London, UK, Aug. 19, 2020 (GLOBE NEWSWIRE) — If you think crypto cannot meet the mass adoption goal as it was intended to be, then you may want to have a rethink as a new horizon for crypto payments is here. With great excitement and a bold outlook into the future, we are proud to announce the launch of the Litecoin Proof-of-Stake (PoS) network.
Litecoin PoS is a radical attempt at replacing a good but rather flawed system with a proven and workable alternative. Born out of in-depth research, the Litecoin PoS – LTCP team although standing on the shoulders of giants like Bitcoin and Litecoin recognizes their limitations such as long block time, the concentration of mining hashrate and course susceptibility to 51% attack.
Without following the usual path of projects who in their usual attempt of trying to fix an existing system fork a protocol only to fail to achieve their aim later, Litecoin PoS is an original implementation of the Bitcoin codebase with several performances and consensus improvements. This, therefore, makes Litecoin PoS a superior choice for financial applications such as payments — allowing to vastly improve network scalability.
Because Proof-of-Work is energy-hungry, expensive to maintain and prone to centralization which is essentially the very problem decentralized systems are out to solve, LTCP’s adopts the PoS consensus algorithm system to securely validate transactions and subsequently adding them to blocks in a rather fast and secure method. In our system, validators stake their coins to help with securing the network instead of engaging in proof-of-work mining. This helps to reduce the energy needed to run the system by up to 99%, making it cheap but efficient at attaining consensus.
Litecoin PoS Consensus Algorithm
As a Proof-of-Stake system, validators staking LTCP must stake matured coins. This means that the unspent outputs (UTXOs) need to have a depth in the main chain of at least the 500 blocks (which is the coinbase/coinstake maturity)
Additionally, the coins to be staked need to be in the properly compatible address/transaction types.
And because security is the backbone of any thorough and decentralized system, to further prevent the possibility of an attacker disrupting the Litecoin PoS blockchain, we adopted the Mutualized Proof of Stake consensus function. MPoS creates an impossibly high-cost barrier for malicious actors — one that is, theoretically, impassable. With MPoS, attackers can’t spam the Litecoin PoS network with fees. Instead, network participants all share the fees, instead of the totality of fees going to a single block creator — as is normally the case. With fee-sharing in place and an ongoing rotation of Stakers, the substance behind a spam attack vanishes.
More importantly, MPoS algorithm for us is not an experiment. We have already deployed it at scale within our test network making it time-tested and proven viability for its intended purpose. A more detailed explanation of the architecture and consensus algorithm of the Litecoin PoS is well articulated in our whitepaper.
Litecoin PoS Block Time
As an improvement over both Bitcoin and Litecoin, the Litecoin PoS block time-spacing is set at 3 minutes, making it not only more than 3 times faster than Bitcoin, but also able to handle more than 3 times the number of transactions.
Keep the LTCP coins in staking wallets or pools and get staking reward daily
LTCP Supply and Exchange Listed
Litecoin PoS is exactly the same in total supply with Litecoin, the PoW coin. This is our clear statement at replacing Litecoin rather than compete with it. LTCP total supply is 84 million with a low circulating supply of 1 million.
Total Supply – 84,000,000
Circulating Supply – 1,323,000
Exchange available for trading LTCP
And to demonstrate our commitment to our core ideals, we have already signed partnerships with some of the top exchanges out there. As of now, you can trade LTCP across three exchanges. You can trade LTCP on Digifinex, GX.com and BTCNEXT.io. We are working closely with them and other market makers to boost LTCP liquidity across these exchanges. And more are still in the works.
BTCNEXT exchange will become a general partner, will host marketing activities to attract 75000 active users to Litecoin PoS project.
Expect more updates from us as we are working to ensure Litecoin PoS is on the lip of many for a good cause as we continue to innovate around digital global payment technology.
In the next coming days, expect to hear some more good news in areas such as
- Exchange partnership
- AMA Session
- More Marketing updates.
For more info, contact
Romain Bergery Romy@litecoinpos.org
Ilyas Sadvakassov Ilik@litecoinpos.org