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Will Litecoin (LTC) boost adoption for Bitcoin’s Lightning Network?

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While Bitcoin is the undisputed king of all cryptocurrencies, it’s frequently criticized because of the time it takes to complete a transaction, the lack of scalability and the vast amounts of power it takes to keep the blockchain going through mining. 

That’s why the Lightning Network has been developed and deployed. It is a second layer for the Bitcoin blockchain and network which is meant to address the problems of speed and scalability and to increase every user’s privacy. Another notable innovation it brings is the Atomic Swaps.

The Atomic Swaps

Atomic Swaps allow converting your currencies from one to another. This is possible thanks to a smart contract technology known as hash-time locked contract (HTLC). This kind of contract ensures the safe exchange of currencies by enforcing pre-set parameters. The trade must be completed within a given time limit, and the transaction must be completed from both sides before any funds are released.

The main consequence of this protocol is that it eliminates the need for any central service, authority, arbiter or third party. It also helps to decentralize the coins involved in the HTLC because users don’t need to keep their currency stored in wallets or exchanges.

Let’s clarify one crucial feature of the Lighting Network. While it’s currently associated mainly with Bitcoin, it’s not specific to it at all; it’s just a layer of new protocols that can be integrated into any other blockchain which is excellent news for the community at large. Many other cryptocurrencies have already announced the intention to adopt the Lighting Network (Zcash, Decred, and Litecoin among others) to some degree.

Litecoin is, of course, a Bitcoin fork created by Charlie Lee, a former Google developer. Because it uses the same blockchain but it’s faster and lighter, the Litecoin blockchain has been used very often as a sandbox for Bitcoin. Mr. Lee was even the first person ever to complete an atomic swap last year.

Because of the close relationship and technical similarities, there are between BTC and LTC; the early users will find more advantages in using those two tokens to do atomic swaps. Mr. Lee said that,

“Litecoin will also be the easiest onramp onto the Lightning Network. BTC takes too long and fees to high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step sing submarine swaps!”

Mr. Lee considers the Lighting Network’s functionality akin to a decentralized exchange because transactions can be carried out by any two parties in agreement without any third party or central authority. Litecoin’s creator added that the,

“Lightning Network will be the ultimate decentralized exchange. Users that are running LN on both BTC and LTC can advertise an exchange price and act as a maker earning a spread. Other users can act as a taker and atomically swap LTC/BTC with the maker node via lightning.”

The Lighting Network is a very promising protocol. It could just be the thing that solves many of the pending issues with the Bitcoin network and many others as well. 

Because of its versatility, it can, and should, be adopted by many different blockchain networks and currencies. Adoption by several such projects would be a great benefit for the crypto community as a whole.

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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 Maxpixel.net

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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