If you’re an LTC HODLer, today’s news update will send you to cloud nine with supreme ecstasy. We have not one, not two, but three jumbo-sized, action-packed news stories to celebrate today.
- Litecoin’s transaction speed is about to get a nitrous oxide boost. This digital currency may soon be processing as many as a million transactions in a second.
- Litecoin’s next upgrade with lower fees is coming down the pike as we speak.
- And the earth-shattering news of the day; a decentralized crypto-cum-fiat currency investing application has just been launched on Litecoin. Pay attention to my choice of preposition. This is the first major use-case of Litecoin as a technology that makes it more than just digital currency.
Let me further dissect these news snippets for you, starting at the bottom of the list.
The first-of-its-kind decentralized investing and trading application called “Abra” was launched on Litecoin’s blockchain yesterday. Consider this to be the equivalent of the decentralized applications built on Ethereum. In other words, Litecoin has just shown the world that it is more than just a digital unit of exchange. Its technology is way more worthwhile.
This is the “huge unexpected surprise” Charlie promised to deliver back in December, and we believe that he made good on his promise.
To give you an idea, Abra will allow users to trade and invest in 20 cryptocurrencies including Litecoin and 50 fiat currencies, all from one seamless smartphone app, with an easy-to-use interface available to investors around the world. This makes Abra the only investing app of its kind out there. What’s more, the app will not charge any fees on trades between the 70 fiat and crypto currencies.
For now, it will allow users to buy in with BTC, USD, or the Philippine peso. But eventually, LTC will also be added to these base currencies. We’ll do a feature on this in our next update so stay tuned.
Topping off this great news was the release of the “Lightning Network Daemon” (LND), the final fully-tested beta version of the code that has been deployed on Bitcoin and Litecoin blockchains.
Just to remind my readers, Lightning Network’s notable quality is that it will improve Litecoin’s scalability even further. While it’s true that Litecoin has been much faster to transact in compared to Bitcoin, its speed paled in comparison to fiat currency payment processors like Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA), which can process millions of transactions in a second. Lightning Network will allow Litecoin to achieve the same level of speed.
But what good is speed if fees are not affordable? Again, I know that Litecoin is much cheaper to use than Bitcoin, but to stay ahead of the curve, developers are further slashing miners’ fees. Transaction fees will be lowered from the current 0.001 LTC per transaction to 0.0001 LTC.
The lower transaction fees will go into effect in the next Litecoin Core upgrade, which is slated to be released sometime in the coming weeks. Lee confirmed yesterday that the development of the next update has just been shifted into second gear.