Litecoin Foundation, the Singapore-based non-profit organization, has launched its own decentralized token-minting hub called “OmniLite”. It will make the Litecoin ecosystem easier. It is also touted as a tough competitor to Ethereum. It is known as the “Ethereum Killer” and gives access to all the benefits that Ethereum users currently have – smart contracts, assets in the form of tokens, DAOs and non-fungible tokens (NFTs) on the Litecoin network.
According to the official statement from the company spokesman, OmniLite was designed as an open source forum to enable the production of tokenized assets without a central connection, smart contracts, and popular cryptocurrency assets that include both fungible and non-fungible tokens. OmniLite’s USP is the structure of its protocol, which consists of stacks added to Litecoin’s blockchain network. In addition, the gas charges are minimal and the security of the network is in great demand. All transactions made with OmniLite tokens are carried out on Litecoin and imprinted on its blockchain network. Therefore, all digital assets operated by OmniLite will use the facilities of the Litecoin network.
In addition, according to LTC prediction, there were discussions about issuing stablecoins such as Tether (USDT) from the OmniLite banner, along with the existing cryptocurrency Litecoin. The likelihood has increased as Craig Sellers, a member of OmniLite and a co-founder of Tether, warmly congratulates the team on the success of the launch. Litecoin Foundation Marketing Director Jay Milla expressed his optimism about Litecoin’s potential to optimize and innovate new avenues in cryptocurrency. Since Litecoin hasn’t yet encountered the saturation problem of Bitcoin and Ethereum, developers should realize the enormous untapped potential of the Litecoin network, not to mention the significantly low transaction fees and top-notch security.