As of today, there are 1433 cryptocurrencies listed on CoinMarketCap, and locking horns over a place in the crypto realm. The turbulent ecosystem saw daylight in 2009, with Bitcoin pioneering the scene. Ever since, Litecoin that appeared in 2011 came with the promise to be “the Silver to Bitcoin’s gold”, and consolidated its place among the high profile cryptos.
However, many other altcoins quickly arose, putting Litecoin under the lights of scrutiny, and pushing the community for an upgrade. A new fork branded “LTE Coin” plans to build upon the advantages of Litecoin whilst improving its efficiency and widening its range of industry application.
The fork was announced on the LTE Coin Twitter on December 23rd, 2017. And the Xmas eve date might be telling:
“As innovation is needed, a coin with better function to implement the Blockchain technology in the market is essential. Therefore, Litecoin will be bifurcated to LTE soon.”
Let’s dig deeper.
What to expect from the Fork
One of LTE Coin’s major upgrades so to speak, resides in the choice of the consensus mechanism algorithm. Considering there will be no major changes from proof-of-work (PoW), the mining algorithm will be EquiHash, instead of Scrypt.
It’s worth mentioning that cryptographers Alex Biryukov and Dmitry Khovratovich have developed EquiHash to be an “asymmetric PoW”. In fact readers are welcome to read more about it in the original whitepaper. It’s worth noting that EquiHash is suitable for ASIC/FGPA and currently used by ZCash.
The new Algorithm is believed to put forth a more efficient verification process and could lead to improved mining on smartphones and other devices. Through EquiHash proof-of-concept, LTE Coin promises an improved stability, a faster network, and a more refined Litecoin. Industry application has been the center of the developers’ attention, knowing that the cryptocurrency’s survival depends on its wide adoption.
To enforce that, LTE Coin plans to provide organizations and regular users with free transfers, KYC, as well as payment and management systems for encrypted digital assets. Subsequent development effort will be directed towards upgrading the digital currency’s functionalities, integrating it to cryptoexchanges, and showcasing several use cases in close collaboration with the community and served industries.
The stakes are high for the development team. With the original open-source Litecoin maturing and gaining wide acceptance, LTE Coin will be entering a strained market. However, The team strongly believes that it can live up to its promise, and make a great contribution to the world of cryptocurrency. Let’s wait and see.