After a lot of speculation among developer communities everywhere, ABRA has chosen Litecoin over the more popular Bitcoin Cash to be integrated into its system. Although Litecoin isn’t the only Cryptocurrency added to ABRA, with another 20 plus tokens being added, it still gets selected over Bitcoin Cash. Litecoin creator Charlie Lee took to Twitter to voice his opinion about the decision.
“Abra chose Litecoin over Bitcoin Cash because of Litecoin’s better security and its adherence to Bitcoin’s scalability roadmap.”However, there are other reasons why Litecoin was the preferred Cryptocurrency.
The Current Scenario
At the time of writing, Litecoin has already experienced recent peaks but the price has somewhat dropped thereafter. It still, however, remains relatively stable around the $163 mark, even after the recent market shakedown. It had recovered sharply, rising by 4.6% in the past few days. Litecoin has always experienced an extended period of stability, which in turn makes it a good spendable asset. With the recent developments in mind, founder Charlie Lee also indicated via Twitter that Native SetWit Bech32 Support will be included along with the latest wallet upgrade. This will also result in much lower fees.
From ABRA’s point of view, Litecoin forms the core of the app’s protocol. Abra’s service revolves around providing synthetic digital currencies, backed by existing assets. Abra’s multi-sig smart contract based investment platform is thus suited for Cryptocurrency integration. With the latest addition of Bitcoin and Litecoin and another 20 Cryptocurrency tokens, the future prospects look bright. Bitcoin and Litecoin are the only two cryptocurrencies embedded in the app. The rest of the coins are classified as “synthetic token” and can be seamlessly exchanged. Thus, Abra will provide users with the extra security provided by the Litecoin blockchain, which has not been previously seen in any related Cryptocurrency wallet application.
Immediate Impact on Litecoin’s Price
In spite of the overall slump experienced by the current Cryptocurrency market, Litecoin is one of the few success stories. It is set to grow exponentially in value after ABRA announced its addition. They are also slated to be listed on the Gemini exchange. This is welcome news for Litecoin, which has experienced quite a slump in these past 7 days, declining in value by almost 12%. In spite of these shortcomings, Litecoin has experienced a great year, achieving a huge 4196.16 percent growth in value at the time of writing.
Litecoin could be a great choice for many corporations hoping to invest in cryptocurrency, as it is already an established cryptocurrency with fast transaction speeds and is the best currency for payments. This could be part of the reason it is gaining dominance in the market. That being said, there is no denying that the price of Litecoin has been languishing in the bottom half and this sideways movement is reflective of the overall cryptocurrency market. Indeed, it is not reflective necessarily of a lack of support for Litecoin. The most likely way for Litecoin to prove itself will be during the next run up in price, or the so-called “bull run”. It is not exactly known what the future holds for Litecoin in the next “bull run”. However, because of its recent popularity, Litecoin could well be one of the top three market leaders. The currency has always been backed by great technology but has not yet received widespread recognition. Now, people have been realizing its potential and letting other people know about it on Twitter, Youtube, and other popular platforms. This has caused a surge in attention, so during the next “bull run”, there could be a host of new investors ready to make the most out of Litecoin.
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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 Chad Cooper via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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