Exclusive Conversation: Mitts Daki, Founder- Laxmicoin
Across the world there are currently around 70 virtual currencies with total market value of about $ 15 billion (about Rs 90,000 crore) out of which Bitcoin is the most popular. But recently Bitcoin was caught into news due to its usage in all wrong businesses and this calls for a better and more authentic virtual currency. Here is the man named Mitts Daki, founder of LAXMICOIN, a virtual currency which is waiting to get a go signal from Reserve Bank of India. Let’s hear it from Mitts about his journey of Laxmicoin since inception:
1) What is the concept behind Laxmicoin and how it all started?
Laxmicoin is being developed focusing Indian market. Its not just digital currency a complete digital currency ecosystem. Laxmicoin is primarily based on Bitcoin algorithm but there are numerous differences like number of coins will be more,mining difficulty level will be different and mining algorithm will be CPU based, etc. Laxmicoin won’t be limited to e-commerce portals but also for small and mid size stores all around India.
See in India small and medium businesses are being charged outrageously for facilitating swipe card payments with endless restrictions. At the same time customers have limited payment options for in-store payments which are quite inconvenient. Like this there are many problems which could be solved using Laxmicoin. Around 70% of Indian population don’t have access to Credit/Debit cards. Our mission is to enable micro payments using Laxmicoin.
2) How is Laxmicoin different from Bitcoin?
Though Laxmicoin is primarily based on the Bitcoin algorithm, there are numerous differences like the number of coins will be more, the difficulty level of mining will be different, and the mining algorithm will be CPU based etc. We shall be releasing these details once we get the approval from the regulators.
3)What is the major technology that has been used in formation of Laxmicoin?
Laxmicoin is a hybrid digital currency platform where few coins are pre-mined while others would be mined over a period of time. We shall make factors public, like numbers, timeline etc. at launch time.
4) Can Laxmicoin face the same security threats like that of Bitcoin or any measures can be taken so as to avoid it?
We have some solid technical solution planned to safeguard Laxmicoins
5) How do you see future of Virtual currency in the global as well as local space?
In India, small and medium businesses are being charged outrageously for facilitating swipe card payments with endless restrictions. At the same time, customers have limited payment options for in-store payments which are quite inconvenient. There are numerous problems like this which could be solved using Laxmicoin. 70% of the Indian population doesn’t have access to credit/debit cards and our mission is to enable micro payments using Laxmicoin.
6) Do you plan to bring funding? Brief us about your plans on the same.
Right now we have angel funding and in advance stage discussion with well known VCs for first round of funding. We have received quite encouraging response from VCs
7) In what ways Laxmicoin will be beneficial to common man, business and government?
We did market survey in Bangalore & Jaipur to understand the problems faced by small businesses and found that problem could be solved up to large extend using Laxmicoin.Customers also showed huge interest in this new mode of payment as its it brings whole lot of convenience and efficiency in the system.
8) One message that you would like to give to our readers.
Feel your inner voice and don’t give up. As long as there is value in idea, there are adopters. If there is business in idea, everyone will welcome you, from investors to buyers.
With loads of wishes let’s wait and watch the Laxmicoin Journey.
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