Currently down over 90 percent from its ATH, Litecoin is focusing on the mainstream adoption, brand build-up, and Lightning Network with a progressive year ahead.
Litecoin working on Developments & Making it More Well-known
Earlier this month, Litecoin had shared that they are looking for a good year ahead with a lot of developments in the pipeline. In the latest blog by the community manager of Litecoin Foundation, Ilir Gashi reiterated,
“Things to look out for are the Litecoin Core v0.17 which reduces network transaction fees by 10x; as well as private transactions onto the Litecoin blockchain; as well as the growing adoption of the Lightning Network and Atomic Swaps.”
The blog to the main part has been to counter the FUD surrounding Github commits activity indicating Litecoin’s developments is becoming more inactive, which he says is untrue. Going deep into the matter, he shared that Litecoin is in fact regularly committing on Github, however, these activities in no way means development as it does not capture the entire code construction from start to finish. Also, being an open source platform means different developers and projects get to collaboratively work together, hence Litecoin doesn’t need to constantly strive to make new innovations to achieve sustainable competitive advantage.
As has been emphasized on numerous occasions,
“Litecoin aims to provide a cryptocurrency that compliments Bitcoin’s store of value proposition as well as differentiating itself as an efficient and effective financial payment solution to anyone everywhere around the world.”
The 8th largest cryptocurrency has been pushing for mainstream adoption with different partnerships and is currently working on Lightning Network where it is constantly growing, now reaching 122 nodes, with 490 channels and around 56.14 LTC ($1,772.23) network capacity.
Recently, Litecoin Foundation announced sponsorship of the UFC event that earned it some good stats on Twitter which according to Litecoin creator Charles Lee has been about building the brand,
“So it kind of wanted like build that brand and make it more well-known and it’s really kind of helped a lot. I mean we’ve reached a lot of people, [they’ve] have reached out to us, talked about like coin just because if they heard about the UFC sponsorship yeah. I think it’s pretty cool, plus that the fight was pretty amazing.”
Also, not to forget UFC announcer, Bruce Buffer’s “take control of your money and pay with Litecoin!”
On the price front, while being down over 91 percent from its all-time high, Litecoin is currently trading at $31.16 with 24-hours loss of 1.07 percent.