Litecoin network follows bitcoin’s lead in adoption of simple staking
All supporters of the cryptocurrency network Litecoin (LTC) will be pleased to know that simple staking is now possible on the network. After raising the offer from five LTC to 22 tokens, Anthony Guerrera, a so-called software developer, accepted the challenge of porting the technology to Litecoin. If we look, its network has a number of differences and its codebase shows similarities with bitcoin. It includes different types of witnesses and assertions like taproot which make simple inscriptions on the network.
“Just in: BTC ordinals are now on Litecoin,” Guerrera tweeted on February 18. The developer further added that The first Litecoin ordinal has been recorded on the Litecoin blockchain and the Mimblewimble whitepaper will remain in Litecoin forever. Sure enough this codebase was released and the first Litecoin-based ordinal inscription was shared by Guerrera on Twitter which significantly speeds up the number of ordinals on the LTC network. At the time of writing, there are approximately 13,211 ordinals on the Litecoin blockchain. Lots of people are sharing their stalls on social media and promoting LTC based collectibles to make the latest launch and in the meantime they may have reached 160000 or even more simple coins on the bitcoin blockchain. And we don’t see any sign of slowing down the rising trend. In addition, people are working to develop infrastructure around bitcoin-based ordinals such as mining equipment that can issue ordinal tokens without base fees and full nodes for wallets and marketplaces.
There are a number of collections competing to be ‘blue-chip’ non-fungible tokens (NFTs) on the bitcoin blockchain and it is hard to say whether the trend will catch on to Litecoin as it did on the bitcoin network, but with this the first by Guerrera Once mined, thousands have followed suit and it will be interesting to see whether digital collectibles mined on bitcoin or litecoin will be the latest NFTs established on chains like Ethereum to enter the market economy.