The BitcoinLatina Foundation has released its first white paper, with a mission “To Develop a Distributed Blockchain Network Utilizing Smart Contracts, Designed for Latin America”. It outlines short and long-term plans and initiatives that the project will undertake, including the following:
- Digital Identity – With ERC-725 compliant on-chain digital identity standards, backed by organizations such as the W3C and Sovrin
- Digital Assets – Allowing users to store digital and tangible assets on the blockchain, with access controlled via their digital identities
- Smart Contracts – Forked from Ethereum’s smart contract system, smart contracts on the BitcoinLatina blockchain will allow programmatic contracts between digital identities for their digital assets
- Ecosystem – Build and support an open source community in Latin American countries
- Governance – The BitcoinLatina Foundation is a Nevada-based legal entity, which plans on applying for Regulation A+, Title IC, Tier II public offering of equity, which will then be a tradable security on the BitcoinLatina blockchain
Based on the white paper’s timeline, the BCL wallet was launched on Jan 22, 2018, with another “White Paper 2” being released on Feb 14, 2018.
In recent years, some Latin American economies have run into major issues, some bordering on crises. Specifically, Venezuela’s economy has spiraled out of control with hyperinflation of over 2000% in 2017. While other countries in the continent are not in such dire straits, they have had their own economic challenges, either with inflation, corruption, or poverty.
As economic issues appeared to increase, digital payments emerged as a viable alternative to maintain a stable store for value of money. This is one of the main reasons behind the recent surge in adoption of blockchain technology in Latin America, culminating in the recent announcement by the government of Venezuela to launch its own “PetroCoin” cryptocurrency.
While cryptocurrencies gained in popularity in Latin America, the underlying blockchain technology was still playing catchup. Although blockchains, by definition, are not controlled by any country or region, the support available for it is usually another matter altogether. BitcoinLatina saw the need for a Latin America-centric blockchain, with support from the local communities, though with a global perspective.
BitcoinLatina has been focusing entirely on being the blockchain of choice for the people of Latin America. With the release of their white paper, the vision of how they plan on achieving this has crystallized some more.
BitcoinLatina has plans for providing support to local entrepreneurs as they build distributed apps (dApps) utilizing the smart contract technology on the BCL blockchain, through grants and tools built specifically for it.
With huge ambitions and what appears to be a growing, formidable team of experts, BitcoinLatina is poised to make a splash in Latin America. And if they are able to achieve even a few of the goals that they have laid out, Latin Americans will see their lives transformed for the better.