Litecoin Strikes on the Fear, Uncertainty and Doubt (FUD), Looks Towards a Progressive 2019
In its latest blog, Ilir Gashi, the community manager at Litecoin Foundation tackled the FUD around Litecoin’s Github commits activity. He strikes at the claims of Litecoin developments being inactive that he says are untrue.
Arguing that Github commits activity is only a small part of Github activity that doesn’t show the whole development of a project, Gashi said it doesn’t capture the
“whole code construction from start to finish; only what’s been pushed to the master branch for the main repositories,”
hence missing the writing and testing part.
Due to sharing the same clients as of Bitcoin Core, he says
“we have merged most Litecoin related commits into a few commits and when a new release of Bitcoin Core is tagged, we pull the changes from upstream and pick our commits.”
“Litecoin doesn’t need to constantly make new innovations,”
as the platform operates in open source that enables many developers and projects to work together. He points out that Litecoin has been worked on for over 7 years which is more than 98 percent of the cryptos in the market that provides it a strong foundation.
Drawing a comparison with other top cryptos, Litecoin has more activity than Bitcoin and Bitcoin Cash but falls behind Ethereum which he says is because its goal is to build developer applications and need more code for just that. However, Litecoin’s
“goal is to become a method of exchange that compliment’s Bitcoin store of a value proposition.”
Shedding a light on Litecoin’s development over the years, he shares the role Litecoin played in SegWit adoption viz. implementing SegWit itself first, Charlie Lee and “his bounty of $1MM and other Litecoin developers.”
Also, active Github commits doesn’t mean higher network security, says Gashi, rather
“the more hash rate a cryptocurrency has the higher its network security.”
Litecoin has, in fact, one of the largest hashrates in Scrypt (~180TH/s) and over 90% market share that makes it extremely secure, he further mentioned.
Furthermore, its mining network is distributed amongst many pool operators and no single entity owns over 19 percent, maintaining its decentralization.
Currently processing $500 million worth of transactions each day, it is also one of the three cryptos in the market to be listed on all major exchanges and wallets. Talking about its adoption, he says, one can pay with Litecoin at many hundreds of thousands of merchants worldwide while pushing for mainstream adoption with partners like Aliant Payments, UFC, HTC, and WEG Bank.
Moreover, they are progressing on Lightning Network front as well as they have started a collaboration with X9 developers and XSN to enable Litecoin support on Neutrino and recently accredited CoinGate as its official Litecoin Lightning Payment processor and are beginning a trial with their first selected merchant SurfSharkSecure. All of it makes it highly liquid, secure, reliable and traded in the market today.
Delving into the Litecoin’s development, moving forward in 2019, he shares a lot of developments are coming in the form of
“Litecoin Core v0.17 which reduces network transaction fees by 10x; as well as private transactions onto the Litecoin blockchain; as well as the growing adoption of the Lightning Network and Atomic Swaps.”