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Lite.IM Dethrones Facebook After Integrating Crypto Wallet With Popular Messaging Platforms

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Lite.IM

With the crypto markets in turmoil, especially after news about a potential hack at Cryptopia, traders and investors need to turn their attention away from day trading.  Instead, crypto traders really need to think long-term and identify projects that are sure to win in the long-term.  In particular, one crypto company is making major headlines after winning an all-important technology battle against the mighty Facebook.  That company is Zulu Republic (ZTX).

Zulu Republic Develops Lite.IM

Zulu Republic is an ecosystem of blockchain tools and platforms, designed as a place where people, businesses, and organizations can thrive on their own terms.  And indeed, Zulu Republic has hit a grand slam with their development of Lite.IM.

Lite.IM is a crypto wallet that has been integrated with several of the most popular messaging platforms such as Facebook Messenger and Telegram.  In addition, users in the U.S. and Canada can also exchange and manage crypto balances through SMS.  Although not all cryptocurrencies are available, the team has selected four of the most popular currencies which include Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), and the native currency of Zulu Republic (ZTX).

Telegram and Facebook Messenger are extremely popular platforms.  But, potentially even more exciting news, is that the Lite.IM team plan to announce WhatsApp integration in the next 1-2 weeks.  There is a reason why Facebook acquired WhatsApp in 2014, for approximately $19 billion.  WhatsApp has some truly jaw dropping statistics:

  • 1.5 billion users
  • 1 billion daily active WhatsApp users
  • 60 languages supported

To put those numbers into context, Facebook Messenger has approximately 1.3 billion users and Telegram has approximately 200 million.  So clearly, the integration of Lite.IM with WhatsApp will be a milestone achievement.  And what’s even more impressive is that it was accomplished before Facebook.

Lite.IM Values Privacy Rights

In late December, Bloomberg reported that Facebook would create its own cryptocurrency for money transfers within its highly popular messaging application, WhatsApp.  Specifically, Bloomberg had the following to say:

Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.  The company is developing a stablecoin — a type of digital currency pegged to the U.S. dollar — to minimize volatility, said the people, who asked not to be identified discussing internal plans.  Facebook is far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin…”

There are a few interesting things to take note of.  First, while India certainly has a massive user base, it seems odd to focus on one particular country.  Marketing the cryptocurrency to India and the rest of the world are not mutually exclusive actions.  So, it seems that Lite.IM is superior in this regard as it is focused on capturing a global audience, rather than a regional one.  Second thing to take note of is Facebook’s seeming inability to protect privacy rights.  They’ve been at the center of numerous privacy scandals including:

  • Russia Election meddling
  • Cambridge Analytica data breach
  • Facebook computer network data hack

Now it’s not entirely fair to single out Facebook.  It seems that many companies in today’s world are having trouble protecting their customers’ data.  But those other companies aren’t attempting to start their own cryptocurrencies, Facebook is.  Cryptocurrency, by its very definition, demands the strictest forms of security and protection.  And while I have my doubts about Facebook’s ability to protect users, I don’t have the same doubts about Lite.IM.

With Lite.IM, customer’s private keys are RSA encrypted with their password.  And unlike Facebook, Lite.IM doesn’t ask for that information and therefore cannot store it.  Facebook has clearly had issues with third parties gaining access to users’ data.  Because of the approach that Lite.IM has taken, third parties have no chance.  Users can rest easy.

Simplicity of Using the Lite.IM Wallet

When new technology projects attempt to gain global adoption, the key to success simplicity.  Not everyone is going to have the same technical skill.  So, it’s imperative that projects be intuitive and fairly easy to use.  Fortunately, Lite.IM is just that.

In order for users to purchase, send, receive, and manage their cryptocurrencies on the previously mentioned platforms, all they need to do is send text-based commands to the Lite.IM bot.  The Lite.IM bot links on the messaging platforms are:

  • Facebook Messenger – @Lite.IM
  • Telegram – @LiteIM_bot
  • SMS – 760-LITEIM-0 (760-548-3460)

While the link hasn’t been revealed yet for WhatsApp, it certainly will be just as easy to remember and use as the above ones.

Global Adoption of Cryptocurrency

On Zulu Republic’s website, their stated mission is to advance the development of decentralized technologies, to promote human rights and empowerment around the globe, and to reduce the global digital divide.  This is an admirable mission and one that can be accomplished through global adoption of cryptocurrency.  In many parts of the world, inflation is a major problem.  Citizens of many countries face the struggle of working long hours for little pay, and then have to watch their hard-earned savings erode because of government mismanagement.

One way to combat inflation is through promotion and marketing of cryptocurrency.  A good example of this is Venezuela, where many citizens are accumulating and actively using cryptocurrencies to preserve their savings.  The main problem with cryptocurrency is how to get started.  Many potential users are scared off either because of their limited knowledge or the difficulty in getting started.  And with all of the reported hacks, it’s no wonder why many are skeptical.

Lite.IM has taken giant steps toward reducing the stress and uneasiness that new users might feel.  Being able to manage one’s cryptocurrencies in a comfortable and familiar environment (Telegram, SMS, and Facebook Messenger) will do wonders toward increasing global adoption of cryptocurrency.

Bottom Line

When Facebook announced its desire to develop a stablecoin and integrate it in WhatsApp, many people assumed that Facebook’s dominance in this space would be a foregone conclusion.  But that is certainly not the case.  With the development of Lite.IM, a wallet that is intuitive, easy to use, and privacy oriented, Facebook is now left wondering what it must do to catch up.  Either way, Lite.IM is a pioneer in this space and traders should certainly put ZTX on their radar.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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