2018 has been an eventful year for the crypto space with massive price slumps in the market and crackdown inducing a state of unrest in the market. Many coins were victims of the volatility of the market and Litecoin was especially not left.
Despite losing much of its valuation, the digital currency is aiming at moving above the state of the market by going forward with its goal of becoming a viable payment system. Moving forward with its plans to establish its lightning network, the Litecoin Foundation has announced that it will be rolled out soon.
As earlier reported
, the foundation had partnered with leading payment platform and crypto exchange, CoinGate for its lightning network. CoinGate was to be the payment processor for transactions on the lightning network.
Thus,it was hardly surprising when the payment processor announced the latest development through a twitter post. Claiming to be the bearer of the good news, CoinGateannounced that the lightning network is ready and will soon be officially launched.
‘@litecoin community, we bear some exciting news! Our #Litecoin #LightningNetwork is ready to be deployed and will soon believe on CoinGate! Keep up with the news as we’re getting closer! Here’s a sneak peek @LTCFoundation @SatoshiLite @starkness!”CoinGate wrote
A Second-layer Payment Solutions Going through Bitcoin and Litecoin
Commenting on the development of the lightning network, Litecoin founder, Charlie Lee shared his enthusiasm about the project. He replied the crypto exchange’s tweet by cheering them on and highlighting what the development could mean for Litecoin.
“Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks @CoinGatecom!”He replied.
Going by his recent interview with CNBC, Charlie Lee appears to be confident that the integration of the lightning network will proffer the much needed solutions to some of the issues faced in the crypto space.
He explained that the lightning Network could be seen as a “second-layer payment solutions” for Bitcoin and Litecoin transactions. Highlighting the integration of Segregated Witness on the Litecoin network, he explained that the network was growing stronger.
As such, the system is getting equipped to achieve the “Peer-to-Peer Electronic Cash System” goal set by Satoshi Nakamoto.
Hence,with the lightning network in place, transactions will be made faster. Also,with CoinGate employed as its payment processor, exchanging Litecoin for fiat currencies directly is done efficiently.