Bitcoin Latinum partners with The H.Wood Group

In an exciting turn of events, Bitcoin Latinum is partnering with the world-famous luxury hospitality and lifestyle company, The H.Wood Group. The H.Wood Group, based out of Los Angeles, is a well-renowned hospitality company that combines luxury food with innovative concepts and warm hospitality to provide a unique experience.

The partnership between Bitcoin Latinum and The H.Wood Group will result in the next-gen Bitcoin being accepted across the entire chain and several cross-promotional marketing initiatives. Both the platforms will benefit by introducing their services to a new genre and pitch to the respective clienteles.

What does the partnership entail?

The partnership between Bitcoin Latinum and The H.Wood Group will involve several marketing initiatives, event sponsorships, and endorsements. The H.Wood Group will allow the guest to pay for tables, drinks, food, and merchandise using Bitcoin Latinum with Bitcoin and Ethereum Tokens.

This partnership is a vital step for both companies to expand their horizons. The co-founder of The H.Wood Group, John Terzian, expressed his excitement about the partnership,

“As entrepreneurs, Brian and I have always looked into the future rather than getting stuck in old ways. We are constantly watching, learning and adapting. Crypto and blockchain are the future in many ways and we want The h.wood Group to be ahead of the curve. We are excited for this endeavor with Bitcoin Latinum,”

Cryptocurrencies are gradually integrating with different industry verticals, and the hospitality and entertainment sector is one of the busiest industries. By integrating Bitcoin Latinum with a prominent hospitality company, Bitcoin Latinum will open up new opportunities.

“It is an honor to work with great entrepreneurs like John and Brian,” said Dr. Donald Basile, CEO of Monsoon Blockchain Corporation. “We look forward to our partnership, and helping companies and individuals understand the benefits of the blockchain to foster widespread adoption across the entertainment and hospitality industries.”

About The H.Wood Groups

The H.Wood Group is founded by entrepreneurs John Terzian and Brian Toll. They independently own and operate the entire network of restaurants, nightlife, and hotel venues worldwide. The H.Wood Group caters to the needs of celebrities and influencers and has won multiple awards for its unique concepts.

Some of the popular concepts under the company include, The NICE GUY, Delilah LA, Delilah Las Vegas at Wynn Resorts, Delilah Miami, SLAB, Mason, Petite Taqueria, and hospitality venues include Blind Dragon, Bootsy Bellows, Poppy, The Peppermint Club, SHOREbar, 40 LOVE and FOUND Hotels.

About Bitcoin Latinum

Bitcoin Latinum is the next-gen Bitcoin fork that offers faster, cheaper, and greener transactions. LTNM operates on a Proof of Stake consensus algorithm that bypasses Proof of Work’s network congestion and high power usage to offer a safer alternative to Bitcoin while staying true to its fundamentals.

Bitcoin Latinum does not restrict itself to a particular genre, as evident from this partnership with a leading entertainment and hospitality business. The company aims to introduce cryptocurrencies in several sectors such as media, entertainment, gaming, storage, cloud, and telecommunications. Bitcoin Latinum has a thorough roadmap planned which includes more strategic partnerships and launches coming soon.

Proof of Stake vs Proof of Work

Since the dawn of cryptocurrencies, the majority of cryptocurrencies have relied on the Proof of Work consensus algorithm for mining and confirming transactions. Proof of Work was a revolutionary concept that allowed the development of cryptocurrencies by generating new blocks to record transactions.

However, as the number of transactions increased, a new problem of network congestion emerged. The Proof of Work consensus algorithm was not developed thinking about the large number of transactions that take place today. The result of this network congestion was increased transaction times, costs, and power consumption.

As an alternative, the Proof of Stake consensus algorithm was developed. This alternative offers a much cheaper, faster, and environmentally friendly way to mine new blocks. Platforms such as Bitcoin Latinum are one of the first to implement the potential of Proof of Stake in Bitcoin hard forks, and then the rest followed, including the second-biggest cryptocurrency, ETHER, who also plans to use Proof of Stake.

How does Proof of Stake differ from Proof of Work?

Proof of Work relies heavily on mining hardware to mine and create new blocks. It is an energy-intensive process that is now facing bad network congestion and, as a result, high transaction costs. On the other hand, Proof of Stake relies on staking existing tokens to mine new ones and does not require specialized mining hardware.

Here are the key differences between PoS and PoW consensus algorithms.

Proof of Work

  • Proof of Work uses heavy computation-based problem solving to earn rewards making the mining process more costly.
  • Due to the heavy computation-based mechanism, it requires a lot of energy which results in a massive carbon footprint.
  • PoW has become decentralized over time because of the monopoly of a few mining groups over the mining hardware, making it susceptible to 51% attacks.
  • Due to network congestion, PoW based cryptocurrencies such as Bitcoin and Ethereum face slow and costlier transactions.

Proof of Stake

  • Proof of Stake relies upon staking tokens and various nodes verifying the transactions to mine new blocks, making the process of generating new blocks more affordable.
  • PoS can cut down the electricity consumption by 99%, making it more environmentally friendly and sustainable.
  • PoS is completely decentralized and is not susceptible to a 51% attack making it more secure and transparent.
  • As PoS has a better hash rate, it does not face any network congestion and offers faster, cheaper, and safer transactions, as is the case with LTNM.

While the Proof of Work consensus algorithm is still very popular, it requires a complete makeover to cope with the new demands and standards. Bitcoin Latinum is an excellent example of the potential of the Proof of Stake protocol and is aptly regarded as next-generation Bitcoin.