The Litecoin Foundation launches ‘OmniLite’ a decentralized token creation platform
The Litecoin Foundation announced the launch of ‘OmniLite’ earlier this week, a protocol that would allow developers to issue tokens and NFTs atop the Litecoin network.
“The Foundation is proud to announce the release of OmniLite! A decentralized platform to create tokens/assets via the Litecoin blockchain. This innovation is thanks in part to Litecoin Dev @Loshan1212,” the foundation said in a tweet.
Litecoin on the NFT train
The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its blockchain. Consequentially, all digital assets created via OmniLite benefit from the network advantages Litecoin has to offer.
Over the years, the rapidly growing and ever-evolving cryptocurrency industry has become a hub of opportunity for builders across the globe. Litecoin, considered to be one of the most enduring alt-coins over the past decade, is a prime example of this aspiration to tweak and innovate.
Due to Litecoin’s minimal fees, along with its decade-long persistence and 100% network uptime, the opportunity to build assets on top of the Litecoin ecosystem was only a matter of time. Thanks to the hard work by Litecoin developer Loshan and the Litecoin Foundation, with OmniLite, creating on top of the Litecoin network has now become significantly easier.
‘With Litecoin about to celebrate its 10 year anniversary its amazing to see how far ahead the development team are looking. OmniLite turns Litecoin into a platform. Anyone and everyone can now build and use the most secure, trustworthy and economical blockchains ever created.’ Jay Milla, Litecoin Foundation
The creation of OmniLite will also facilitate the creation of stablecoins on top of the Litecoin blockchain. While other networks such as Bitcoin and Ethereum have been experiencing saturation issues, developers may want to take advantage of the significantly cheaper transaction costs Litecoin has to offer.