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

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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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