PLC Ultima aims to spread opportunity with an ecosystem that anyone can use in their daily lives.
The Block caught up with Alex Reinhardt, Founder of PLC Ultima, to learn more about the project and get the crypto expert’s views on the uncertain regulatory environment.
The Block: How is PLC Ultima bridging the gap between traditional business and crypto?
Alex Reinhardt: I originally conceived PLC Ultima as a universal financial instrument that can be used by everyone, regardless of where they live, their economic knowledge, or even their budget. To this end, I actively invested in developing the coin’s infrastructure to be easy to use in everyday life. The closer a cryptocurrency is to daily life, the closer it is to business.
PLCU is very easy to circulate, it is a flexible and versatile means of payment and even more accessible than fiat money. Businesses can make high-speed, commission-free transactions over any distance, find customers among the Ultima PLC community, and even raise funding for their projects through our crowdfunding platform.
As part of the pilot program, we also have vending machines and our own ATMs. It is also affordable and understandable. All of this gradually makes our cryptocurrency a fully-fledged part of the global economy.
TB: Why did PLC Ultima decide to use Litecoin’s codebase?
AR: That’s right – we based PLC Ultima blockchain on the Litecoin blockchain. Both are characterised by network stability, transparency, and high transaction processing speed with the possibility of using the Segregated Witness protocol update. PLC Ultima’s developers have expanded the Litecoin blockchain’s functionality and increased its scope of application. PLC Ultima’s blockchain uses the hashing algorithm CryptoNight.
We introduced a fairer distribution of rewards between participants through minting, backed by smart contracts. We have also tested the solution for 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 need for mining to execute transactions. However, we have noticed that traditional mining is inefficient and the mining industry has been hit hardest by the falling capitalisation of the crypto economy. Additionally, the mining equipment consumes as much electricity as an entire country which is terrible for the global environment.
Users don’t have to spend a lot of electricity on mining or buy mining equipment at all. Furthermore, we’ve added the ability for users to engage in mining where the network guarantees a reward without any lotteries.
TB: There are discussions among lawmakers in several regions to ban Proof-of-Work blockchains due to their energy consumption – what are your views, and are you prepared to switch to an alternative consensus if that happens?
AR: Yes, mining damages the environment. Our blockchain uses PoW to continue the blockchain. It’s not profitable to mine our coins, and almost no one is doing it.
People who use cryptocurrency for its intended purpose, transactions, have no interest in the consensus algorithm. All that matters is that those coins can be used to make payments.
TB: More generally, what are your feelings on current and proposed regulations for the crypto space?
AR: The cryptocurrency industry is going through a difficult period; with pressure and scrutiny from all sides. That is why it is more important than ever to keep an eye on your profits and the stability of the exchange rate and current legislation, especially the taxes!
If you make a mistake today, it isn’t easy to defend your rights because they are yet to be fully regulated. So it would be best if you did not try to make a profit where it can get you into trouble later on.
Moreover, in general, I think that banks will continue to discourage cryptocurrencies because it is not profitable for them to make people’s lives easier. If they wanted to make it easier, they would lower interest rates, for example. But they don’t need it. The cryptocurrency world for them is the wild west, and they will not allow people to get rich uncontrollably without giving anything in return.
However, I do not doubt that cryptocurrencies will continue to live on and grow out of spite—nothing can destroy their attractiveness because it is objective.
TB: What is Ultima Farm?
AR: Ultima Farm is our app for minting and holding new coins. Anyone can download and install it from the App Store or Google Play on their smartphone, it is essentially a working tool for earning and creating passive income.
First, the user enters into a smart contract for a year. During this time, the coins get deposited into the user’s wallet in equal portions and they can use their income immediately. That is essentially “multiplying” the coins by storing them securely in an account, which protects against inflation.
It enables you to passively generate income and earn from the rise in the coin’s value.
TB: PlatinDeal and Platin Hero are another couple of relatively unique PLC Ultima initiatives – can you give us a brief overview of these platforms?
AR: Platin Hero is my dream of mutual aid in the flesh. A crowdfunding platform where you can launch your own projects as well as support others. The investor freezes a certain amount of PLCU coins and receives these coins back after the crowdfunding project is successfully completed. This way, it’s a win-win.
PlatinDeal, on the other hand, is a marketplace already operating in Germany and is gradually opening up to people in other European countries. Any online or offline shop can become a merchant here and sell its goods for cryptocurrency. Not only PLCU, but also BTC and many more! PlatinDeal has a lot of items, from cars, to cosmetics, to jewellery. There is also an additional platform for personal ads, but they all get strictly moderated.
TB: PLC Ultima’s community is said to exceed one million – how do you intend to reach the next million and beyond?
Thanks to the new products that we regularly release and develop, we attract more attention and new participants to our PLCU coin. I believe the key to the success of any project is that the community supports it.
The more products we have that make using cryptocurrency easy and profitable, the more users we have. The more users, the stronger the coin. Well, you get the idea of how it works.
Each of our participants has tested the convenience and effectiveness of PLC Ultima, they are therefore motivated to grow it. We also hold regular training webinars and offline meetings. Users can get to know each other at webinars and offline meetings, share experiences, and make business connections.
Continuous activity within the ecosystem is fertile ground for corporate and personal growth—so I’m not stopping there and I’m confident there are plenty of new heights ahead for PLC Ultima!
Alex Reinhardt and PLC Ultima will be sharing their invaluable insights at Blockchain Expo. You can find out more about Reinhardt’s sessions here, including his day one keynote. Swing by PLC Ultima’s booth at stand #515.
Explore other upcoming enterprise technology events and webinars powered by TechForge here.