Crypto-asset investors are continuign to try a wide range of options as Bitcoin continues in its bearish movements. One of those coins that whales are branching out to is Litecoin. Litecoin, a peer-to-peer token developed by Charlie Lee in 2011, is being researched further to become investors’ most preferred coin. Well, in keeping with this, Lee is disclosing some efforts in the process to make Litecoin a Lightning Network-compatible currency.
Lee Speaks On The Innovative Research
One quality no one can take away from Lee is his outspokenness. This time, he is sending a strong-worded message that Litecoin will become a coin to reckon with in the near future. He highlights the innovative research going into the coin.
Understanding Lightning Network
The Lightning Network is a network that supports instant, scalable on-chain transactions. With the Lightning Network, user-to-user transactions are enabled, thus guaranteeing transaction speed and low processing fees. The network ensures that virtual currency of minute figures sent via bidirectional payment channels will be without recourse to identity of the persons behind the transactions. The main aim of developing it is to solve setbacks in Bitcoin scalability.
Developed by Lightning Labs., the Lightning Network launched this year to address bitcoin scalability issues, but many users experienced huge amounts of losses while using the network.
Where Litecoin Comes In
On July 11th, Lee became bullish over the role that Litecoin would play on this network. He said that it would be instrumental in the course of developing the Lightning Network. In a tweet, he encouraged crypto-asset investors to acquire the coins and have a firsthand experience of how good it can be. According to Cryptovest findings, Litecoin has its own lightning network, and it is also test-run. Though, because of lapses in the network, Litecoin lightning network needs to be fine-tuned before it receives full implementation.
Facts About Cryptocurrencies
Litecoin no doubt is a network that offers hitch-free on-chain transactions at reasonably low rates. On the other hand, Bitcoin has had to tackle a major challenge of congestion in the past, but the coin manages to overcome the hurdles. Today, it has become a preferred network for transmitting huge amount of funds.
In regards to Litecoin, the cryptocurrency community worries that it is far from being the most preferred network for moving large sums of funds due to the way the network processes its transactions – a claim that Lee has refused to admit.