Hello, Steemians and investors today we are going to overview the need for Litecoin
As you all know Litecoin is known as the little brother of Bitcoin since it is a copy of Bitcoin code but with faster transactions time and less fees, the question is why will we need Litecoin when LN (Lightning Networks) will be operational?
Charlie Lee (Litecoin foundator ) will help us to answer this question
Mass adoption
LN and SegWit on Bitcoin will help us to make faster transactions but due the limitation of Bitcoin block (1 MB) it will be able to serve up to 500M users (based on calculations), so we will need another system to offer this service, that is the reason Litecoin will also implement LN codes.
Fees
LN nodes will charge a fee for LN txns going through them and that fee will be relative to the Bitcoin network fee, it will be the same with Litecoin. that means even if the transactions will be faster with less fees Litecoin will offer txns at a better price. We will have a better notion when it will be properly built and running.
Atomic Swap
SegWit brought a lot of nice features one of them is the possibility to create an atomic swap. For all who don't know the definition - two users can trade BTC and LTC instantaneous and without risk. Efficient decentralized exchanges are now possible. like Bancor system but decentralized. Imagine in the supermarket the seller only accepting Bitcoin and you have litecoin in your wallet, you will be able to change them instantly.
Beta
Lately Litecoin announced to implement Confidential Transactions. Litecoin will come out to help test features before they are on Bitcoin, it will be as their Beta with a larger scale than the QA the devops are doing before they will launch new features for the mass adoption. It will help Bitcoin to grow and solve the upcoming issues
The market is coming back from last week fall, happy trading
