The blockchain market has been striking new heights with many new developments arising in various blockchain networks. According to Meticulous Research, it has been predicted that the blockchain market will reach $403.36 million by 2023, and the frenzy created by the latest trends in the Bitcoin and Litecoin ecosystem is proof of that. Since the beginning of 2023, the Bitcoin network has been serving its enthusiasts with a variety of intriguing developments and experiments with the emergence of BRC-20 tokens and SRC-20 tokens, and now the trend waves are residing towards the Litecoin network. Why is that? Meet Litecoin’s new experimental token standard – LTC-20 Token. This blog narrates about LTC-20 token development for your brief understanding.
The Journey Of Litecoin Blockchain – What’s All The Hype Around It?
Since its launch in 2011, the Litecoin blockchain network has been evolving and improving significantly. Created as a lightweight version of Bitcoin, Litecoin has implemented the Scrypt hashing algorithm to promote broader mining accessibility. In 2017, Litecoin adopted Segregated Witness (SegWit) to enhance scalability and transaction speed. It also became one of the first cryptocurrencies to test the Lightning Network, enabling faster off-chain transactions successfully.
Additionally, the Litecoin network announced the integration of MimbleWimble (MW) in 2021, aiming to enhance privacy and fungibility through features like confidential transactions. In 2022, Taproot was activated on the Litecoin network for security and privacy improvement, which makes Litecoin transactions more efficient. In 2023, Casey Rodarmor created the Litecoin Ordinal protocol, which allows users to add text and imagery to the Litecoin network through the inscription process.
Now with the rise of the LTC-20 token standard, the Litecoin network has been experiencing an inclining rate of transactions. According to BitInfoCharts, this network has made 585,000 transactions in 24 hours recently, marking a 500% spike up, and has surpassed Litecoin’s previous record of reaching 225,000 transactions back in January 2018. Also, according to LunarCrush, the daily social media engagements with Litecoin have also increased by 220%, reaching 35 million.
LTC-20 Token Development – A Brief Introduction
In the official documentation of the LTC-20 token standard, it is described as a “fun experiment” that demonstrates the ability to create off-chain balance states with inscriptions on the Litecoin network. According to a tweet by Litecoin Punks, the first LTC-20 tokens are about 20% minted, with 4,000 tokens inscribed for each punk holder.
As one of the oldest cryptocurrencies in the market, Litecoin continues to hold significant influence. With this new LTC-20 token standard in the town, the Litecoin community is excited and enthusiastic about its possibilities. The idea behind this token standard is to see whether the ordinal theory can support fungibility on the Litecoin network. The users can create an LTC-20 token with a deploy function and mint a selected number of tokens with the mint function and use the transfer function to transfer a particular amount of LTC-20 tokens.
Advantages Of LTC-20 Tokens – Why Engage In LTC-20 Token Development?
As the LTC-20 tokens are created on the Litecoin blockchain, they possess the beneficial factors of the Litecoin network. Some of the highlighting benefits of this token include
LTC-20 tokens are more efficient than other types of tokens as they are built on the Litecoin blockchain. Litecoin transactions are typically confirmed within seconds, and the transaction fees are much lower than on Ethereum.
The Litecoin network can process 54 TPS and is known for its fast and scalable transactions. The LTC-20 engrosses the high scalability feature of the Litecoin network.
The Litecoin blockchain is more secure, and the LTC-20 tokens exhibit this perk as well. Litecoin uses a more secure Proof-of-Work consensus mechanism, and it has a longer and more established track record of security.
As these tokens are created on the Litecoin network, they are compatible with the Litecoin ecosystem. This means that LTC-20 tokens can be used to pay for goods and services on Litecoin-enabled merchants, and they can be used for transactions in decentralized applications (dApps) built on the Litecoin protocol.
Our Expert Approach To Your LTC-20 Token Development
INORU is packed with industry-leading blockchain experts to check off the requirements of your blockchain venture. By executing a well-structured plan for your LTC-20 token creation, our experts employ the necessary tools from our advanced tech stacks and lead an effective development process.
We identify and understand your needs in the creation of LTC-20 tokens to meet your needs with our services. With in-depth research and analysis of the LTC-20 token and the Litecoin market, we devise a strategic plan for your token creation. Then, our experts will start minting your LTC-20 tokens on the Litecoin network and assist you effectively in deploying them.
Why INORU Is The Right Place For Your LTC-20 Token Development?
INORU has gained its spotlight in the blockchain industry by offering myriad services that cater to the needs of our clients. Our tailored solutions and packages are assured to bring remarkable results in your blockchain venture. As we have almost a decade of expertise in blockchain technology and the market, our experts are renowned for staying up-to-date with the trending advancements in this industry.
Partaking in the trending developments in the Litecoin blockchain, LTC-20 token development, with our expert assistance, you can secure your remunerative venture in the blockchain verse. We offer prominent pre and post-development services to make your experience in the LTC-20 token creative excellent. Hire our comprehensive LTC-20 token development services to thrive in this competitive market now!