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Litecoin (LTC) gets chosen as a means of exchange

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Litecoin

We all know, Litecoin is one of the most significant cryptocurrencies in the market today. It’s a digital asset that is poised to take over the banking system by storm by creating a better and faster means of payment. This cryptocurrency has been piped to become the number one means of exchange for the world’s financial institutions, as it is fast and cheap; with Litecoin, you can pay for goods at a fast rate with little charges.

Furthermore, it is necessary to know that Litecoin (LTC) is often regarded as the silver coin to Bitcoin. It has also been considered to be very similar or a clone to Bitcoin. Even though Litecoin is similar to Bitcoin, it is much faster and efficient.

The digital asset has been chosen by banks and other financial institutions as a means of exchange, due to its ‘Lightning Network’ as it is off-chain scaling. It is also necessary to keep in mind that there may be other crypto-coins that may serve as an alternative, but Litecoin is considerably faster and cheaper.

Litecoin has also gotten the backing of the UN as they were present at the recent Litecoin summit which also hosted important dignitaries such as Bill Barhydt, ABRA founder and CEO, Eric Brown, Aliant Payments CEO, Franklyn Richards, Director of Litecoin Foundation, Elizabeth Stark, Co-Founder and CEO of Lightning Labs, Diego Guittiérrez Zaldívar, Adam Draper, Elaine Ou, and Eric Brown.

The Recent Happenings on Litecoin Price

Litecoin is aiming to get cheaper regarding its transactions. LTC is regarded as the 7th most valuable crypto in the crypto-space; the digital asset also declared in a Medium Post that it would “lower network fees by more than half.”

Subsequently, Litecoin’s developers stated that the critical step was stirred by “last year’s run-up in the price of LTC when the tx fees regularly reached up to and over $0.10 on average per transaction and peaking at just over $1.”

Litecoin’s decision to lower the fees will foster its mass adoption. LTC developers said,

We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins”

We do know that market activities usually determine the charges on cryptocurrencies, but developers have the capability to set these charges to a minimum amount – which is now at 0.001 LTC/ kB.

Earlier on, Litecoin’s developers failed to reduce LTC transaction charges during the last LTC bull run, but the Foundation has stated that its transaction charges will stay lower when the next bull-run comes up and not the other way round.

Litecoin’s decision to reduce fees is one of its latest actions to stay relevant amidst the big competition it faces from other digital coins such as Ripple’s XRP. Even on this fierce competition, Litecoin still has an edge due to the renowned recognition and the listings on notable exchanges. Nonetheless, its Lightning Network is making it more appealing to most financial institutions today.

Lastly, LTC is trading at $52.35 and in the red at the time of writing. The crypto has a market capitalization of $3,082,579,314.

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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.

Image courtesy of MabelAmber/Pixabay

Currency Market

12 Peers Capital Markets Purchases DigitalBits XDB Token

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12 Peers Capital Markets , a broker-dealer and capital markets firm has announced its support for DigitalBits, a blockchain protocol focused on consumer digital assets such as loyalty points, rewards, and branded stablecoins.  The traditional market brokerage firm has purchased the DigitalBits XDB token, after recently announcing “a new found investment thesis focused on identifying blockchain projects that improve efficiencies across global markets,” it said in today’s announcement.

DigitalBits is an enterprise-grade blockchain protocol for supporting consumer digital assets, specifically branded currencies.  The company believes that branded currencies play an integral role in driving consumer behavior, but many of these programs are dated by today’s technological standards.  “These limitations have stifled value transfer, resulting in the accumulation of large amounts of idle capital – in 2017 US corporations held in excess of $100 billion in unused points liability,” the DigitalBits experts explain.  

The DigitalBits blockchain supports tokenization of existing and new consumer digital assets.  The XDB Foundation, which was formed earlier this year, is a neutral agnostic non-profit organization to enhance the DigitalBits blockchain and ecosystem, engage partnerships and building a robust ecosystem for users. Commenting on the 12 Peers Capital Market announcement, XDB Foundation’s Managing Director Michael Gord said that it is great to see traditional firms show interest in blockchain technology. …

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Currency Market

AllianceBlock Completes TGE, Lists ALBT Token on Uniswap

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Big day for the Dutch-based AllianceBlock project today. After more than two years in development, the stealth mode is finally off.  AllianceBlock announced its completion of the Token Generation Event (TGE) . The newly generated AllianceBlock token (ALBT) was also instantly available on Uniswap – an automated liquidity protocol that has been gaining traction recently. Unlike centralized and most decentralized exchanges that match buy and sell orders to determine prices and execute trades, Uniswap uses a simple math equation and token pools, plus ETH to execute trades.

AllianceBlock Uniswap
 

Just weeks ago AllianceBlock reported wrapping up its private sale, which was 1,200% oversubscribed and helped raise $0.5 million. The next step for AllianceBlock is coding the platform and expanding the ecosystem.  The team is gearing up for the mainnet launch, which is set for the second quarter of 2021. The AllianceBlock platform is based on the Prometheus Protocol, which is a multi-layered architecture designed to solve some of the biggest problems of the traditional finance (TradFi) industry while funneling potentially trillions of dollars of traditional capital into the DeFi industry, the company says.

AllianceBlock is raising the bar high – it is building a “globally compliant decentralized capital market” by utilizing a blend of several decentralized technologies. To help bridge traditional markets and DeFi, the company is focusing on three cornerstone issues — compliance, security, and user experience, which are…

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Currency Market

Could The Rise of Yearn Finance Harm the Long Term Viability of Bitcoin?

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Cryptocurrency

Even in the highly unpredictable world of crypto, 2020 has made for an exceptionally volatile year so far. 

The summer months have been punctuated the unprecedented rise of the decentralized finance (DeFi) movement followed by heavy falls across the cryptocurrency landscape. 

The jewel in the crown of DeFi, yearn.finance, was catapulted to values upwards of $38,300, and a market cap of over $1.1 billion just months after its launch. Backed by advanced and practical DeFi applications like smart contracts and blockchain-based insurance, DeFi tokens like YFI are supported by exciting and tangible technology.

Given their advanced frameworks, could this mean that the DeFi boom for yEarn and its counterparts will harm the long term viability of more speculative traditional cryptocurrencies like Bitcoin? Or could the world’s oldest and most famous cryptocurrency push back against the brave new world of decentralized finance?

Why Yearn.Finance is Different

YFI is certainly a cryptocurrency with a difference. Writing for Forbes, Joseph Young has attributed the rise of Yearn.Finance to four major components: a unique supply, an active community, a respected developer, and innovative products. 

Significantly, yearn.finance developer, Andrew Cronje, rebranded and relaunched yearn.finance with a suite of new and cutting-edge products. He also released YFI with no premine, a significantly limited supply of just 30,000 tokens, and no founder reward. 

These factors made the…

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