A lot of cryptocurrency enthusiasts may be familiar with the BCoin project. It is a full node Bitcoin implementation mainly focused on miners, wallets, and exchange service providers. Various companies in the Bitcoin space use B node, due to it being a perfect solution for their needs. It now appears the BCoin team has successfully created a Litecoin version of their project, which goes by the name of LCoin.!
LCOIN MAKES LITECOIN MORE USEFUL AND ACCESSIBLE
It is evident the Bitcoin ecosystem is thriving due to so many service providers embracing this solution. Contrary to what most people believe, not all of these services run a full Bitcoin node like most normal users do. Instead, they use more sophisticated solutions, such as the BCoin implementation. It is a free and convenient way to make Bitcoin accessible and usable by as many people as possible.
The main objective of BCoin is to enable native Bitcoin payments to anyone looking to incorporate them. A lot of companies in the Bitcoin space make use of BCoin, including Purse, BitWala, and Bixin. It is evident this implementation allows these companies to thrive as part of the Bitcoin ecosystem. BCoin is optimized for production and includes useful native APIs to interact with various aspects of the Bitcoin network.
One of the main aspects which makes BCoin so appealing is how this solution is designed to manage a large number of user address and accounts without friction. It is a scalable solution which can be used by companies serving millions of users if need be. Integrating Bitcoin payments can be a bit of a hassle sometimes, yet full node implementations like these make the whole process a lot easier.
Unfortunately, BCoin is only limited to implementing Bitcoin payments into platforms and services. Other popular coins will require their own implementation of a similar feature. Interestingly enough, the BCoin team has been working on creating a similar solution for Litecoin. That project has now been finished, and it will go by the name of Lcoin. As a result, any service provider in the world can now easily integrate Litecoin payments if they are willing to explore that option.
The bigger question is whether or not anyone will use the LCoin implementation to integrate Litecoin payments moving forward. Given Litecoin’s recent price momentum, it is only to be expected there will be some more interest in LTC. Right now, there are a few merchants accepting Litecoin payments, but the number of service providers is working with LTC is still relatively small. LCoin may improve this situation over the coming months and years.In fact, one could argue LCoin is an essential tool to use Litecoin for business payments.
The use cases for LCoin include, but are not limited to” running a full node, wallet backend or a mining backend. The code can be found on GitHub, for those looking to experiment with it. Do keep in mind the LCoin implementation will not secure funds against theft or mishaps. It is still up to the end user to ensure they take the necessary precautions for keeping LTC funds safe at all times. The future is looking quite interesting for Litecoin right now, that much is certain.