A new project launched by Zulu Republic is striving to make litecoin transactions available to anyone with a mobile phone, with a feature called Lite.im. Zulu Republic is a blockchain ecosystem that aims to make it easier for all people to access the benefits of DLT.
According to a version on the blog of Zulu Republic Medium on August 9th, Lite.im is –
"a new project of the Republic of Zulu aimed at expanding the access to the cryptocurrency to a population wider than ever, Lite.im offers Litecoin services to anyone with a basic cell phone, regardless of whether or not it has access to the Internet. "
Currently demonstrating the concept using the famous application messaging Telegram. This messaging application is popular in the DLT community and is known for its inherent privacy features. It also makes litecoin transactions as simple as possible. The first iteration of the system is now available on Telegram. It is essentially a litecoin portfolio with social skills.
According to the Zulu Republic, text messaging is a more efficient way to facilitate third-world access to the benefits of DLT. As mentioned on the page, 64% of global users have a mobile phone, but only 33% have a smartphone and an Internet connection is not readily available in the poorer jurisdictions.
How it works
Through Lite.im, users can interact with litecoin services via SMS using the LTC API provided by Zulu. When sending funds, users can send a telephone number or litecoin address. This means that funds can be sent regardless of whether the portfolio address is known. Even the new financial technology platforms like Revolut have this feature, where you can send money knowing the phone number associated with the account.
Private key data is not stored by Zulu Republic and keys are encrypted with RSA. User passwords are not stored as well. In this first version, users can send commands to a Telegram bot that will release balance, address or transaction information. It is also possible to send litecoin to e-mail addresses for registered participants.
What is litecoin?
Litecoin is considered the gold for gold which is bitcoin, being cheaper and faster. It is considered more liquid and negotiable, while bitcoin represents a long-term value reserve. Litecoin is an early bitcoin fork, and the two coins are extremely interoperable, either using a second-level Lightning Network solution.
The founder of Litecoin Charlie Lee tweeted that everyone should first buy a bitcoin before acquiring any other coins, including litecoin. In another tweet, he indicated that a litany lightning network with atomic swap functionality could actually make it bitcoin side-chain, but with greater security through decentralized evidence of job mining.
The first atomic swap could take place between bitcoin and litecoin on Lightning Network, an instantaneous feature that would eradicate taxes and make transactions truly without trust, as envisioned by the whitepaper Satoshi Nakamoto.
Digital Nomad with an interest in Zen and Blockchain technology.
Graduated in law with 3 years of experience as a consultant in the field of capital markets and 4 years of experience as a freelancer in UpWork as a Creative Writer.