and implemented to keep the system’s integrity and operability.

 

Meet LALA World at Tokyo Fintech Camp

Mr Ranjit Kumar, COO at LaLa World will represent the company at the Tokyo Metropolitan Group (TMG) hosted FinTech Business Camp on the 26th and 27th of November, 2018. He will present the services, vision, and goals of LaLa World at the Accenture-powered program which was initiated as an annual event to enable cultural exchange of foreign business ideas looking to expand operations in the world’s 3rd Largest Economy – Japan.

Ranjit will showcase the plethora of LaLa World services at the program to leverage the business and legal acumen of the financial and regulatory authorities partnered with TMG in a bid to improve the reach of its services for the betterment of mankind and the business investment climate. Most notable amongst the LaLa bouquet of offerings is the cryptographically secure wallet that is optimised to provide financial security to the millions of unbanked and marginalized peoples of the world.

“I’m looking forward to visiting Tokyo for the FinTech Business Camp and gain valuable insights to the business opportunities in Japan in general and Tokyo in particular. Our experience as a successful Blockchain based product company will be a valuable opportunity for the participating startups while we can learn a lot from them too regarding business practices in distinct countries with distinct cultures.” said Ranjit before flying out from India.

Delegated Proof of Stake Consensus Mechanism

Proof of Stake

Blockchain technology has emerged as the go-to solution for transactions that are trustless, immutable, secure, and above all, decentralized. The Blockchain creates each block after reaching a consensus among participants without relying on any trusted intermediary such as banks. This consensus is arrived at via different mechanisms based on different ideologies on different blockchains. 

What is Proof of Work?

The most popular Consensus Mechanism is ‘Proof of Work’ (PoW) where miners race to solve mathematical puzzles to earn the right to add a new block to the blockchain. The winning miner who ‘mined the block’ earns the block reward and the right to validate the transactions submitted to be committed to the Blockchain. Bitcoin and Ethereum use the Proof of Work consensus mechanism to incentivise their miners to validate and commit new transactions to the Blockchain.

 

Mining via the solving of mathematical puzzles requires computation power and wastes a lot of electrical energy. ASICs (Application Specific Integrated Circuit) computers, designed for the sole purpose of mining cryptocurrencies consume a little less energy but require computation power nevertheless, and on top of it all, are expensive.

Limitations of Proof of Work

Such prohibitive costs and barriers to entry discourage a large part of the population from mining cryptocurrencies. This goes against the principle of decentralized control as only a handful of large conglomerations end up as the only miners on the Blockchain and drastically reduce its authenticity and accountability as a decentralized and distributed ledger.

 

Proof of Stake’ (PoS) and ‘Delegated Proof of Stake’ (DPoS) are newer consensus mechanisms that eliminate the limitations of the PoW consensus mechanism and improve the Blockchain’s scalability, reduce operational costs, transaction times, and improve incentives for the miners.

What is Delegated Proof of Stake?

PoS is a consensus mechanism to enable real-time voting to elect the transaction validators instead of making miners solve mathematical puzzles. The immediate benefit of such a voting based validation of transactions saves a lot of computation power and electricity.

Overview

Delegated Proof of Stake takes this consensus mechanism and improves it further to prevent people with large stakes from calling all the shots. DPoS creates a distinctive set of users and calls them Witnesses. These witnesses are elected on the basis of the votes received. Each voter has a voting power in proportion to the stakes held by the voter.

 

These top-tier witnesses (those who got the most votes) are called Delegates and are given the responsibility of validating transactions. The duties of the Delegates include all the important decisions of governance of the Blockchain such as:

 

  1. How much should the witnesses be paid for validating blocks
  2. Size of the Blocks

 

For their services and duties, the Delegates are paid a regular income (like a salary) while the witnesses get paid for validating transactions. The witnesses do not have the rights to alter the details of the submitted transactions

Benefits of DPoS

Since DPoS does not require intensive computation power, all computer systems, irrespective of their processing power begin on equal footing for validating transactions. Witness elections are based on reputations of the the candidates and the delegation of voting rights by other users to those who they trust to make the right decision. This prevents wastage of voting power and the absence of large sections of stakeholders will not automatically mean the loss of their votes.

 

Similar to the election procedure, the Users can vote out their existing Witnesses and the Delegates if the majority of the votes deem that a particular Witness/Delegate is not acting as per their mandate. Voting is a continuous process and all delegates are disincentivized from acting dishonestly due to the risk of losing their salaries and reputations.

 

As the number of users increases, the voting process becomes more intense and leads to the development of a fluidic state where non-performing witnesses/Delegates are immediately voted out and prevented from affecting the functioning and reputation of the entire Blockchain.

Conclusion

Since the Blockchain itself is a novelty, the consensus on the best consensus mechanism is still some time away. Until then, the proponents of the PoW, the PoS, the DPoS, and several others will continue. Maybe that’s a good thing for the increasing adoption of Decentralized protocols and technologies.

