Litecoin Network Launches OmniLite to Facilitate Token Generation and NFT

The Litecoin Foundation announced the launch of OmniLite earlier this week, a protocol that allows developers to issue tokens and NFTs on the Litecoin network.

Litecoin Joins the NFT Space

Tokens generated through OmniLite can be considered an extension of Litecoin, so token transactions are recorded on its blockchain. As a result, all digital assets created through OmniLite benefit from the network advantages that Litecoin provides.

Over the years, the cryptocurrency industry has been growing rapidly and relentlessly, becoming a hub of opportunity for builders across the globe. Litecoin, considered one of the oldest altcoins, is a prime example of this aspiration for innovation.

With Litecoin’s minimal fees, decades-long persistence, and 100% network uptime, it’s only a matter of time before building an asset on the Litecoin ecosystem. Thanks to the efforts of Litecoin developer Loshan and the Litecoin Foundation, with OmniLite, creating on the Litecoin network is now significantly easier.

OmniLite will also facilitate the creation of stablecoins on the Litecoin blockchain. While other networks like Bitcoin and Ethereum are experiencing saturation problems, developers may want to take advantage of the significantly cheaper transaction costs that Litecoin offers.

This news is no longer breaking news but our team thinks it is necessary for everyone to follow.

Learn about MimbleWimble via Extension Blocks (MWEB)

After a while of research, the Litecoin Improvement Proposal (LIP) was established in 2019. Through this LIP, it was decided that the best way towards increased replacement this is through a new technological advancement, called MWEB (MimbleWimble via Extension Blocks). And at the present time, it is estimated that in a week, MWEB will complete the Sparkles code.

Source: Twitter

What is MimbleWimble via Extension Blocks (MWEB)?

Mimblewimble (MW) is a blockchain design that uses a completely new way of structuring and storing transactions. It’s a form of implementation of a Proof of Work (PoW) blockchain in a new way to enable better network privacy and scalability.

This is a protocol created by anonymous character Tom Elvis Judesor. This concept was developed and conceptualized by veteran Bitcoiners such as Gregory Maxwell, Adam Back and Andrew Poelstra.

On the other hand, the “EB” in “MWEB” stands for Extension Blocks, which is a proposal launched by Bitcoin developer Johnson Lau in 2013. Expansion blocks can be seen as an “adjoining chain”. connected together, running side by side with Litecoin’s main chain. Traffic on both highways circulates at the exact speed, and if someone wants, they can continue to trade on the Litecoin main chain without having to switch to the MWEB side. Conversely, if someone wants, they can side with MWEB. MWEB is an optional version and therefore its use is completely dependent on user needs.

Why should we use MWEB?

Due to its built-in features, using the MW chain users will get the benefits of improved privacy and fungibility.

Which brings us to the question, why do we need MWEB? Why did Litecoin break this barrier and deviate from Bitcoin to accomplish this task? To put it simply, the purpose of MWEB is to achieve greater fungibility and improve privacy as a fundamental human right.

If a company wants to pay employees with cryptocurrency, it is essential that those transaction amounts be private – otherwise, “employee A” will be able to analyze the amount that the “employee B “is getting. Clerks from department 1 can very easily realize that she is paid less than a secretary for department 2. One can quickly realize that scenarios like this can get tricky. how from an ethical and legal point of view.

Today, there are also many third-party organizations that track transactions on the blockchain. For example, a famous Twitter account called Whale_Alert specializes in announcing the amount of cryptocurrency being transferred from one wallet to another. They are literally warning us of high net worth individuals moving their money and how much they are moving. The thing is, this may not be beneficial for whales, especially if one of those wallets is associated with the name or company. There are lots of people watching the transactions going on on each network at all times and unfortunately, they all have different motivations.

For one reason or another, increasing privacy has been a very sensitive subject. And only cash payment ensures human privacy. In 2018, the Federal Reserve conducted a study and came to the conclusion that about 26% of all transactions in the US are paid for in cash. Yes, in the digital age in which we live, a quarter of all transactions are made in paper money. Cash is also the second most used means of payment, according to research.

In our current data-driven world, cash continues to be one of the most private forms of payment and, with MWEB’s additional features, Litecoin will become a cash-like cryptocurrency. most in the top 10 due to the added incognito features.

Where are we going?

Currently, MWEB’s testnet has been in operation for about 3 months and is quite smooth. They also recently released a new update, which included a visual representation of how a wallet with Litecoin’s MWEB in / out could look like.

It is estimated that MWEB will be completed around Q1 – Q2 2021. In a recent series of progress updates, developer David Burkett stated that MWEB will complete the Sparkles code on March 15th. This means that the ode will be ready for final review and official testing. Once the process is complete, miners will then have to announce their support for the update.

As Litecoin continues to make progress in its endless war for increased fungibility and privacy, it will also take a leap into one of the best forms of monetization.