Litecoin (LTC) transactions are now available via the encrypted messaging app Telegram, the founder of Litecoin Charlie Lee tweeted today, August 9th.
A bear market is the best time for people who work for adoption.
Have a look at https://t.co/Ua8LQz9f4h. Send and receive LTC on the telegram. In the end, it will also support SMS. Great work @ztxrepublic team! 👏
We build it and it will come. Adoption is the key!
– Charlie Lee [LTC⚡] (@SatoshiLite) 9 August 2018
The new function Litecoin Lite.im was developed by the startup blockchain Zulu Republic. Headquartered in Zug, Switzerland, the company develops decentralized applications (DApps) and "is an ecosystem of digital platforms built on the Ethereum blockchain (ETH)."
According to a Zulu blog post, the new Litecoin feature will allow users to use Litecoin services with text queries via the Zulu back-end LTC API system. Zulu stressed that private key data is not managed by the company and is instead protected with RSA encryption and the user's private password.
In the announcement, Zulu said that Lite.im will be released for the first time in the Telegram messaging app, "The Safest Messenger in the World", adding that the app provides a privacy that is "incorporated by default". Lite.im will allow users to send commands to verify their current LTC balance and send LTC to a wallet or email address.
In the future, the company intends to introduce LTC transactions via text messaging (SMS) to enable Litecoin's blockchain operations for customers with a poor Internet connection. According to the startup, from only 64 percent of the global population that owns a mobile phone, only 33 percent have a smartphone with an Internet connection.
Zulu stressed the decentralized nature of the next film, stating that it is aimed at countries where "Internet connectivity is poor, where the web is censored by autocratic regimes and where large segments of the population are marginalized by the conventional financial system."
The statement also says that users will be able to send Litecoin "to those who do not already own a Litecoin wallet or those whose wallet address you do not know, even if the recipient has no idea how to use the cryptocurrency . "
Currently the seventh largest cryptocurrency by market capitalization, Litecoin is an open-source project that was released in 2017. The basic idea of digital currency is to provide faster and cheaper transactions. compared to the main Bitcoin cryptocurrency (BTC). LTC is trading around $ 64 at the time of the press, having seen its historic high of $ 351 in December 2017, according to Cointelegraph's Litecoin price index.