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Litecoin (LTC) Charlie Lee Shares his Opinion on Lightning Network

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Litecoin

The attitude towards the Lightning Network grows even more positive after yesterday’s tweet posted by Litecoin founder, Charlie Lee. Lee has announced strong support for the Lightning Network (LN), and stated that it is an excellent solution for atomic swaps and boosted BTC transactions.

Charlie Lee stands behind the Lightning Network

The Lightning Network has gained another strong supporter, with a large part of the crypto community standing behind him. The founder of Litecoin (LTC), Charlie Lee, did not exactly try to hide his support an enthusiasm for LN. He was especially supportive of it yesterday when he released a tweet stating that the LN might even become a full decentralized exchange, where LTC could play a large role.

According to him, those who find that BTC takes too long to process the payments, and has too high fees could easily open an LTC payment channel. This is much cheaper and quicker solution, and going through with atomic swaps in order to get Bitcoin (BTC) is the easiest thing to do at this point. Generally, his opinion is that LTC has a great potential to become the best crypto to be used on LN.

According to Lightning Labs, the network already has a beta feature that allows the selection of two coins. However, the connection has yet to go live on the MainNet. On the other hand, LTC already has an independent LN and has already finished testing the atomic swaps. Still, there is still no realistic way to achieve interoperability between the blockchains.

Despite this, LTC continues to remain among the most actively used cryptos due to its low transaction fees and great speeds. Bitcoin’s network is also working to overcome these issues, and the fees are already a lot lower than they used to be. Through the use of LN node routing, Bitcoin is also trying to increase the size of the transactions as well.

The LN still has potential, it just needs better solutions

The Lightning Network has been in development for several years now, and the team behind it has made a lot of progress in that time. It eventually went live earlier this year, in March, and it started out as several experimental channels that were used for making very small transactions.

Soon after the launch, a number of traffic troubles appeared, and there were even some small losses during at the beginning. The risks were still present, and the users were advised to only test the network out, and not use it for serious, large transactions. Despite the rough start, things did get better over time, but there is still much work to be done, and the LN’s capacity remains limited to this day. Additionally, not all of its nodes have the same level of importance.

As an attempt to expand the LN, Viacoin’s (VIA) chief developer tried to connect it to the Bitcoin Lightning Network. However, such attempts have failed. However, Viacoin does seem to be the right candidate for future swaps with Bitcoin, and so does Decred (DCR).

For now, the LN remains an experimental setup, at least until the major issues are resolved. There is still a lot of testing involved, and even more that has yet to be done. However, Running a node on LN is not free, and the larger the node, the bigger the influence that its owner has.

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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

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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