With the debut of OmniLite, Litecoin joins the fight as more blockchain projects incorporate non-fungible tokens (NFTs).
Litecoin’s token litecoin was originally “the silver to bitcoin’s gold”. It was a split of Bitcoin in 2011. Many of Bitcoin’s technological advances have been iterated since then, notably the early implementation of Segregated Witness (SegWit) in 2017.
It is now enabling Litecoin users the ability to build decentralized tokens and smart contracts, as well as NFTs and stablecoins. It is in order to keep up with the times.
What is OmniLite?
OmniLite builds on the Omni protocol (formerly known as Mastercoin), which served as a supplemental layer atop the Bitcoin network. Bitcoin users may build custom tokens and early progenitors to NFTs using the OMNI token.
Tether coins originally appeared on Omni in October 2014, and the protocol remained the only one to support the stablecoin for more than three years, until its release as an ERC-20 token on Ethereum in November 2017. However, in less than two years, Ethereum’s portion of the overall circulating quantity of tether surpassed Omni’s. Omni’s popularity has slowly fallen since then.
OmniLite is a project from the Litecoin Foundation that allows users to generate and manage assets on the Litecoin blockchain. Omni and Litecoin developer Loshan developed it with help from the Omni Foundation.
“The tokens OmniLite issued may be an extension of litecoin, and as a result, the transactions from these tokens record on its blockchain,” according to the statement.
OmniLite will employ OP RETURN to record token transactions on the Litecoin blockchain, much like Omni does with the Bitcoin network.
OmniLite is now available for Windows, Linux, and MacOS and includes a wallet mode through Litecoin Omni. This is where you may find the application programming interface (API).
Scalability
For the time being, Litecoin isn’t under the same ongoing strain as higher-volume blockchains like Bitcoin and Ethereum. As a result, transaction times are shorter and costs are cheaper. However, as OmniLite becomes more popular, the blockchain’s capacity to scale will be critical to preserving these speed numbers.
Because all of OmniLite’s transactions will be on the Litecoin blockchain, the scalability concerns need address.
“Litecoin has the potential to process larger transactions per second (tps) at cheaper rates than Bitcoin or Ethereum,” stated Jay Milla of the Litecoin Foundation. As a result, we do not anticipate any problems at this time. Meanwhile, research and development efforts are underway to develop assets on the Omni layer transactable on the Lightning Network.” The Lightning Network is a second-layer payment system built on top of the Bitcoin base layer that allows transactions to move off the main chain, resulting in a scalable, low-cost, and near-instantaneous method of transacting with Bitcoin.
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