LaLa World Enters the UK to Enable Faster and Cheaper Remittance for its 9.5MM Migrant Workforce

remittance
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Singapore, 14/11/2018 – LaLa World, an Asian Blockchain-based social business, announced the acquisition of UK based remittance company First Mobile Money Limited (FMML) today. This move is a part of its strategy to create a simplified financial services ecosystem that provides remittance services to the UK’s migrant workforce, refugees, and the unbanked, as well as, partner with other remittance companies in the UAE (United Arab Emirates) and the CIS (Commonwealth of Independent States).

LaLa World’s FMML’s acquisition of FMML is a part of its planned expansionary roadmap to drive greater adoption of its services through global partnerships. The strategy also includes leveraging existing infrastructure, engaging corporate houses, NGOs, governments, local companies, and distributors to improve the options available to the 9.5MM migrant workforce that resides in the UK.

“International remittance is one of the biggest pain-points for international workers everywhere. LaLa World is developing a user-centric financial ecosystem that enables faster and cheaper money transfers the world over. With the acquisition of First Mobile Money Limited, we are moving closer towards our goal of global financial inclusion and becoming the go-to financial services providers for those who do not have access to banking services,” said Sankalp Shangari, Founder and CEO of LaLa World.

The Blockchain-based financial ecosystem will be a one-stop solution with a digital wallet that provides a globally verifiable identity for improved access to payments, credit, lending, and other financial services with a clear focus on financial inclusion

Founded in 2016 & headquartered in Singapore, LaLa is an established and fast-growing Asian technology company using Blockchain & AI. LaLa supports FIAT and other Blockchain protocols like Stellar & Ripple to create a comprehensive financial ecosystem for those historically left unbanked, such as the migrant workforce and the refugees, apart from the underprivileged. Its vision is to reach 100 million users by 2021 and enhance the scope of financial services accessible to the general public.

About LaLa World:

LaLa World is an established and fast growing Asian technology company using blockchain to create a connected financial ecosystem for the unbanked, migrants and refugees around the world. Founded in 2016 and headquartered in Singapore, LaLa World is a social business with a presence in 5 countries and over 100 global partners including government agencies and NGOs.

Join Discussions on Telegram – https://t.me/lalaworld

Twitter: www.twitter.com/MyLaLaWorld

Facebook: www.facebook.com/MyLaLaWorld

Reddit: https://reddit.com/r/lala_world

Bitcoin Talk: https://goo.gl/Xf8qvJ

Proof of Stake Consensus Mechanism

Proof of stake vs proof of work

The huge electricity bills incurred due to mining of coins using Proof of Work consensus mechanism prompts the miners to sell off their cryptocurrency to pay for the bills. This causes a depreciation in the value of the currency which ultimately results in low profitability of mining. To counter this disadvantage, Proof of Stake consensus mechanism was introduced.

As the name suggests, Proof of Stake consensus mechanism gives validation opportunities to miners who possess the highest number of coins. The consensus is achieved by necessitating staking a number of the user’s tokens to be in the race of being selected for authenticating blocks of transactions and get incentives for the same. The question is how it ensures ‘decentralization’ when it is money that will allow a miner to stand a chance to be chosen for ratifying transactions.

Here, the distributed consensus is achieved by making the validation a two-step process. The first step is to consider only those miners, also known as forgers, who have a stake on the network. The second step involves a semi-random selection process where forgers are selected randomly. Miners with higher stake have a higher chance of being selected.

The question here is, how much of the relevant cryptocurrency does a person need to keep on stake and how does it ensure protection against malicious desires of any entity?

There is no fixed minimum amount that a person could stake, it differs across different Blockchain networks. Each validator is required to own a stake in the Blockchain network. It means, he or she should deposit an amount of crypto-currency into the system that is locked away into a virtual safe. It is then used as a collateral to vouch for the authenticity of the block.

Why PoS provides them with a higher stake is because they have more to lose if the network is affected. Their malicious act can result in them losing a greater amount of money than someone with less stake. It is similar to the situation where you’d put in extra efforts to keep your business afloat as compared to any other person because you have your money in it.

The miners earn money in the form of transaction fees in PoS consensus algorithm instead of freshly curated currency, like in the case of PoW consensus mechanism.

We come down to the question, is PoS consensus mechanism actually the best way to achieve a distributed consensus?

In case, a miner with high stakes in the network loses his private key to a malicious entity, he or she can use the consensus mechanism to falsely validate a new Block. Also, since most of the decision-making power, both technical and administrative, lie with the miners who have a higher stake, they can implement changes to the system without considering the will of the community, businesses, miners and developers. This entirely disrupts the true essence of a distributed ledger by handing over the control over the network to a richer party. This system makes the rich richer by providing them with more mining opportunities.

With the backdrop of some major disadvantages, is it possible to have a consensus mechanism that can be beneficial without being accompanied by substantial drawbacks?

