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Important Litecoin News
Charlie Lee supports Lightning Network Make Litecoin Sidechain by Bitcoin
Charlie Lee, the founder of Litecoin, said that Lightning Network with atomic swap effectively does the sidechain of Litecoin Bitcoin. Lee argued that the difference is that Litecoin boasts a much better security through a decentralized trial of mining work than currently available in Bitcoin where what he called "federated unified mining" of regular sidechain.
Currently, the only way traders can exchange an altcoin for Bitcoin is through the purchase or sale of orders by matching these orders through a third party trusted as an exchange.
However, with atomic exchanges, it is possible to exchange litecoin for bitcoins without the need for a trusted third party. This makes use of smart contracts called HTL (hash time locked) contracts to enforce compliance on both sides. The parties need keys to demonstrate compliance and release their tokens.
Trading on centralized exchanges has its risks such as hacking and money theft. The lightning network connects the parties via the payment channel and cuts the delays associated with the Bitcoin blockchain.
Litecoin transactions available with Telegram
A tweet from Charlie Lee announced that Litecoin transactions are possible via the Telegram messaging app. Lee, who took advantage of the opportunity to promote adoption, wrote:
"A bear market is the best time for people who work for adoption.
Take a look at https://www.lite.im Send and receive LTC on the telegram Finally, it will also support text messages Great job @ztxrepublicteam We build it and it will come in. Adoption is the key! "
The new Litecoin functionality was developed by Zulu, a blockchain startup in Switzerland specializing in the development of decentralized applications on the Ethereum network.
According to the Lite.im version, the new app released for the first time on Telegram that allows users to check their LTC balance and send litecoin to the email address or wallet.
Litecoin price
LTC / USD price chart, Tuesday 14 August:
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