Litecoin News And Price Overview: Charlie Lee Claims Lightning Network Make Litecoin Bitcoin’s Sidechain. Tuesday, August 14
Important Litecoin News
Charlie Lee Claims Lightning Network Make Litecoin Bitcoin’s Sidechain
Charlie Lee the Litecoin founder said that Lightning Network with atomic swap effectively makes Litecoin Bitcoin’s sidechain. Lee maintained that the difference is that Litecoin boasts a much better security through a decentralized proof of work mining compared with what is currently obtainable in Bitcoin in which what he called “federated merge mining” of regular sidechain.
Presently, the only way traders can exchange an altcoin for Bitcoin is through buy or sell orders by matching these orders through a trusted third party such as an exchange.
However, with atomic swaps, it is possible to exchange say litecoin for bitcoin without the need for a trusted third party. This makes use of smart contract called hash time locked contracts (HTLCs) to enforce compliance from both parties. The parties need keys to show compliance and have their tokens released.
Trading on centralized exchanges has its risks such as hacks and theft of coins. The lightning network links the parties through payment channel and cuts out the delays associated with the Bitcoin blockchain.
Litecoin Transactions Available with Telegram
A tweet by Charlie Lee announced that Litecoin transactions are possible through the messaging app Telegram. Lee who used the opportunity to promote adoption wrote:
“A bear market is the best time for people to work on adoption.
Check out https://www.lite.im Send and recieve LTC on telegram. Eventually, it will support SMS also. Great work @ztxrepublicteam! We build it and they will come. Adoption is key!”
The new Litecoin feature was developed by Zulu, a blockchain startup in Switzerland that specializes in development of decentralized applications on the Ethereum network.
According to the release, Lite.im, the new app will first be released on Telegram allowing users to check their LTC balance and send litecoins to email address or a wallet.
LTC/USD Price Chart, Tuesday August 14th:
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