using atomic swaps. The possibilities are endless.
Charlie Lee, the creator of Litecoin.
September 20, 2018
A team of Swap.Online – the decentralized cross-chain wallet working on atomic swap technology is preparing to list Litecoin on their platform, placing it among the world’s most popular cryptocurrencies like Bitcoin, Ethereum, USDT, EOS and dozens of other popular ERC-20 Tokens. Before the release of atomic swaps with Litecoin, Swap.Online will tell about the unique features of this currency and why it was decided to add it to our wallet.
How to improve Bitcoin in free time from work? Charlie Lee who was born in Côte d’Ivoire came to Google in the early 2000s. Among the most famous projects of the company on which he had the opportunity to work as a developer is Chrome OS, an operating system that uses the Google Chrome browser as the basis of its interface. In 2011, Charlie became interested in Bitcoin and began to explore the mechanisms of the network. “At first, it was just interesting for me to learn something new about the Bitcoin network. Then it became a kind of game: I wanted to create one of the best Altcoins” – says Charlie Lee about his creation. While still working at Google, he began to develop a more advanced version of Bitcoin. The Litecoin network was launched on October 13, 2011 after Mr Lee managed to mine 150 coins within this fork. A year later Litecoin capitalization exceeded one billion dollars, in some periods showing growth of 100% per day. Few people remember, but till December 2017 it was up to 7 times more profitable to invest in Litecoin than in Bitcoin. In 2014, Forbes highlighted Litecoin among all other early Altcoins, admiring its investment potential and adaptability.
Light Bitcoin by SatoshiLite: faster and more affordable The second after Namecoin fork of the Bitcoin network is significantly different from the “parent” version of the Bitcoin Core algorithms. Bitcoin uses the SHA-256 hashing principle, whereas script is inherent in Litecoin. One block in Litecoin network is mined for about 2.5 minutes versus 10 minutes for Bitcoin. This leads to the fact that the maximum amount of emission of a Litecoin is 84 million coins, which is 4 times more than that of Bitcoin. These features of Litecoin cryptography lead to the fact that it is more often mined not on ASIC circuits, but on video cards and home computer processors. However, Charlie Lee himself urged never to compare Bitcoin with Litecoin (so as his brother Bobby who founded the first Chinese Bitcoin exchange). “Bitcoin is gold, and Litecoin is silver.” Litecoin became the first mass cryptocurrency, which in May 2017 almost simultaneously applied the SegWit network scaling technology and conducted a transaction through the Lightning Network; Swap.Online already wrote in detail about both solutions. This original experience (when Litecoin has pioneered the integration of both network scaling solutions) has a breakthrough value not only for Litecoin, but also for all Bitcoin Core forks.
Atomic swaps with Litecoin and currency opportunities
Atomic swaps — cross-chain decentralized peer-to-peer interactions — were first conducted with Litecoin network. On September 19, 2017, the Komodo Platform team made the first atomic swap between the Litecoin and the Decred blockchain, and just three days later Charlie Lee personally announced the swap between Bitcoin and Litecoin. Although more than a year has passed since then, developers are still arguing about whose atomic swap with Litecoin is “truly atomic”. The creator of Litecoin himself has already decided on whether Litecoin needs atomic swaps. The humble Chinese developer turned out to be an eccentric network speaker. Quiet and modest in life Mr Lee may be harsh in statements when it comes to cryptocurrencies. His tweets influenced the market numerous of times – just remember the sale of all of his Litecoins, about which he later regretted. And now, at the end of September 2018, he delivered a number of statements the most outstanding of which concerned atomic swaps: “We also will be on the decentralized exchanges which use atomic swaps. The possibilities here are endless”.
And now is the time to tell about the most important – Why Swap.Online and Litecoin are looking the same way.
The technology is above all. The first atomic swaps were conducted with Litecoin. Swap.Online team was the first to conduct atomic swaps with EOS and USDT. The Lightning Network solutions will also be applied in swap.online in the future. By the way, in June 2018 our leading developers participated in the Lightning Labs hackathon in Berlin with Swap.Online project.
Long-term development, not momentary benefits. Charlie Lee refused to apply pre-mining, revealing the mechanism of his fork, having only 150 coins. Swap.Online did not perform an ICO, relying only on the functionality of the SWAP token.
The future is in atomic swaps and cross-chains. As Mr Lee said: “Lightcoin interacts with Bitcoin through Lightning Network channels using atomic swaps.” Swap.Online is one of the few decentralized services that simultaneously supports bitcoin and other blockchains.
We are absolutely sure: the adding of Litecoin will be one of the highlights of this fall for Swap.Online. According to Ed Sdwas, responsible for the integration of Litecoin at Swap.Online, with the proper ability to understand the ready-made code, the development of our project allowed us to quickly and reliably integrate such an important currency. Right now, atomic Litecoin swaps are already available in test mode: check-out the exchange on our testnet.
Here’s who it looks like:
We have already released a Litecoin wallet, available at the direct link: https://swap.online/litecoin-wallet. The list of coins with which atomic exchanges are available can be seen after you click the Exchange button. When building a cross-project for different networks, we cooperate only with the most promising and advanced projects and solutions.