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CoinGate announces the launch of Litecoin Lightning Network
13th December saw litecoin reach a significant goal: get your own Lightning network CoinGate, one of the most popular cryptocurrency exchange platforms. CoinGate made the announcement and confirmed by the management team of Litecoin amid the enthusiasm of the Litecoin Community and CoinGate.
A long coming
The Lightning network It has been described as a necessity to ensure that Bitcoin not only survives its inadequacies but is also able to thrive. The Lightning Network is a second level protocol that facilitates the transaction Bitcoin and Litecoin. It has been adopted as a solution for a wide range of Bitcoin deficiencies: it makes the transaction using Bitcoin (and Litecoin, for that matter) faster, lighter, safer and more adaptable.
Charlie Lee, the founder of Litecoin, expressed his excitement at the recent announcement of CoinGate. However, Mr. Lee has always been enthusiastic about the Lightning Network: in the past he described himself as a fan of the new platform in several interviews.
Charlie Lee he is very optimistic that Lightning Network is proceeding well, citing the fact that it has integrated SegWit in 2017. According to him, the LN is the key to realize the dream of an independent virtual currency of Satoshi Nakamoto. He repeatedly stressed that the Lightning network will allow users to participate in the peer-to-peer platform even without internet connectivity.
Implications of a lightning strike network for Litecoin
Litecoin has always been considered a simpler, faster and more agile version of Bitcoin. However, unlike Bitcoin that also works as an investment, Litecoin was mainly used as a means of payment.
The adoption of the Lightning network for Litecoin it is expected to give more flexibility and better speed, privacy and security for transactions. According to Charlie Lee, the popularity of the crypt will increase worldwide and make a wider range of merchants more acceptable.
In a tweet that responds to CoinGate's announcement, Charlie Lee wrote,
"Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks, @CoinGatecom!"
If this vision comes to fruition, then litecoin it will probably appreciate also thanks to its greater utility. For most people in the Litecoin community, it's the most exciting thing about the recent announcement.
Implications for BTC
As mentioned, litecoin has always been considered the partner of BTC. However, the recent adoption of Lightning Network could change this special relationship and create competition between both cryptosides.
The Lightning network will make BTC easier to use: transactions will be faster and safer and more traders will be able to adopt BTC as a means of payment. The main utility of BTC will be to shift from investment to everyday utility, just as in the case of Litecoin. The competition, however, may be suitable for Litecoin because, unlike BTC, it adopts significant updates much faster.
Conclusion
The recent CoinGate announcement it was just this: an announcement. The Lightning network has not yet been implemented for Litecoin, but the CoinGate team is finalizing plans to do it. The adoption of the LN will significantly improve Litecoin's position in the increasingly competitive crypto markets.
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