Join Discussions on Telegram – https://t.me/lalaworld

Medium Sankalp Shangari – https://medium.com/sankalp-shangari

LALA World Social Media Links – 

Twitter : www.twitter.com/MyLaLaWorld

Medium : https://medium.com/@MyLaLaWorld

Facebook : www.facebook.com/MyLaLaWorld

Reddit : https://reddit.com/r/lala_world

Bitcoin Talk : https://goo.gl/Xf8qvJ

You Tube : https://www.youtube.com/channel/UCCcnh2DTw_mXECPgOOBN84Q

Sankalp to panel at Accenture Fintech Asia Event as part of Singapore Fintech Festival Week

LALA World continues to set benchmarks and lead, with the latest addition of invitation by Accenture as a panellist at the FinTech in Asia Event, Singapore.

This event is organized by Accenture and Singapore Fintech Association, to be held on 15 th November 2018, at WeWork, Level 17, 60 Anson Road, Singapore. This esteemed invite to the event is in relation with the reputation earned by Lala World at Tokyo Accelerator Program, organized by Tokyo Government and Accenture.

Looking forward to see you there!

Join Discussions on Telegram – https://t.me/lalaworld

Medium Sankalp Shangari – https://medium.com/sankalp-shangari

LALA World Social Media Links – 

Twitter : www.twitter.com/MyLaLaWorld

Medium : https://medium.com/@MyLaLaWorld

Facebook : www.facebook.com/MyLaLaWorld

Reddit : https://reddit.com/r/lala_world

Bitcoin Talk : https://goo.gl/Xf8qvJ

You Tube : https://www.youtube.com/channel/UCCcnh2DTw_mXECPgOOBN84Q

Get ready for Sankalp’s Podcast with Michael Michelini

Dear LALA Family,

 

Sankalp Shangari, CEO – LALA World, has been invited by the Global From Asia, a leading Hong Kong-based Fintech Consultancy, over a podcast. The agenda of this session is to discuss the future of crypto and sustainability of Blockchain solutions in the Fintech space. The podcast will take place on 8th November, with Michael Michelini (Founder – Global From Asia), to delve deeper into the current and future scenario of the Crypto ecosystem.

 

Sankalp will be giving a brief about how LALA World will use Blockchain to create a paradigm shift in the finance & banking sphere. He will also be discussing expansion and diversification plans of LALA World over this forum to bank the unbanked. The podcast will be available on their blog. Link: https://www.globalfromasia.com/podcast-radio/

 

Proof of Work Consensus Mechanism

Consensus Mechanism

The decentralized and self-regulating systems of a public Blockchain have operations spread across borders. Unlike centralized systems, Blockchains are not regulated by a single authority which controls and authorizes every transaction that is updated on the network. These transactions are verified and authenticated by miners, using consensus mechanism, who indulge in block mining activities for block rewards i.e., cryptocurrency.

A huge number of miners are involved in the verification of transactions, by solving mathematical puzzles using special mining computers. When a decentralized network operates on such a large scale, installing a system that ensures smooth working of this distributed ledger becomes mandatory. This is where Consensus mechanisms come in the picture; they ensure that the entire network collectively approves and validates the contents of the ledger and are in consensus. There are multiple consensus mechanisms that are used by the Blockchain networks to maintain their authenticity and streamline ratification of transactions on the ledger.

Proof of Work (POW) is the first type of Consensus that existed even before the introduction of crypto assets in the industry. The idea was first introduced in a  journal written by Cynthia Dwork and Moni Naor, published in 1993. It was only in 1999, that the idea was given a name ‘Proof of Work’ by Markus Jakobsson. But, how does consensus mechanism work in Blockchain? The concept was viewed in reference with Blockchain when Satoshi Nakamoto entrusted that it had the ability to maintain the authenticity and conflict-free nature of Blockchain networks. He believed in the potential of POW to safeguard the network from distributed denial-of-service attacks (DDoS) initiated by malicious entities and also prevent them from gaining access over majority of the network.

But what does Proof of Work mean? POW consensus mechanism requires the solution of an expensive computer calculation which is known as mining. The act of mining needs to be done for the formation of a Block- an assembly of trustless transactions.

POW limits execution of actions in the network by increasing the amount of effort required for completion of any task. In order to attack a network based on POW consensus mechanism, an attacker needs to gain access to huge computational power and invest a lot of time to do the calculations. It is to say that the attack is possible, but its high costs and need for great computational powers discourage any entity to go through with it. It is because of these advantages that huge Blockchain networks like Ethereum and Bitcoin utilize Proof of Work consensus mechanism in their systems.

Although Proof of Work consensus mechanism serves as the backbone of distributed ledger systems, it possesses challenges of its own. POW consensus mechanism’s energy consumption of one year is greater than the energy consumed annually by Denmark and Iceland. To run the complicated algorithms, miners need highly specialized computer hardware which comes with great costs. These costs can only be met by organizing special mining pools that meet the increased costs of large amounts of power consumed.

Also, the computations are not valid anywhere else besides the generation of Blocks and the security of Network. This means all the power consumed for mining reaps limited benefits. It is because of these drawbacks that Ethereum planned to transition its consensus mechanism from Proof of Work to Proof of Stake. The question is, can the new consensus mechanisms provide for the shortcomings of Proof of Work?