According to Charlie Lee, founder of Litecoin, transactions regarding the digital currency (LTC) are now available through the mainstream messenger application Telegram. He tweeted this on the 9th of August.
The new Litecoin transaction platform was built by a blockchain establishment, Zulu Republic, situated in Zug, Switzerland, that designs decentralized applications (DApps) which “is an ecosystem of digital platforms built on the Ethereum (ETH) blockchain.”
Zulu Republic has shed more light on what has been regarded as a somewhat vague announcement on the firm’s official blog stating that the new Litecoin feature will allow users to use the crypto services with text queries through the firm’s back-end LTC API system. Also, the firm laid emphasis on the fact that private key data is not managed by the firm but will be secured with RSA encryption and the user’s personal login details.
The firm, while flaunting its confidence in the media messenger, Telegram, describes it as “the most secure messenger in the world.” Stressing that it would first be launched on the platform. Also, that the messenger application makes provisions for some privacy that is described as “built in by default,” users can, therefore, check their current balance through their LTC wallet or Email address by merely sending some commands.
At the moment, the company’s customer projection is based on the statistics that state 64 percent of the world has a mobile phone with only 33 percent having a smartphone with an internet connection, this will form the company’s customer base for now.
However, the company is alert to future improvements as it aims to introduce LTC transactions through Short Message Service (SMS) in order to extend this opportunity to users with a poor internet connection or perhaps users without a smartphone.
Zulu Republic made specific notes that the newly designed feature will be decentralized in nature with emphasis on that fact that it will target countries whereby:
“Internet connectivity is scarce, where the web is censored by autocratic regimes, and where large segments of the population are marginalized by the conventional financial system.”
Also, there is an express declaration in the announcement statement which states that there is a possibility that users will be enabled to send Litecoin “to those who don’t already have a Litecoin wallet, or to those whose wallet address you don’t know, even if the recipient has no idea how to use cryptocurrency.”
Based on statistics and price index, Litecoin is the undoubtedly the seventh largest cryptocurrency by market capitalization, despite the release in 2017, LTC has climaxed in $351 in December same year and currently $64. The new Litecoin is expected to thrive as it aims at providing faster and cheaper transaction compared to other major digital currencies such as Bitcoin.