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.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…