Litecoin and LN Usage
Hello, Steemians and investors today we are going to overview the need for Litecoin
As you all know Litecoin is known as the little brother of Bitcoin since it is a copy of Bitcoin code but with faster transactions time and less fees, the question is why will we need Litecoin when LN (Lightning Networks) will be operational?
Charlie Lee (Litecoin foundator ) will help us to answer this question
Mass adoption
LN and SegWit on Bitcoin will help us to make faster transactions but due the limitation of Bitcoin block (1 MB) it will be able to serve up to 500M users (based on calculations), so we will need another system to offer this service, that is the reason Litecoin will also implement LN codes.
Fees
LN nodes will charge a fee for LN txns going through them and that fee will be relative to the Bitcoin network fee, it will be the same with Litecoin. that means even if the transactions will be faster with less fees Litecoin will offer txns at a better price. We will have a better notion when it will be properly built and running.
Atomic Swap
SegWit brought a lot of nice features one of them is the possibility to create an atomic swap. For all who don't know the definition - two users can trade BTC and LTC instantaneous and without risk. Efficient decentralized exchanges are now possible. like Bancor system but decentralized. Imagine in the supermarket the seller only accepting Bitcoin and you have litecoin in your wallet, you will be able to change them instantly.
Beta
Lately Litecoin announced to implement Confidential Transactions. Litecoin will come out to help test features before they are on Bitcoin, it will be as their Beta with a larger scale than the QA the devops are doing before they will launch new features for the mass adoption. It will help Bitcoin to grow and solve the upcoming issues
The market is coming back from last week fall, happy trading
מעניין.
לגבי הנתון של ה500 מיליון משתמשים- יפתר כאשר יגדילו את גודל הבלוק בעתיד. ללייטקוין אין באמת סיבה להתקיים. הקיום שלו זמני ועם ההתקדמות בפיתוח של ביט הוא יהפוך ללא רלוונטי.
לא נראה לי, כי נכון לרגע הזה הם לא רוצים לשנות את גודל הבלוק מסיבת אבטחה מידע
לא מהסיבה שהביט יהפוך לריכוזי יותר?
ועדיין זה לא באמת משנה, כל עוד ממשיכים לעבוד ולפתח את הביט זה עניין של זמן עד שייפתרו כל הבעיות הטכניות. ואז מה תעשה עם עוד מטבע שעושה בדיוק את אותו הדבר כמו הביט? רק שיש פחות מפתחים מאחוריו?
העיקר שזה יעבוד
I belive there are other, better coins to make a fast transaction wiht low fees, in the neas future...
I don't know about other coins, but each coins offer a different service seeking for a mass adoption
I don't know about Litecoin. People seem to be more likely to jump over to Bitcoin Cash, especially services like BitPay, CoPay. Lightning Network on Bitcoin takes away a big part of what made Litecoin stand out, same for atomic swaps being done on other blockchain systems.
please read what is Bitcoin cash, BitPay is a service using Banks, it is centralized, the main idea behind cryptocurrency is decentralized, enable you to trust anybody look at ripple, they can freeze your coins anytime...
I already know that. However we need to be able to buy things with our crypto, and BitPay is among the most widespread thing used by businesses for them to accept crypto. We just have to deal with them not accepting Litecoin but accepting Bitcoin Cash. Both are faster with low fees, and we need a majorly-accepted currency that's fast with low fees, which Litecoin was I believe the first to be that.
But now there's Bitcoin Cash, which is already worth more based on marketcap than Litecoin. There are actually many other coins that Litecoin has to compete with. And BitPay and all the businesses that use it can accept Bitcoin Cash now, not Litecoin.