✅ LITEX is a decentralized payment ecosystem built on LTXN (LITEX Network), supporting instant micropayments at extremely low costs.
As of the 10th of April 2018 LITEX is trading on HADAX, Huobi Automonous Digital Asset Exchange, which is a subsidiary of Huobi Pro. LITEX goes by the ticker LXT and is an ERC-20 token, just like all other tokens listed on HADAX. The current trading markets for LXT on HADAX are LXT/BTC and LXT/ETH.
After it’s launch on the 10th of April LXT was forming an accumulation pattern. After setting a bottom on the 5th of May the trend reversed and set a clear path. It has since been in an uptrend. From the lowest point on the 5th of May it went up to about +200% and is now settling at around +150% from it’s bottom.
HADAX has been doing very well in the past and recently it has gained some well-deserved extra media attention.
The total supply and circulating supply is conveniently located in the picture below.
Current circulating supply is 700,000,000 LXT and the total supply is 2,000,000,000 LXT.
LITEX did not conduct an ICO, but raised capital through institutional investors and a few individual investors. Based on the circulating supply and the token price the market cap of LEXIT is approximately 25,000,000 USD (circulating supply 700,000,000 x 0.0000042756 BTC = 2992 BTC x 8,350 USD).
✅ LITEX is a decentralized micropayment platform which allows users to buy and pay for items though the LITEX App on their smartphones once the platform is fully functional. If for instance, you want to buy your friend a cup of coffee, this is possible with a simple smartphone payment transaction through the LITEX App and the QR code. You can pay with cryptocurrency, the LITEX app instantly converts your crypto into USD/ EUR/CNY/ etc. and pays for the items. The price is deducted from your balance.
The project has three pillars:
➡️ Acceptance and application: LITEX is very well connected in the Payment industry, because of this the company has a lot of resources to deploy their project on a big scale
➡️ Stability and security: Through LTXN and via smart-contracts stability and security are guaranteed.
➡️ Fast and cheap: With the increase in nodes on the LITEX Network the blockchain can handle millions of transactions per second at extremely low fees. LITEX uses the BOLT (Blind Off-chain Lightweight Transactions) protocol. This is comparable with the Lighning Network. It will be able to send and confirm transactions very fast.
✅ Team members:
Guanghong Xu, Co-founder and CEO of LITEX has 22 years of business and technology experience with a focus on providing strategic advisory services in risk management, information security, privacy and data protection, public key infrastructure encryption and payment card process review in healthcare and financial industries and is also a Peking University Alumni.
Leo Shuobin Wang, Co-founder of LITEX. Master’s degree of Computer Science at the renowned University of Peking. Is a former Product Operations Director at YeePay.
Huaqiang Zhang, Masters Degree in Computer Science from the University of Peking is an expert in Blockchain and network security.
Huanqing Lou, Master’s Degree in Computer Science at the University of Peking expert in Blockchain, product structure engineer and full stack developer.
Tianshu Chu, Master’s Degree in Computer Science and Founding Partner and President of Duolabao.
Advisors:
Jeffrey Wernick: As an Angel Investor in projects like Uber and Airbnb, Jeffrey Wernick has an eye for promising projects. He is also an advisor
Lin William Cong: Award winning Professor of Finance and PhD advisor at the University of Chicago. Information economics and dynamic corporate finance are his main research fields.
Chen Bin: Author and former architect of PayPal, has a lot of experience in the architecture of payment industry.
Investors:
Chen Yu: Co-founder and President of YeePay
Dawei Chang: Founder and CEO of Duolabao. Co-founder and former CTO of YeePay
Institutional investors: Sparkling Star Capital, Node Capital, Double Spend Capital, JLAB and Lightning Capital
The LITEX roadmap consists of 5 phases.
The first phase is already completed with the designing of the system architecture, the testing of the basic functions of the BOLT protocol and the consulting with the acquiring parties. The next phase, which will take place until the end of 2018, will launch the LITEX payment App. Connect the acquiring parties and service providers to the LTXN network and test and complete the Network. In the third phase the Alpha version of LTXN will be launched, the merchants will be connected, they will try to expand the acquiring parties, test run the transactions and launch the official LITEX Payment App. Phase 4 is for the beta launch of LTXN, the launch of the LITEX Software Development Kit (SDK) and completion of the safety test. The last phase is all about upgrading the developments expanding the network and connecting the merchants on a large scale.
✅ More information about LITEX:
Website: litex.io
Twitter:
Medium:
Telegram:
Stream
Youtube stream of Huobi Talk episode 27 with the CEO of LITEX:
