LaLa World

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.


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.


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

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.

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Bitcoin Talk:

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?

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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!

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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:


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?

LALA World Monthly Roundup: October 2018

LALA World attended and delivered back to back conferences, summits and events related to the present and future of Blockchain, cryptocurrencies and finance over the month. It exposed us to latest crypto and Blockchain updates and helped us build a wider business network, connections and partnerships.

Accelerator Program

Lala World had been selectively invited to Accelerator Program ‘Fintech Business Camp Tokyo’ held by TMG (Tokyo Metropolitan Government). Mr. Jayadeep Apte, Global Head of Strategy and Business Development and Mr. Ranjit Kumar, Group COO and team represented LALA World. LALA World’s growth over its short span was acknowledged and well appreciated.

We have received phenomenal response from the Japanese government for our project. It has increased LALA World’s prospects of expanding its business ecosystem and geographical audience towards more Crypto-friendly markets, primarily Japan.


Sankalp Shangari, CEO & Founder of LALA World was invited as a speaker at ASEAN Summit 2018 where he delivered his views on ‘CryptoGovernance – Blockchain as a Game Changer in Sustainability Development Goals’. It was received with stellar responses and interactions resulting in extensive knowledge sharing and cultivation of new ideas and platforms.

Mentions & News

In a conversation with esteemed Blockchain Journalist, Simon Chandler (Cryptonews), Sankalp shared his views about the current slug in the bitcoin market but also expressed his conviction of a positive outcome from natural selection. Simon Chandler gave mention of this in his controversial blog relating to tokenization.

AMA (Ask Me Anything)

Sankalp Shingari had conducted his 4th AMA on Oct 1st, 2018. It was received with a rave number of queries, opinions and suggestions related to the company’s future and expansion. Solutions to each issue and feedback was provided through Mr. Sankalp’s vlog, personally.

Upcoming Events

Mr. Sankalp Shangari would be addressing the ‘FinTech in Asia’ summit organized by Accenture in association with Singapore Fintech Association. The event is scheduled for 15th November 2018 in Singapore and is being held in different locations across Asia.

LALA World is gearing up through Research & Development, experimentation and continuous exposure of AI and ML learnings to face technological, humanitarian and ecological challenges coming ahead.



How Blockchain Technology is going to change the face and form of NGOs

Blockchain technology

The popularity and implementation of Blockchain technology have been growing over the past few years, ever since its inception in 1991. It has been widely popular in financial services through increasing demand of cryptocurrencies such as Ripple, Bitcoin, Ether, etc. With the range of possibilities in this technology, it can change the functioning and face of industries as diverse as health care, supply chain management, music rights and even NGOs. Blockchain can help promote human rights, cause a paradigm shift in the society and could even possibly, save the world!

What are the Challenges faced by NGOs and how can Blockchain Technology resolve it?

Allocation of Funds

Funds are remitted from different sources and allocated to different departments based on their needs. They are managed either manually without a standardized process or with the help of an ERP. This sometimes causes mismanagement in allocations of funds because of human error involved, deliberately or not.

By developing an NGO ecosystem through Blockchain technology, every transaction is immutable and accountable to the participants. Every input of this Blockchain is entered only after the approval of members (consensus) and any rift can be easily identified.


Every contributor always worries about whether their donations are in the right hands and reach the neediest.

Blockchain created specifically for NGOs ensures that the data is transparent and secure. Every single penny coming into the system is recorded with a timestamp and allocated to a cause after approval through veto. Every contributor has a clear understanding of where their donations are being used.

Identity Issues of Inmates

People who enter refugee camps run by the NGOs are issued identity documentation, but these new identities are not really able to be extended once people leave. Blockchain technology’s distributed nature can be a good fit for immigrants who don’t have a country to go back.

By helping NGOs implement Blockchain technology to create these IDs, the inmates from these refugee camps can apply for loans, make and receive payments, track spending and ultimately start a new life.

NGOs have begun using the Blockchain technology to record and function. The International Scientific and Practical Association Jus Naturale became the first non-profit organization to introduce a decentralized membership system, based on Blockchain technology. All transactions were made through Bitcoins, to ensure the usage of fundings in the right direction. The World Food Programme has used Ethereum to deliver food vouchers. A recent UNICEF project tried to recruit supporters to mine Ethereum for them to raise profit, resulting in the creation of over €9,000 in just one month. More and more NGOs are adopting this disruptive technology to streamline their functionality, and a trustless & transparent ecosystem to aid the underprivileged doesn’t seem too far.

