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.
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