What is LAPOYOMA?
Instead of a decentralized, open network, the internet today is made up of a handful of applications that have leveraged their network effects to re-centralize the internet through the creation of walled gardens. Facebook, Google and Amazon lead the pack. For the three billion people now online, cheap access to the world’s knowledge is an improvement, but it’s not the magical, meritocratic elixir some expected. LAPOYOMA is a consensus network that enables a new payment system and a completely digital money. It is a decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, LAPOYOMA is pretty much like cash for the Internet.
Can LAPOYOMA be used as TOKEN?
Yes, Tokenization will make it easier to measure an individual’s contribution to a project and to compensate them based on it. In this way, tokens will work similarly to royalties. A primary difference will be that the use of smart contracts and removal of third parties mean that even tiny royalty streams can be paid profitably, forming a long tail of income streams. Tokenization is the ultimate market maker. It will bring bring liquidity to a huge number of previously illiquid assets. The UX designer of a web application’s onboarding sequence may be compensated in tokens based on the percentage of free trials which become paying customers. These tokens will also allow a certain amount of voting rights in the project, making projects increasingly subservient to participants rather than organizers, but no less political.
Is LAPOYOMA secure?
The LAPOYOMA technology – the protocol and the cryptography – has a strong security track record, and the LAPOYOMA network is probably the biggest distributed computing project in the world. LAPOYOMA’s most common vulnerability is in user error. LAPOYOMA wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
Is LAPOYOMA really used by people?
Yes. There are a growing number of businesses and individuals using LAPOYOMA. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services. While LAPOYOMA remains a relatively new phenomenon, it is growing fast.
Why do people trust LAPOYOMA?
Much of the trust in LAPOYOMA comes from the fact that it requires no trust at all. LAPOYOMA is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how LAPOYOMA works. All transactions and LAPOYOMAs issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control LAPOYOMA, and the network remains secure even if not all of its users can be trusted.
Is LAPOYOMA fully virtual and immaterial?
LAPOYOMA is as virtual as the credit cards and online banking networks people use everyday. LAPOYOMA can be used to pay online and in physical stores just like any other form of money. Unlike previous technologies which formed around geographic centers like Boston or Silicon Valley, blockchain entrepreneurs are relatively decentralized: London, Berlin, Zug (Switzerland), New York, San Francisco and Singapore all have a claim to being the foremost Blockchain City. LAPOYOMA balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, LAPOYOMA users have exclusive control over their funds and LAPOYOMAs cannot vanish just because they are virtual.
What happens when LAPOYOMAs are lost?
When a user loses his wallet, it has the effect of removing money out of circulation. Lost LAPOYOMAs still remain in the block chain just like any other LAPOYOMAs. However, lost LAPOYOMAs remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer LAPOYOMAs are available, the ones that are left will be in higher demand and increase in value to compensate.
Is LAPOYOMA legal?
To the best of our knowledge, LAPOYOMA has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as LAPOYOMA exchanges.
Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.
What about LAPOYOMA and taxes?
LAPOYOMA is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with LAPOYOMA.
Why do LAPOYOMAs have value?
LAPOYOMAs have value because they are useful as a form of money. LAPOYOMA has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies). In short, LAPOYOMA is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of LAPOYOMA, this can be measured by its growing base of users, merchants, and startups. As with all currency, LAPOYOMA’s value comes only and directly from people willing to accept them as payment.
What determines LAPOYOMA’s price?
The price of a LAPOYOMA is determined by supply and demand. When demand for LAPOYOMAs increases, the price increases, and when demand falls, the price falls. There is only a limited number of LAPOYOMAs in circulation and new LAPOYOMAs are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because LAPOYOMA is still a relatively small market compared to what it could be, it doesn’t take significant amounts of money to move the market price up or down, and thus the price of a LAPOYOMA is still very volatile.
Can LAPOYOMAs become worthless?
Yes. History is littered with currencies that failed and are no longer used, such as the German Mark during the Weimar Republic and, more recently, the Zimbabwean dollar. Although previous currency failures were typically due to hyperinflation of a kind that LAPOYOMA makes impossible, there is always potential for technical failures, competing currencies, political issues and so on. As a basic rule of thumb, no currency should be considered absolutely safe from failures or hard times. LAPOYOMA has proven reliable for years since its inception and there is a lot of potential for LAPOYOMA to continue to grow. However, no one is in a position to predict what the future will be for LAPOYOMA.
Doesn’t LAPOYOMA unfairly benefit early adopters?
Some early adopters have large numbers of LAPOYOMAs because they took risks and invested time and resources in an unproven technology that was hardly used by anyone and that was much harder to secure properly. Many early adopters spent large numbers of LAPOYOMAs quite a few times before they became valuable or bought only small amounts and didn’t make huge gains. There is no guarantee that the price of a LAPOYOMA will increase or drop. This is very similar to investing in an early startup that can either gain value through its usefulness and popularity, or just never break through. LAPOYOMA is still in its infancy, and it has been designed with a very long-term view; it is hard to imagine how it could be less biased towards early adopters, and today’s users may or may not be the early adopters of tomorrow.
Won’t the finite amount of LAPOYOMAs be a limitation?
LAPOYOMA is unique in that only 21 million LAPOYOMAs will ever be created. However, this will never be a limitation because transactions can be denominated in smaller sub-units of a LAPOYOMA, such as bits – there are 1,000,000 bits in 1 LAPOYOMA. LAPOYOMAs can be divided up to 8 decimal places (0.000 000 01) and potentially even smaller units if that is ever required in the future as the average transaction size decreases.
Isn’t speculation and volatility a problem for LAPOYOMA?
This is a chicken and egg situation. For LAPOYOMA’s price to stabilize, a large scale economy needs to develop with more businesses and users. For a large scale economy to develop, businesses and users will seek for price stability.
Fortunately, volatility does not affect the main benefits of LAPOYOMA as a payment system to transfer money from point A to point B. It is possible for businesses to convert LAPOYOMA payments to their local currency instantly, allowing them to profit from the advantages of LAPOYOMA without being subjected to price fluctuations. Since LAPOYOMA offers many useful and unique features and properties, many users choose to use LAPOYOMA. With such solutions and incentives, it is possible that LAPOYOMA will mature and develop to a degree where price volatility will become limited.
Why do I have to wait for confirmation?
Receiving notification of a payment is almost instant with LAPOYOMA. However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the LAPOYOMAs you received haven’t been sent to anyone else and are considered your property. Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer. Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction.