OmniLite is an open source platform that facilitates the creation of decentralized tokens and NFTs along with smart contract. A layered protocol built on top of the Litecoin blockchain, OmniLite benefits from reputable network security and low fees. Tokens created through OmniLite can be considered an extension of Litecoin, and as a result, transactions made from these tokens are recorded on the blockchain. All digital assets created through OmniLite enjoy the network benefits Litecoin offers.
The rapidly growing and ever-evolving crypto-asset industry has become a hub of opportunity for investors worldwide. Considered one of the most enduring crypto assets in the last decade, Litecoin is a prime example of this desire for fine-tuning and innovation.
With Litecoin’s minimum fee, ten-year persistence, and 100% network uptime, the opportunity to build assets on top of the Litecoin ecosystem was only a matter of time. Thanks to Litecoin developer Loshan and the Litecoin Foundation’s hard work with OmniLite, it was a good time to feature OmniLite inside the Litecoin network.
The creation of OmniLite will also facilitate the creation of stablecoins on top of the Litecoin blockchain. While other networks like Bitcoin and Ethereum suffer from saturation issues, developers may want to take advantage of the significantly cheaper transaction costs and security Litecoin offers. Building a layered economy on Litecoin has never been more accessible thanks to OmniLite.
Currently, OmniLite supports Litecoin Omni wallet mod and is available on three platforms, Windows, Linux and MacOS.
OmniLite is based on the previous Omni protocol (originally known as Mastercoin), which acts as a secondary layer on the Bitcoin blockchain.
The following statements were included in the announcement:
“Tokens created through OmniLite can be considered an extension of Litecoin and as a result, transactions from these tokens are recorded on the blockchain.”
Just like Omni uses the Bitcoin network, OmniLite will use OP_RETURN to record token transactions on the Litecoin blockchain.
Scalability
For now, Litecoin is not seeing the constant pressure experienced by higher volume blockchains like Bitcoin and Ethereum. As a result, transaction speeds are faster and fees are lower. But if OmniLite’s popularity grows, the blockchain’s ability to scale will be key to maintaining these performance metrics.
Since all of OmniLite’s transactions will be recorded in Litecoin, the blockchain will need to address these scalability issues.
Jay Milla, representative of the Litecoin Foundation, said:
“Litecoin has the capacity to process higher transactions per second (tps) faster with lower fees compared to Bitcoin or Ethereum. So we don’t expect any problems at the moment. Meanwhile, there is ongoing research and work to ensure that assets created in the Omni layer are operable on the Lightning Network.
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