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On Building a Crypto Ecosystem for “Everyday Life”

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On Building a Crypto Ecosystem for “Everyday Life”

Ultima APIs aims to multiply opportunities with an ecosystem that somebody can use in their daily life.

The Block caught up with Alex Reinhardt, founder of PLC Ultima, to learn more about the project and get the crypto expert’s perspective on the uncertain regulatory environment.

The Block: How is PLC Ultima bridging the gap between traditional businesses and crypto?

Alex Reinhardt: I originally designed PLC Ultima as a universal financial instrument that can be used by anyone, regardless of where they live, their economic knowledge or even their budget. To this end, I have actively invested in developing the infrastructure of the coin so that it is easy to use on a daily basis. The closer a cryptocurrency is to everyday life, the closer it is to business.

The PLCU is very easy to circulate, it is a flexible and versatile means of payment and even more accessible than fiat currency. Businesses can transact at high speed and without commission over any distance, find clients among the Ultima PLC community and even raise funds for their projects through our crowdfunding platform.

As part of the pilot program, we also have ATMs and our own ATMs. It is also affordable and understandable. All this is gradually making our cryptocurrency an integral part of the global economy.

TB: Why did PLC Ultima decide to use the Litecoin code base?

AR: It’s true, we based the Ultima PLC blockchain on the Litecoin blockchain. Both are characterized by network stability, transparency and high transaction processing speed with the ability to use the Segregated Witness protocol update. PLC Ultima developers have extended the functionality of the Litecoin blockchain and increased its scope of application. PLC Ultima’s blockchain uses the CryptoNight hashing algorithm.

We introduced a fairer distribution of rewards among participants through minting, supported by smart contracts. We also tested the solution’s vulnerability to all attacks, including network splitting, hacking attempts, blockchain tampering, and key space attacks.etc

The Litecoin-based PLC Ultima blockchain ecosystem suggests the necessity of mining to execute transactions. However, we have noticed that traditional mining is inefficient and the mining industry has been the hardest hit by the fall in the capitalization of the crypto-economy. In addition, mining equipment consumes as much electricity as an entire country, which is terrible for the global environment.

Users do not need to spend a lot of electricity for mining or buy mining equipment. Additionally, we have added the ability for users to engage in mining where the network guarantees a reward without any lottery.

TB: Discussions are ongoing among lawmakers in several regions to ban proof-of-work blockchains due to their power consumption. What is your view, and are you ready to move to an alternative consensus if that happens?

AR: Yes, mining harms the environment. Our blockchain uses PoW to continue the blockchain. It is not profitable to mine our coins, and hardly anyone does.

People who use cryptocurrency for its intended purpose, transactions, have no interest in the consensus algorithm. All that matters is that these coins can be used to make payments.

TB: More generally, what is your feeling on the current and proposed regulation for the crypto space?

AR: The cryptocurrency industry is going through a tough time; under pressure and scrutiny from all sides. This is why it is more important than ever to keep an eye on your profits and the stability of the exchange rate and the applicable legislation, especially taxes!

If you make a mistake today, it is not easy to defend your rights because they are not yet fully regulated. So it would be better if you don’t try to make a profit where it might get you in trouble later.

Also, in general, I think banks will continue to discourage cryptocurrencies because it’s not profitable for them to make people’s lives easier. If they wanted to make things easier, they would lower interest rates, for example. But they don’t need it. The world of cryptocurrency for them is the Wild West, and they will not allow people to get rich uncontrollably without giving anything back.

However, I have no doubt that cryptocurrencies will continue to live and grow out of spite – nothing can destroy their appeal because it is objective.

TB: What is Ultima Farm?

AR: Ultimate Farm is our app to mint and hold new coins. Anyone can download and install it from app store or google play on their smartphone, it is basically a working tool to earn and create passive income.

First, the user enters into a smart contract for one year. During this time, the coins are deposited in the user’s wallet in equal shares and they can use their earnings immediately. It’s basically “multiplying” coins by storing them securely in an account, which protects them against inflation.

It allows you to passively generate income and earn from the increase in coin value.

TB: PlatinDeal and Platin Hero are two other relatively unique initiatives from PLC Ultima. Can you give us a brief overview of these platforms?

AR: Platinum Hero is my caring dream in the flesh. A crowdfunding platform where you can launch your own projects and support others. The investor freezes a certain amount of PLCU coins and gets those coins back after the crowdfunding project is successfully completed. That way, it’s a win-win.

PlatinDeal, on the other hand, is an already active marketplace in Germany and is gradually opening up to people from other European countries. Any online or offline store can become a merchant here and sell their products for cryptocurrency. Not only PLCU, but also BTC and many more! PlatinDeal offers many items, from cars to cosmetics to jewelry. There is also an additional platform for personal ads, but they are all strictly moderated.

TB: The PLC Ultima community is said to be over a million – how do you plan to reach the next million and beyond?

With the new products we release and develop regularly, we attract more attention and new participants to our PLCU part. I believe that the key to the success of any project is that the community supports it.

The more products we have that make it easy and profitable to use cryptocurrency, the more users we have. The more users, the stronger the coin. Well, you see how it works.

Each of our participants has tested the convenience and efficiency of PLC Ultima, so they are motivated to develop it. We also hold regular training webinars and offline meetings. Users can get to know each other in webinars and offline meetings, share experiences and build professional relationships.

Continued activity within the ecosystem is fertile ground for business and personal growth – so I’m not stopping there and I’m confident there are plenty of new heights ahead of PLC Ultima!

Blockchain Expo World Series

Alex Reinhardt and PLC Ultima will share their valuable knowledge at Blockchain Expo. You can read more about Reinhardt’s sessions here, including his opening day speech. Swing by PLC Ultima’s stand at booth #515.

Check out other upcoming enterprise technology events and webinars powered by TechForge here.

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