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Litecoin has existed since 2011. The market has been swept by new altcoins (shitcoin?) Over the past two years, which have seen Litecoin's decline in media coverage and in the buyer's attention.
Once the second largest cryptocurrency, Litecoin was pushed by new projects one at a time to its current seventh position in the ranking of crypto coins by their respective market ceilings.
The most important thing for Litecoin in 2019 is to stay away from being classified as another shitcoin. Essentially, staying relevant is the number one goal for Charlie Lee and the team behind LTC.
Ever since Lee sold his coins around the price spike, he has lost some credibility among cryptography enthusiasts and, even though Charlie vehemently denies, that event caused considerable damage to Litecoin's reputation. The famous motto of "skin in the game" has been violated by this sale and many holders have followed the example because they do not want to hold coins of a project whose founder is perceived as lacking in confidence in his success.
With Coinbase adding more altcoins each passing month, the main price driver of LTC has declined as the buyer's attention is diluted with new bright coins he can buy (ETC, BAT, ZRX etc.).
Other coins with similar use cases are bringing at least something unique to the table: NANO is faster and free of costs, XMR, ZEC, DASH are fungible and private, XRP and XLM are fast and have strong companies behind them , DCR has governance model innovations, etc.
Litecoin will be happy to be alive at the end of 2019.
Not much happens on the LTC blockchain
It is the standard state of Litecoin to sit back and wait for bitcoin developers to push new updates so that LTC can take them to their blockchain. I am still puzzled about what the point of this project is. In addition, LTC shows almost no activity on its chain expressed through precious on-chain metrics such as the number of on-chain transactions, active addresses, block size, NVT ratio etc. As we wrote earlier this week, the voices about the insensitive existence of the LTC are becoming stronger, noting the same thing I mentioned above.
"A good time to remind you $ LTC it's completely useless. Chain transactions are a joke. The last 5 blocks are all smaller than 30kb, the network is completely empty. It is not used for payments, it is not used at all. "
This was a reaction to the news that Coinbase has moved about $ 5 billion worth of cryptographic tokens as part of their system upgrade. As Frank Chaparo of The Block reported,
"The $ 5 billion represents 5% of all bitcoins, 8% of the total supply of ether and 25% of all litecoin".
Do you know what Litecoin Cash is?
This news was commented on by Jackson Palmer, founder of Dogecoin and well-known cryptographic commentator, while asking if people who left their private keys in centralized central units defeated the fundamental principle of cryptocurrencies.
Litecoin is in a terrible form
Litecoin online chain metrics are less naive than ever. The blockchain recorded only 21k transactions in the last 24 hours, which is 10 times less than the bitcoin and 150x less than EOS that is leading the market in the tx numbers.
Not only that, but the size of the blocks are, as evidenced by Paul Everton, well below 30kb means that there are simply no transactions on the network to fill the blocks so that the miners collect the block prizes by extracting almost empty blocks.
Bitcoin and Litecoin had the same block limit of 1 MB. After the first litecoin and then the segwit activated bitcoin, now they have again the same block limit of 4 MB.
However, this only determines the maximum size that the blockchain could have by now. We do not need to store data for unused block space!
Because the block header makes up only 80 bytes of data, the transaction data is the limit of the blockchain. It turns out that even if Litecoin had nearly three times more blocks (1,420,460) than Bitcoin (522,429) due to its faster interval, Litecoin had far fewer transactions. Lately, the Litecoin blocks have had an average size of 31 kB, while the Bitcoins have had about 815 kB in the last month.
Litecoin's hashrate is also down, just like the bitcoin one. At its peak, LTC had about 350 Terahashes that protected the network. That number is now almost twice as small – 150TH.
For a cryptocurrency that was to be the frequent, small-scale alternative transaction to BTC, Litecoin failed to recover in terms of volume as it only had $ 73 million onchain volume. Compare it with $ 3.4 billion BTC or $ 1.0 billion BCH.
Besides the volume, the median value of the transactions also shows that practically no one uses it for the intended purpose: small transactions, such as the purchase of coffee or foodstuffs. Its median transaction value was $ 50 to DASH (another claim to the payment currency throne) $ 15.
- Litecoin Foundation and X9 announce the collaboration of Lightning Network
Litecoin announced today that they will collaborate with X9 Developers, a group of independent blockchain developers who created and developed a project called Stakenet (XSN).
X9 developers have already implemented a beta version of cross-chain atomic exchanges via the Lightning network available for testing between XSN and LTC. Their current goal is to improve the user experience of the LN and develop a "one-click" solution for atomic LN exchanges. It is expected that the collab will make it easier to develop Lightning Network apps as the developer will no longer have to run a complete node. redditor Yankeeruinx explains the importance of this collaboration in detail:Another 2 days to buy TradingView with 60% discount
"Well, one of the biggest problems with LN is liquidity and decentralization at the moment: Stakenet solves this problem by using its own MN network as Lightning Nodes, which currently has about 1900 nodes in order to resolve the part of decentralization. , Stakenet also uses the MN guarantee to provide liquidity in the network Once activated, they should become more liquid overnight than those of BTC on LN.Today BTC has a capacity of $ 1.7 million and at the moment Stakenet would have more than $ 3 million "
Lightning Network made the breakthrough later, with over 500 BTCs currently present on it.
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The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.
The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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