Litecoin Foundation announced a new token creation platform called OmniLite, which may be the launch of NFTs on Litecoin. But it can be enough to attract more users to this network and to compete more efficiently with the most important cryptocurrencies.
Litecoin is one of the oldest blockchains. It started out as a junction from Bitcoin and is one of the blockchains that always claims to offer better services than the Bitcoin blockchain. Litecoin (LTC) is currently trading at $ 184while Bitcoin is in the $ 46.3K zone. Anyway, new services from blockchains like Litecoin can become draws for new users that ultimately lead to better blockchain growth.
Attracting Smart Contract and NFT Lovers
Many blockchains are trying to attract smart contract developers, dApps and attractive concepts from the blockchain world like NFTs. They provide platforms to support smart contract development and token creation. There are currently many of the older blockchains trying to join the attractive moves such as: DeFi and NFT Markets by offering smart contract platforms. Litecoin is now starting a new platform called the Litecoin Foundation. on the market OmniLite.
OmniLite is a platform to support intelligent contract development and decentralized token creation. The best example of token creation is NFT. The Altcoin Foundation speaks about NFT in the announcement to showcase one of the most attractive use cases for OmniLite. OmniLite is a protocol that works on Litecoin’s blockchain layer and benefits from its special features such as security and low fees. Tokens created on OmniLite are considered extensions of the Litecoin blockchain. As a result, every token transaction is recorded on the Litecoin blockchain.
Litecoin Foundation believes that OmniLite can become one of the best tools for smart contract developers and token makers. According to the announcement:
“Because of Litecoin’s minimal fees, along with its decades of persistence and 100 percent network availability, the ability to build assets on the Litecoin ecosystem was only a matter of time. Thanks to the hard work of Litecoin developer Loshan and the Litecoin Foundation, OmniLite has made it much easier to build on the Litecoin network. “
As mentioned above, a new smart contract and tokenization platform for Litecoin may not be enough to allow it to expand and grow faster. The blockchain needs even more attractive services in order to find new customers. Plus, there are still many who believe that bitcoin forks may not be reliable enough to develop smart contracts. We should wait and see how OmniLite fares in terms of attracting developers and end users to this blockchain.
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