As one true OG Litecoin enthusiast, I wanted to test the site, or better, the NFT marketplace Liteverse.io since its launch in 2022. At first, I claimed Litecoin Summit collectors NFT. But, for several reasons, the test of minting my first NFT got a bit delayed. But now I finally have the time and the need to make use of it for a larger cause. I am sad I procrastinated a little. As it would have been a great honor to be the first one to give it a try, but given my lack of technical skills to use just code to mint outside of a marketplace, waiting was a great idea since the site is super user-friendly and it's quality has improved considerably. I would say Liteverse.io is ready for the mainstream. Minting on it or acquiring an NFT on the Litecoin network is now a Piece of cake! In this article I will describe my experience, the reason why my first series of NFTs was created, and most importantly the advantages and disadvantages of creating an nft (Non-fungible To...
The Lightning Network simplified. What I learned from guest speaker Ecurrencyhodler.
It was truly a pleasure to be part of the first Litecoin (LTC) meet-up in Orange County. The event organized by the Litecoin team of west coast volunteers showcased a fantastic presentation by guest speaker, Andrew Yang also known as @Ecurrencyhodler in the crypto community. Author of the book “Understanding Litecoin” and COO of BlockFuse, Andrew focused his presentation on the Lightning Network Technology. He explained several points on how the Lightning Network can help solve the scalability problem of both Bitcoin and Litecoin. A special thank you to my husband for lending us his work space, Travertine Market, as a location for the meeting and allowing us to make this event Free for everyone.
The Lightning Network is a very promising and exciting technology for both the Bitcoin and Litecoin community. In this article I will point out the reasons why. At the same time the Lightning Network has also been criticized by the Bitcoin Cash community. Let me address this now.
The Bitcoin Cash community, last year opted to split from the original Bitcoin blockchain and adopted a block increase and a new coin named Bitcoin Cash. They stated that block increase solved the scalability problem, and it does temporarily, however this solution proves to be unsustainable. In his presentation Andrew points out that over time, a block increase can lead to a large blockchain size, which will make it unprofitable for a regular person to run a node on their computer. Consequently, jeopardizing the main roots of decentralization.
On the other hand, The Lightning Network just came out with a very smart solution for this problem, and one that does not need to change the core values that were set by Satoshi Nakamoto. It is a solution that runs in parallel aiding the network and enabling faster and more intricate types of payments. Payments thru the Lightning Network are run outside of the blockchain. A short-cut that saves us from waiting on 6 confirmations ( on average 15 mins for Litecoin and 1 hour for Bitcoin). And is enabled thru the use of channels.
What is the change ramifications that this technology can bring?
The implementation of the Lightning Network can and will bring two significant advantages. Faster processing as mentioned above and the prevention of network clogging.
With Lightning network the possibilities for Bitcoin and Litecoin use expands. One of them is of point of sale terminals. It is possible to complete a purchase without waiting for confirmation while still making the transaction secure. But how if the 6 confirmations haven’t been completed? Well thru a channel that is open, which in a sense escrows the funds for s short period of time, until the transaction is finalized. In addition, after waiting on the recommended 6 confirmations many merchants rely onto have reasonably high assurance of payment finality for on-chain transactions.
Unclogging of the Network is also a huge benefit brought by the Lightening Network technology. With the lightning network one can now send multiple payments in one transaction, eliminating fees incurred in each transaction and simplifying payment processing.
Many other advantages have been highlighted as well, as the protocol facilitates accounting processes and enables a creation of accounts and payment relationships that can be maintained over time. Well through an open payment channel that enables transactions off-chain and only settles on the blockchain once the channel is closed.
Truly fantastic applications that will certainly be build using this incredible resource. If you would like to know all the technical aspects of the Lightning Newtwork make sure to listen to E-currencyholder podcast of this event, coming out Wednesday Nov 14th. It was truly enlightening.
I am also posting below a video of Elizabeth Stark, (CEO of Lightning Labs and Lead Developer) of this project that I recorded during the Litecoin Summit. It is the day she announced the completion of this wonderful project that truly has the power to take this whole “Crypto Thing” to a new level. Watch part of her speech and feel her excitement!
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If you are reading this post, congratulations. You have survived the 2022 bear market! Happy new year to you. We may be far from another bull run, however after so much FUD the market is bound to bounce back at some point this year or the next. After significant dips, the cryptocurrency market tends to lateralize. And that's what I expect for a good part of 2023 unless we see another dip caused by macroeconomic conditions. It is just a matter of time, and patience is key during these times. On another note, after the bear market is over you will realize how many projects you felt had substance during the bull run simply disappeared. An ecosystem that expands with every bull run, and shrinks every bear run. The rate of survival is low so pick your gems wisely. For me, it is all about fundamentals. The fundamentals are security, scalability, reliability, and decentralization. How many cryptocurrencies have a good balance of them all? Not many actually! ...
Cryptocurrencies are getting more popular than ever. Recently Bitcoin, Litecoin and Dogecoin symbols have been spotted in The Simpsons latest episode titled "Frinkcoin". Frinkcoin is the 675Th episode of American animated sitcom which aired on FOX Channel February 23rd 2020. The plot of the comedy evolved around the development, adoption and the demise of Frinkcoin cryptocurrency. The show brought the subject matter to a wide audience and is quite educative about blockchain. In a very funny way of course. Watch it on Fox Many crypto advocates highlighted the episode on Twitter in celebration. Despite Litecoin being hilariously featured in an anti-blockchain formula; Charlie Lee the creator of Litecoin, was one of the first to tweet his excitement about the mention. Also on Twitter, @TheSimpsons account is having fun with the audience and the crypto community by running an asset pool. "Which one would you invest in?" With FrinkCoin taking the lead...
The options below are the products and services I use. These are platforms, apps, dapps, and softwares available in the marketplace today, that allow anyone to earn cryptocurrencies and CASH without any financial investment. FREE platforms and services that are easy, simple, and fairly safe to use, and earn. Some you probably have installed on your phone already/ Besides, the tokens and cash rewarded by these platforms can be withdrawn and/or exchanged for other cryptocurrencies, fiat money, or products. Most are also transferrable to a wallet. They are great tools to help you offset inflation. My mission is to create a passive crypto income stream with these unique applications. And I am on the course to doing just that at a steady pace. In the process, I enjoy sharing what I learn. And sharing what I learn became part of the process I guess. No matter what I enjoy the journey and have been earning Crypto Using these methods below. But despite me using these, before trying them ...
My opinions are simply my opinions and not investment advice. I strongly recommend everyone investing or looking to earn or acquire cryptocurrencies to do their own research and get very educated about risks and security before acquiring, earning or investing. The content in this blog/ website is not investment advice. Please note that this web site also features sponsored content and referral affiliate links. Which means that when you click on some links and sign up for a product or service I may receive I small commission or credit for the referral. Most the the links also will give you an invite incentive that most often you would not receive if you do not use a referral invite link.
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