Litecoin Enthusiasts Can Now Create NFTs, Tokens With OmniLite

Non-fungible token marketplace bigwig, OpenSea, announced a lay-off of around 20 per cent of its employees. Over the previous few years, the subject of cryptocurrencies has acquired a variety of consideration on the earth of… Litecoin and Tron have paid their dues within the crypto world since they got here on the scene. The workforce behind the challenge meant to repeat the steps of crypto-giant Bitcoin to ascend to the highest. As such, the LTC Token is often known as the ‘silver to Bitcoin’s gold’ by crypto fans. On this long-term chart, another interesting support is located at $USD 55, represented by a flat Weekly SSB. In the short term, a technical bounce remains possible, but we’ll dive into this point on the next chart. The current situation looks pretty bearish over the long-term, in concert with the rest of the crypto economy. MWEB is the most extensive upgrade to the Litecoin network ever, promising to provide fungibility while improving Litecoin’s scalability.

This coin is based not only on the Bitcoin software but it also has similar principles . It is the second Bitcoin fork after Namecoin with a few minor differences. The peculiarity of this fork is the open source code, which allows anyone to modify or copy the software. Moving forward, there is every reason to believe that the connections will only increase, and we’ll continue to see major cryptocurrencies becoming involved in NFT markets in a variety of ways. As you can see, nothing that differentiates Litecoin from Bitcoin specifically makes it better suited to NFT adoption or support. However, theadoption of OmniLitein 2021 has changed things in this regard and turned Litecoin into a platform thatdoeshave some overlap with the NFT world. Accordingly, there are some NFT marketplaces that make use of Stacks for the creation of individual NFTs.

Bitcoin Retraces but up 12%, BTC is Bullish Above $23k

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. MWEB is the largest upgrade to the Litecoin network ever, promising to provide fungibility for all, while improving Litecoin’s scalability. David Burkett, the lead developer behind Litecoin’s Mimblewimble Extension Block upgrade, spent more than two years working on it. As a global organisation we’re always looking for smart and enthusiastic people to join the Foundation. If that’s you, then please fill in the form below and we’ll get back to you ASAP. Dan hold a master of finance from the ISEG , Dan is also a Fan of cryptocurrencies and mining. While the value of one BTC is equal to another BTC or to certain times of LTC, NFTs cannot be exchanged for NFTs. Otherwise, there are a whole lot of people who do not have a clue about what an NFT actually is. It is only when someone is convinced about the value of NFTs can they be convinced about investment and profit. Thanks to the efforts of the Litecoin developer Loshan and the Litecoin Foundation, creating on the Litecoin network is now much easier with OmniLite.

With a focus on security and user experience, Litewallet makes getting started with Litecoin very user friendly. Make the cryptocurrency world more transparent and open together. Is in the TOP 10 of CoinGecko rank by the amount of token pairs and coins listed. Ranked #2 worldwide in the startup tokens primary market with 220+ IEO’s since 2017.

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According to our prediction of LTC / US dollar, by the end of 2022, the Litecoin can rise to US $231, US $505 in 2023, and the average price of US $1258 in 2025 – an increase of 1098%. We have all heard that Bitcoin is called “digital gold”, but did you know that Litecoin is sometimes called “digital silver”? This seems surprising because Ethereum is often called the queen of cryptocurrency, while Bitcoin is the king. The Charlie Lee-created cryptocurrency has shot up 13.3% over a seven-day trailing period.

It is allowing one of the longest existing networks in blockchain a chance to capitalize on a huge trend. Not only this, but the network will also allow for the creation of stablecoins and smart contracts on the network. Beyond simple NFT trading capabilities, the network will see increased transaction efficiency and scaling thanks to the automated smart contract process. Gratefully, long wallet addresses that are hard to remember will become a thing of the past. Litecoin is a peer-to-peer cryptocurrency utilized by users seeking faster transactions at a low cost. The decentralized crypto was launched in 2011 as a secure and innovative digital currency.

Where To Find Nft Artist?

With a degree in Economics, she covers major news and concerns surrounding crypto-space. The retrace was very ugly, and it’s probably still battered from the China mining shutdown and proof-of-work energy FUD. Litecoin is the only legacy proof-of-work cryptocurrency I hold . In some cases, NFT owners can use the loans to exchange cryptocurrencies or fiat currency… On the other hand, prices are defending a previous high point on the chart above. This technical area is a potential bottom; we’ll need to see how the market will evolve during the next few days. The Lightning Network was first proposed by Thaddeus Dryja and Joseph Poon in 2015.

