Anybody who reads this blog will know that I’m a big fan of cryptocurrencies that have something different to offer.
Latium is one such currency. Like another favourite of mine NXT, Latium can’t be mined and relies on 2 channels for value and growth. The first channel is the affiliate or referral network. Nothing much new there unless you dig a bit deeper.
[Edit July 5th: The Latium system had a big problem with bogus sign-ups and many genuine referral campaigns had their earnings approved before the loophole was detected. In many cases these ‘approved’ earnings were removed from existing users wallets, leaving a lot of bad feeling on the forums. If you do use a referral campaign to acquire affiliates then please bear this in mind. The admins claim the system has been improved]
Firstly you get 5 coins just for creating an account and downloading the wallet and then you accrue coins by referring others up to a maximum of 99 levels. Don’t forget the first 5 coins are free so this can’t be considered a pyramid scheme.
Secondly and perhaps crucially, if you choose to store the coins in your downloaded wallet rather than trade them they will accrue interest for you. This is clever as it creates a value/need for the coin.
This minting is explained on the website
“Minting is performed automatically by the Latium wallet only if the wallet is online and connected. There is no additional work or requirements to mint your Latium. Once your Latium has been confirmed, you will start generating “coin age.” Once your coin age exceeds six hours, your coins will be available to mint new blocks. When you mint a block, the coins used will be placed “at stake” and will remain at stake until 48 blocks have minted. Coins that are at stake are unavailable for transfer. After the 48 blocks have been minted, your initial coins along with the interest gained by minting will be available in your balance.”
At the moment on coin-swap the value of 1 Latium is 0.00009000 BTC – not a bad start – although with a new pre-mined coin the value could fluctuate wildly and any artificial buy orders could soon have an effect.
With any take up or online transaction traction we could see Latium becoming another Doge but with less draw on energy bills because of the absence of any mining need. Definitely one to watch.