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Litecoin Foundation, the Singapore-based, non-profit organization, has introduced its own decentralized token minting hub named “OmniLite”. It will facilitate the Litecoin ecosystem. It is also being heralded as a tough competitor to Ethereum. Dubbed as “Ethereum Killer”, it will allow access to all benefits that Ethereum users currently have- Smart Contracts, assets in the form of tokens, DAOs, and non-fungible tokens (NFTs) on the Litecoin network.
According to the official statement by the company’s spokesperson, OmniLite has been designed as an open-source forum for enabling the production of tokenized assets without any central link, smart contracts, and popular cryptocurrency assets, which include tokens- both fungible and non-fungible ones. The USP of OmniLite is the structure of its protocol, which is comprised of stacks added upon the blockchain network of Litecoin. Furthermore, the gas charges are minimal and the security of the network is a highly coveted one. All the transactions made using OmniLite tokens will be made on Litecoin, and will get imprinted on its blockchain network. Hence, all OmniLite-powered digital assets will harness the facilities of the Litecoin network.
Furthermore, according to LTC prediction, there have been discussions regarding the issue of stablecoins like Tether (USDT) from the banner of OmniLite, along with the existing cryptocurrency Litecoin. The probability has further increased with Craig Sellers, a member of OmniLite, and one of the founders of Tether, heartily congratulating the team on the success of the launch. The marketing director of Litecoin Foundation, Jay Milla, expressed his optimism about Litecoin’s potential of tweaking and innovating new avenues in cryptocurrency. Since Litecoin has not encountered the saturation problem faced by Bitcoin and Ethereum yet, developers should detect the vast untapped potential the Litecoin network possesses, not to mention the significantly low transaction charges and top-notch security.
