- Litecoin Community members are experimenting with a new LTC-20 standard.
- The Standard is being built on the Litecoin Ordinals Protocol.
- Litecoin halving comes in less than 100 days away.
Members of the Litecoin community are testing an LTC-20 standard for fungibility. The token is currently just an experiment, but it has the potential to become more.
The Litecoin community has decided to propose a test standard for LTC-20 and has created a test token to that end. The Standard is a fork of the BRC-20 standard, which the community describes as “a fun and experimental standard demonstrating that you can create off-chain balance states with inscriptions.”
What Exactly Is the LTC-20 Standard?
The Standard is being built on top of the Litecoin Ordinals Protocols, with a supply of 84 million coins. The BRC-20 standard mentioned is a token standard for an experimental fungible token built with Ordinals and inscriptions and stored on the Bitcoin base chain.
Litecoin Punks stated on Twitter that the first LTC-20 is about 20% minted. Each punk holder has received 4,000 inscriptions.
It’s still being determined whether this will result in a significant change, but the community is excited. Litecoin is one of the oldest cryptocurrencies on the market and still wields considerable power.
In its official documentation, for the LTC-20 experiment, the author emphasizes the fact that this is an experiment in the official documentation for the LTC-20 experiment, stating;
“…this is an extremely dynamic experiment, and I strongly discourage any financial decisions based on its design. However, I encourage the Litecoin community to tinker with standard designs and optimizations until a general consensus on best practices is met….”
The goal is to determine whether fungibility has a place on the Litecoin blockchain. The experiment aims to deploy LTC-20 tokens, mint a certain number of tokens, and transfer a specific number. The documentation goes into great detail about all of the functions involved.
Litecoin Halving Happening Soon
Since the beginning of the year, Litecoin has seen several notable developments. The network has less than 100 days until its third halving, which reduces block rewards while typically increasing the token price.
BIT Mining Limited also revealed a new Litecoin mining machine. When combined with the halving, this could be very beneficial to LTC miners.
However, the LTC price has been dipping, with miners selling many coins.
