London, UK, August 19, 2020 (GLOBE NEWSWIRE) – If you feel that cryptocurrencies cannot reach the target of mass adoption as expected then you may want to rethink as a new horizon for crypto payments is here. With great enthusiasm and a bold vision of the future, we are proud to announce the launch of the Litecoin Proof-of-Stake (PoS) network.
Litecoin PoS is a radical attempt to replace a good but rather bad system with a proven and viable alternative. Born from extensive research, the Litecoin PoS – LTCP team, while standing on the shoulders of giants like Bitcoin and Litecoin, recognizes its limitations such as long block time, mining hashrate concentration and 51% susceptibility to attacks.
Without following the usual path of projects that in their usual attempt to try to repair an existing system forking a protocol only to fail to achieve their purpose later, Litecoin PoS is an original implementation of the Bitcoin codebase with different performance and improvements of the consent. This, therefore, makes Litecoin PoS a superior choice for financial applications such as payments, greatly improving network scalability.
Since Proof-of-Work is power-hungry, expensive to maintain, and prone to centralization, which is essentially the real problem that decentralized systems want to solve, LTCP adopts the PoS consensus algorithm system to securely validate transactions and then add them to the blocks in a rather fast and safe method. In our system, validators stake their coins to help secure the network instead of engaging in proof-of-work mining. This helps reduce the energy required to run the system by up to 99%, making it cost-effective but efficient for gaining consent.
Litecoin PoS Consensus Algorithm
As a Proof-of-Stake system, validators aiming for LTCP must bet matured coins. This means that the unspent outputs (UTXO) must have a depth in the main chain of at least 500 blocks (which is the coinbase / cointake maturity)
Furthermore, the coins to be wagered must be in suitably compatible address / transaction types.
And since security is the backbone of any complete and decentralized system, to further prevent the possibility of an attacker disrupting the Litecoin PoS blockchain, we have adopted the Mutualized Proof of Stake consensus feature. MPoS creates an incredibly costly barrier for malicious actors, a barrier that is, in theory, impassable. With MPoS, attackers cannot spam Litecoin’s paid PoS network. Instead, network participants all share the commissions, instead of the totality of the commissions going to a single block creator, as is normally the case. With commission sharing in place and a continuous rotation of Stakers, the substance behind a spam attack fades.
More importantly, the MPoS algorithm is not an experiment for us. We have already implemented it on a large scale within our test network, making it time-tested and proven feasible for its intended purpose. A more detailed explanation of Litecoin PoS architecture and consensus algorithm is well articulated in our white paper.
Litecoin PoS block time
As an improvement over Bitcoin and Litecoin, Litecoin’s PoS block time frame is set to 3 minutes, making it not only more than 3x faster than Bitcoin, but also capable of handling more than 3x the number of transactions. .
Store LTCP coins in wallets or staking pools and earn rewards for staking every day
Supply and exchange of quoted LTCPs
Litecoin PoS is exactly the same in the total supply of Litecoin, the PoW coin. This is our clear statement to replace Litecoin rather than compete with it. The total supply of LTCP is 84 million with a low outstanding supply of 1 million.
Total supply – 84,000,000
Current offer – 1,323,000
Exchange available for LTCP trading
And to demonstrate our commitment to our core ideals, we’ve already signed partnerships with some of the best exchanges around. As of now, you can trade LTCP on three exchanges. You can trade LTCP on Digifinex, GX.com and BTCNEXT.io. We are working closely with them and other market makers to increase LTCP liquidity on these exchanges. And others are still in the works.
The BTCNEXT exchange will become a general partner, host marketing activities to attract 75,000 active users to the Litecoin PoS project.
Expect more updates from us as we work to ensure Litecoin PoS is on the lips of many for a good cause as we continue to innovate around digital global payment technology.
Other updates
Over the next few days, expect to hear more good news in areas such as
- Exchange partnership
- AMA session
- Other marketing updates.
For more information, contact
Romain Bergery [email protected]
Ilyas Sadvakassov [email protected]
You can also visit and connect with the project on
Website
Telegram
Twitter
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