The cryptocurrency market has been on a downturn lately, arguably in alignment with the NYSE correction from February and the expiration of the first round of Bitcoin futures contracts in late January. However, there’s some amazing news on the horizon, particularly with regard to Litecoin, which just might give LTC the bounce that it needs to rise back over the $200 level and on up to its all-time-high of nearly $360 and beyond (keep in mind, this is not investment advice, only an opinion).
The next upgrade to Litecoin is reported to increase its processing speed to as many as a million transactions per second. According to Charlie Lee, the creator of Litecoin, “we have just tagged Litecoin Core 0.16rc1. once [sec] we have tested it enough, it will be released. 0.16 includes native SetWit [sec] Bech32 support and lower fees.”
With SegWit Bech32 support, Litecoin will have better error detection and correction. It also drops mixed case letters, meaning that it’s easier to read out loud or to generate QR codes.
3rd and last bit of good news today: we have just tagged Litecoin Core 0.16rc1. once we have tested it enough, it will be released. https://t.co/DRehB5bRJu
0.16 includes native SetWit Bech32 support and lower fees. ?
* Litecoin Core is the reference wallet, not a coin fork. ? pic.twitter.com/opl7zey9Yx
— Charlie Lee [LTC] (@SatoshiLite) March 16, 2018
With these upgrades on the horizon, Abra Global has chosen to launch its latest product, a mobile application that lets you trade many digital and fiat currencies, hedged against smart contracts on Litecoin. This multicurrency, multi-fiat wallet is perhaps the biggest news related to Litecoin today.
Second piece of good news today. @AbraGlobal has chosen to launch its newest product on the Litecoin network after a long and thorough research. Abra lets you invest in all sorts of cryptocurrencies all hedged with smart contracts on Litecoin! ?https://t.co/OHHfERHOT8 pic.twitter.com/G51u5PE6uF
— Charlie Lee [LTC] (@SatoshiLite) March 15, 2018
According to the Abra website, the new smartphone app and exchange service will have 20 cryptocurrencies and 50 fiat currencies with real-time exchanges across all trading pairs, with no third party custodian. The multi-signature smart-contract platform has synthetic stablecoins at its core, based on Litecoin or Bitcoin, translated from their fiat equivalents in USD, EUR, JPY, KRW and other currencies.
Abra has described their product as the “World’s First All-in-One Cryptocurrency Wallet and Exchange.” It is available worldwide and enables users to buy, sell or store any combination of fiat and crypto. The first release will include 13 cryptocurrencies, with 7 more “in the coming days.” The initial list of cryptocurrencies to be supported starting today includes: Bitcoin, Ether, Litecoin, XRP, Bitcoin Cash, Ethereum Classic, Dash, Zcash, Dogecoin, Golem, OmiseGO, Qtum, and Vertcoin. In the coming days we will add support for: Stellar Lumens, Bitcoin Gold, DigiByte, Augur, Status, Stratis, and 0x.
People may fund their wallets with its native support for Litecoin and Bitcoin. They may also add funds using other cryptocurrencies, bank wires and ACH. Currently, Amex deposits are also accepted in the US, though credit card companies have been cracking down on such purchases.
All of this exciting news comes from Charlie Lee’s pre-Christmas announcement on December 20, 2017. He announced projects on the horizon including “Merchant processor, Popular online wallet, Goods trading platform, One huge unexpected surprise.”
The Litecoin team has been hard at work working with companies to support Litecoin. Nothing to announce yet, but here’s what’s in the works:
Popular online wallet
Goods trading platform
One huge unexpected surprise. ?
2018 will be a good year for Litecoin!
— Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
Some of these items are not yet fulfilled in the above announcements, suggesting that more good news is coming soon, particularly regarding merchant processing and goods trading. Being among the first to market has value. TenX also has a multicurrency wallet, with fast transactions that work at the point-of-sale in retail environments. The app has been on the market longer, but does not appear to have the same level of support for fiat currencies.
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