Litex (LXT Coin): Lite X Token & LTXN Crypto Payment Network?
This is said to be your cryptocurrency asset to everything you can imagine. You can see the draft for the whitepaper on the company website at litex.io.
What Is Litex?
The company is a completely decentralized payment environment used exclusively for cryptocurrency. It’s built on the LTXN network, Litex is also able to support micropayments with instant transaction times and an extremely low service charge.
There is more focus on Acceptance and application as well. And not only that, but the resources payment industry makes it very simple for the Litex system can be spread across the various merchant services across the globe. And it’s highly beneficial for them, since they won’t have to actually make any changes in their current settlement procedure. And this in turn makes LITEX a completely acceptable system on a wide range of platforms for many different purposes.
There is also said to be ideal stability and security that is insured via the LTXN token and the use of Smart Contracts. The smart contracts have the strictest rules when it comes to accessing the various assets across the industry. Once in, the balances are locked in the channel and can’t be altered, removed or shifted. There isn’t any loss of capital either, even if the network is attacked.
The platform is also said to be incredibly fast and cheap. And with the increasing number of nodes in the LTXN token system, LITEX has created a way for them to complete millions of transactions each and every second with no lag, interference or issues that will cause errors to happen with the transactions.
There is roadmap on the company website as well. They are first in the process of designing a system architecture. It will help to test the basic functions of the specialized protocol used on the system known as the BOLT. It works to consult with acquiring parties. After that, the launch LITEX payment applications will be completely and launched.
Also, the LTXN will be completed in full and can then be tested with different theories. You can connect the acquiring parties for test purposes, along with the service providers, this is how the LITEX system will collect the best data to help improve the platform and system.
After all this, they will launch the Alpha version of the LTXN as well as launch the main LITEX payment app for use on the system by merchants and other parties involved. You can connect the app and merchants with other systems and expand it out for finding new parties and getting them to use the system as well. At this point, they are still going through the process of test running the various transactions.
The next step is to launch the beta version of the platform of LTXN and complete all required safety test. This will in turn open Litex’s official payment application software to help with the kit designed for development. And upon this, they will be able to further expand the platform for the acquisition of even more parties to use and test the project.
Lastly, they will upgrade the app, SDK and LTXN on a consistent basis. This will help to increase the applications community and scene where people interact and discuss the pros and cons of the platform. At this final stage, all merchants are setup with the platform on a massive scale. The system will constantly grow from here on out, thereby bringing in more parties to help with improving the system and cooperate with the creators to make the platform even better, while at the same time improving the stability of the service.
About Litex ICO
The ICO has not been initiated for the company yet, unfortunately that is -because the platform looks promising and is something a lot of investors would likely take part in. Hopefully, Litex is in such an early stage of development, they just haven’t placed it on the website yet or announced it. I would keep an eye on the company website, sign up for the newsletter if you’re interested and take immediate action as soon as they announce the ICO when possible, if it’s a platform you appreciate and would like to take part in.
Who Is Behind Litex?
Guanghong Xu is the head of the company and a PKU alumni who has more than 22 years of experience in a multitude of different technological arenas. The main focuses for her have been business and the guidance of strategic advice for different services related to information security, risk management, privacy protection and public key infrastructure. She has also helped with creating different encryption protocols and systems for processing cards in various industries, like the healthcare and financial ones all over the world.
She is only one of a team of a half dozen other people who are working hard to complete the different phases of the project. Along with the team, there are advisors who are working with the team to give them outside advice and to help them avoid hang-ups. Lastly, there are also different companies and groups investing into the Litex project, most of them located in Southeast Asia where the company is located at.
Litex In Conclusion
Litex appears to be a new altcoin along the same lines as that of Litecoin. The reason the token has been developed was because of the long transaction times and costly fess associated with most coins. But with Litecoin, you can use the currency to buy a cup of coffee at a café and the transaction will be nearly free and only take a few moments to complete. The ICO for the company, when and if announced, will likely bring in a lot of people from all over the world. If you want to be one of the people who helps usher the new platform into the cryptocurrency world, head over to Litex.io and see for yourself what they’re all about.