Petition to get honest feedback on MWEB from Litecoin Developers. For example, an activity of 9.0 indicates that a project is amongst the top 10% of the most actively developed projects that we are tracking. The 2022 meltdown is not the first time that the risks of “Centralized DeFi” products have been laid bare. A roundup of the week’s most valuable crypto stories for Saturday, July 23, 2022.

LN apps such as Plasma will provide the tools for when that day comes. Throughout Litecoin’s over decade-long existence, the past two years have been without a doubt, the most action-packed in terms of active development on the network. Although Litecoin’s largest-ever upgrade, MWEB, has taken much of the spotlight, a few under-the-radar projects have been picking up pace and gaining the community’s attention. Litecoin Foundation has announced the launch of “OmniLite” earlier this week, a protocol that allows developers to issue tokens and NFTs on the Litecoin network. At least for the moment, Litecoin isn’t seeing the constant pressure that higher volume blockchains like Bitcoin and Ethereum experience. Consequently, its transaction speeds are faster, and fees are lower. But should OmniLite grow in popularity, the ability of the blockchain to scale will be key to maintaining these performance metrics. The Litecoin Foundation announced the launch of ‘OmniLite’ earlier this week, a protocol that would allow developers to issue tokens and NFTs atop the Litecoin network.

• NFTs are unique crypto tokens that exist on a given blockchain and are extremely profitable because they have a unique value and cannot be replicated.
• Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence.
• Litecoin is currently trading at $184, while Bitcoin is at the $46.3K zone.
• It’s hard, and sometimes really painful to watch how crypto assets fall before your eyes, but this does not mean that you should fall along with them.

Litecoin is currently stable, but the uptrend is solid, reading from the performance in the daily chart. Security and privacy topics are my main interests, and so, blockchain as one of the most strong security and privacy solutions of the modern industry excites me too. Litecoin, nonetheless, can also be recognized for its strategy to decentralised finance because the platform was designed on a decentralised open-source world cost community. Of course, we could hope for a bounce, but technically this is wide open to a strong retracement, as volumes show an accumulation before breaking the previous support.

Thanks to Litecoin developer Loshan and the Litecoin Foundation’s hard work with OmniLite, it was a good time to feature OmniLite inside the Litecoin network. Litecoin is one of the oldest, as well as one of the most well-known blockchain networks currently available, which has stood the test of time and is regularly available to develop on. If you are a creative that aims to develop their NFTs on top of the Litecoin blockchain network, today, we are going to go over just about everything you need to know about completing this task. Since the Omni Layer transactions are processed on the layer one blockchains themselves, all fees are paid as part of these transactions and go to the layer 1 miners. This means that an Omni Layer token transfer on top of Litecoin will be cheaper than Bitcoin since the transaction fees on Litecoin are lower than Bitcoin. Both are supported by something called the Omni Layer — a layer 2 network which exists on top these networks, as well as FeatherCoin. This was rebranded from ‘Mastercoin’ in 2015 and many consider it the first official ‘altcoin’ to bitcoin since it was proposed back in 2012 and implemented in 2013, two years before Ethereum launched. There have been several competing projects to the second-largest altcoin that have claimed to be Ethereum killers, however, none have been successful as yet. It will be too soon to dismiss what OmniLite strives to achieve, since the issues of gas fees and congestion remain a problem.

Considered one of the most enduring crypto assets in the last decade, Litecoin is a prime example of this desire for fine-tuning and innovation. Ultcoin365 is your secure sourse of the latest financial news in the country and around the world! Learn more about cryptocurrencies and marketing tendencies that rule the economy. Furthermore, there are several blockchain projects that adopt non-fungible tokens and Litecoin is one of them. With the introduction of OmniLite, Litecoin enthusiasts can design NFTtokens, etc.

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The network is managed and maintained by the decentralized network without the involvement of a third party. Fabimagazine is your cryptocurrency, bitcoin, and business website. We provide you with the latest breaking news and videos straight from the cryptocurrency industry. Read more about how to convert litecoin to bitcoin here. We strongly believe Litecoin will be the cryptocurrency of choice among consumers for daily transaction. In addition, Litecoin must https://www.beaxy.com/market/btc/

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Posted: Thu, 18 Nov 2021 08:00:00 GMT [source]