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Litecoin [LTC]’s smart contracts network to be used by AbraGlobal – LTC opted over many!

Sthuthie Murthy

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Litecoin [LTC]'s smart contracts network to be used by AbraGlobal - LTC opted over many!
Source: Pixabay

The newest launch of Abra app which supports 20 cryptocurrencies and 50 fiat currencies is the world’s first app to support multi coins. Charlie Lee, founder of Litecoin has just tweeted about his interview with the CEO of Abra app, Bill Barhydt in which the news about Abra using smart contracts on the Litecoin network in about 2 weeks was revealed.

Charlie Lee’s announcement on Twitter:

Charlie Lee's Tweet

         Charlie Lee’s Tweet

After various speculations in the community, Abra has chosen Litecoin over the more popular Bitcoin Cash network to be integrated with their system. According to them, Litecoin has been more stable even when the market shook down. Adding on, Litecoin also has better security and adheres to Bitcoin’s scalability roadmap.

From Abra’s point of view, the core of the app’s protocol will be formed by Litecoin. According to what they declared, Litecoin and Bitcoin are the only two embedded currencies in the app. The rest of them are categorized as “synthetic token” and can be seamlessly exchanged. This is what Abra’s service goals revolve around. They aim to provide synthetic digital currencies which will be backed by existing assets.

Litecoin has not moved from its top 5th position for a very long time now. It has gained about 7.75% in the past few hours and is currently trading at $173.

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Alexandro, a budding crypto investor questioned:

“Hey Charlie, I have a question regarding litepay. Is it already launched or is it yet to be launched?”

To which, Charlie answers:

“They are signing up merchants right now, the debit card is delayed. Don’t know anything more than that.”

Jimmy, another Reddit user commented:

“I read a Q&A on Reddit with the CE of LitePay…..WOW! What a disaster. I really wouldnt put any faith in LitePay. Really hoping LitePal do a much better job, sorry.”

Charlie replied stating:

“No sorry needed. LitePay has been a disappointment to all of us so far. Maybe they will surprise us. But LitePay is just one of many companies supporting Litecoin and you are right, so far LitePal has been doing a tremendous job onwards and upwards!”

While there were some positive comments from some users too,

Richard says:

“I think the smart contract is such a brilliant idea. This is great news that will surely show us the way! Keep up the great work on LTC my brudda!”



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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Altcoins

Bitfinex partners with EOSIO as a Blockchain Producer

Sthuthie Murthy

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Bitfinex partners with EOSIO as a Blockchain Producer
Source: Pixabay

Bitfinex, headquartered in Hong Kong is the largest Bitcoin trading platform with over 10% of the exchanges’ trading. They offer state-of-the-art services for digital assets and liquidity providers. While their search for advanced technologies with the capacity to meet high-demands of a high-volume blockchain both legally and technically was in process, they came across EOSIO community to which they believe they can contribute significantly.

Latest tweet by Bitfinex:

“Bitfinex is pleased to present itself as an EOS Block Producer candidate.”

Bitfinex will act as an incubator to fund, nurture and advise teams that are serious about the future of EOS. Their team is an assortment of more than 100 experts from the industry including a highly versatile development team, legal experts, technical support agents, and industry advocates.

They claimed:

“Our team has gained invaluable industry experience along the way, and we aim to make use of this to enrich the teams around us — sharing information and providing guidance whenever possible.”

Being a block producer candidate, they pledge to grow the open-source nature of the decentralized digital asset space. This is done through intense research, collaborations, and community development. They aim to combine the potential of EOSIO with their own terms of research, development, and adoption at a much higher level.

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A high-performance decentralized exchange platform, EOSfinex also aims to combine the scalability and potential of EOSIO. It is built on EOSIO technology, along with the financial/development expertise of the Bitfinex development team. EOSfinex looks forward to delivering a highly-scalable, on-chain trading platform.

They added:

“EOSfinex has been developed by considering speed, transparency and scalability and will be the first trust less exchange to be implemented on EOSIO-based networks.”

Apart from the development of a trustless exchange, EOSfinex will be leading the development of a secure and intuitive EOS wallet as well. The partnership is meant to leverage EOSIO’s platform for horizontal scaling of DApps. As their continuous search led them to the EOSIO platform, they aim to process tens of thousands of transactions per second with the lowest fees.

Judy Steven, a Bitfinex user says:

“This is exciting. I’m interested in learning more about this “intuitive wallet” you are developing.”

Ariana Paul, a speculator says:

“Congrats Bitfinex! Looking forward to seeing what great accomplishments Bitfinex will bring to the EOS ecosystem. I can see a three-digit price for EOS soon.”

Lessie Grundon, a market observer said:

“Honestly, I don’t think this is good. To me decentralisation is all about random people having a right to produce blocks and vote the way ahead.”

EOS has been one of the top gainers in the market that has turned bearish recently displaying significant volume gains up to 52% and currently trading at $13.19. The market cap has also noticeably gained and is worth $10 billion roughly as seen at press time.

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Altcoins

Jed McCaleb talks about the foundation of Stellar Lumens [XLM]

Ketaki Dixit

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Jed McCaleb talks about the foundation of Stellar
Source: PxHere

The BayPay Thought Leadership event was held on 19th April, where Jed McCaleb, the Co-Founder, and CTO of Stellar Development Foundation spoke about the past, present, and future of Stellar.

He started by explaining how the transactions on Stellar work and about how they get banks on board. He says that banks are not the first ones to take up this system of transaction. However, smaller financial institutions like money transfer operators that focus on payments will be more open to adopting this method of sending money.

He said:

“We are working with a few banks and none of them are in production. I don’t think of the banks using cryptocurrency are in production… I don’t think they’re going to do anything until they see a lot of money flowing somewhere else in the ecosystem first because they are the most risk-averse, they have the most to lose essentially.. we spend most of our time outside the US – mainly focus in South Asia, Africa.”

He further explains that there is a lot of friction in places where people do not have bank accounts, wherein the adoption of the Stellar network makes it easier for them to adopt the system.

When asked about how much responsibility they have as a network to allow ICOs to function, Jed talks about the company being unable to stop anyone from issuing a token on the network but they wouldn’t be involved in the same. However, he says “Our responsibility falls on the ones that we do work with.. we want to make sure there is reputable and valuable projects”.

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He also says that people need to be careful while investing in ICOs as these are the early days in the space, due to which there are a lot of scams and fraudulent activities.

A crypto enthusiast commented:

“This was a great discussion. I loved how Jed did a great job answering the questions even though they were irrelevant. I think it could have been more detailed about the backstory of Stellar and the challenges the faced instead of talking about Jed’s life history. Im sure the audience wanted to know more than just unnecessary things.”

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