Blockchain Bringing Revolution across Industries


We are living in an era where emerging technologies like Blockchain are widely implicated in various applications to bring comfort in our lives. Blockchain is in its infancy, but holds the potential of revolutionizing the way present world functions and is capable of building new ecosphere. If sufficient time is invested in remodelling of certain systems by enforcing Blockchain, the future will be full of new advancements. The internet came in 1990s and smartphones came in 2000s, creating a world that is heavily dependent on them. Confiscate any teenager’s smartphone and you can see their routine going haywire and losing confidence at the same instance, demonstrating the extent of addiction of certain technologies. Blockchain has the capability to create the same effect especially in operations sectors.

Our future generation would be reaping the advantages, if we understand the importance of Blockchain technology today.

Blockchain refers to a decentralized database that stores transactional records and has an exclusive cryptography, virtually impossible to decrypt that record without the private key. The real disruption happens when trust is established through collaboration and code, rather than a central authority.

We can easily say that we would no longer need a bank to transfer money around the globe. An escrow account will no longer be needed to buy a home, or a real estate agent to facilitate the transaction. There would not be any requirement of a company or central authority to authorize a government transaction. This revolutionary adoption has the potential to transform every industry for good.

Some can easily be seen in the light of Blockchain Technology:

  1. Pharmaceutical

Pharma companies needs to track the movement of their drugs, to keep a check on drugs from the manufacturer to end consumers in the supply chain. When Blockchain is implemented on the pharma supply chain, it keeps a record of all the transactions and notes every detail of location, quality, price etc. Hence, data is not only visible to all concerned parties, implementation of this technology reduces the tempering during the transit. The process is made transparent, secure, decentralized and verifiable in the supply of authentic medicines and trimming costs involved in detecting faulty areas. Alteration of any detail is difficult as the system is decentralized and provides real-time updates to all parties through the incorporation of IoT devices. The

is an exquisite platform to increase transparency and trust, with customers being able to keep a track of pharmaceutical products throughout the supply chain. The stakeholders are given rights to add on the said Blockchain. Manufacturers and consumers can scan the barcode and view the history related to the product received.

  1. Politics/Voting

Security in the voting system is the priority for governments at present, as terrorist organizations and rival governments are always a threat.  Rigged votes and ‘voting irregularities’ are commonly observed in the politically disturbed regions. Blockchain can induce high security and make the voting systems completely hack proof. From voter registration & identity verification to tallying votes, the system would be indisputable.

  1. Real Estate

The paperwork is always dreading before and after purchase of a house, Blockchain can simplify the process and eliminate escrow altogether. By deployment of Blockchain, basis completion of predefined conditions, the smart contracts are triggered to complete the pre-programmed actions, including funding. With transactional data stored on Blockchain, the paperwork cost will reduce. Additionally, the elimination of intermediaries will decrease the commission rate exponentially.

  1. Government

Aside from voting systems, Blockchain technology can be used to help reduce and eliminate bureaucratic red tape and corruption in governments. Welfare, disability, veterans, and unemployment benefits can be more easily verified and distributed, eliminating fraud and waste. Smart contracts will ensure that the tax money is dispensed to the government, once the pre-defined conditions are met, making the functionality of governments secure, transparent and efficient.

  1. Charities and Aid Organizations

People are always willing to help the needy through charity organisations, but recurring doubts about whether their money is reaching the one who truly needs it are always there. Charities can regain the trust of people through smart contracts and online reputation management systems. This will help in streamlining the process and building trust in donors, ensuring them that the money is reaching the intended recipients. The U.N.’s World Food Programme is implementing a Blockchain based system that allows refugees to get food with an Iris scan, instead of relying on cash, credit, or vouchers, all of which can be stolen.

  1. Financial services

Blockchain could potentially save banks billions in cash by dramatically reducing processing costs. Banks are salivating at the opportunity to reduce transaction costs and the amount of paper that they process. Implementing Blockchain would make banks increasingly profitable and valuable. Santander, a bank based in Spain, have savings through Blockchain at $20 billion a year. Alternatively, the market has been introduced with many startups working with Blockchain becoming the banks for future. Financial institutions are also embracing recent developments at a larger scale, by directly investing in FinTech startups. As per KPMG report – 2016, venture capital funding to global FinTech companies reached a record $13.6 billion, while overall investment in FinTech companies was total $24.7 billion.

LALA World is one of the progressive FinTech organizations, which believes in the alternating strength of Blockchain, redefining the Banking and other financial services – Remittance, Lending, etc. The trust, efficiency and security can be significantly increased by deploying Blockchain in a sustainable ecosystem for the future of FinTech industry. LALA World has successfully incubated various products to meet the rising demands of the current and future generations. We are able to provide them with high-security and high-capability products, holding the potential to make the financial aspects simpler.