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The online gaming technology arm of Leisure & Resorts World Corp. (LRWC) has unveiled plans to be the Philippines’ first block producer for EOS, the world’s fifth most traded cryptocurrency.
LR Data Center & Solutions Inc. (LR Data)—whose team has more than 10 years of experience working with Cagayan Economic Zone Authority (Ceza) as an international gaming infrastructure operator—announced the launch of EOS Philippines, which aims to support the global network and infrastructure for EOS.
Among the distributed ledger technologies in the global digital space, LR Data is betting on EOS to become a true “retail blockchain.”
“With the launch of EOS Philippines, LR Data is at the forefront of infrastructure provisioning and supporting decentralization and democratization. Financial technology and blockchain is going to be a pillar of our business model moving forward,” LR Data vice chair Enrique Gonzales said in a statement.
EOS is a blockchain-based, decentralized operating system designed to support commercial-scale decentralized applications by providing all the necessary core functionality, enabling businesses to build blockchain applications in a manner similar to that of web-based applications.
Blockchain refers to a digitized and decentralized ledger that records all transactions in chronological order, providing central record-keeping that can facilitate the exchange of assets. It is more popularly known as the technology that enables the trading of cryptocurrencies.
Javier Benitez, community head of EOS, said: “The next wave of disruptive applications may be by utilizing EOS technology. We have made strategic plans of positioning the Philippines to fully benefit from this.”
Asked why the group is banking on EOS instead of other popular cryptocurrencies, Gonzales said in an interview: “We chose EOS because the design, technology and governance of EOS are superior to the other cryptocurrency and address many of the issues the community sees with bitcoin and etherium.
Gonzales said EOS was designed for over a million transactions per second while other cryptocurrencies could do less than 20,000 per second. He said EOS infrastructure consumes much less energy.
EOS is also designed to be a stable cryptocurrency with 5-percent inflation, which suggests much less volatility, making it more suitable for remittances and other payments transactions unlike other cryptocurrencies which have seen wild swings.
To be an EOS block producer, Gonzales said it was necessary to be part of the EOS community, have the necessary infrastructure and set up the necessary technology to be a block producer.