LITECOIN UPDATE: Apple Pay integration | Smart Properties | Limited edition Nano S | Development Team
Litecoin Developer Update
Franklyn, a member of the Litecoin foundation released a video containing an updates from their team.
July 16 market the one year mark where Loafwallet went onto the app store. As the one year anniversary has now passed, the new update will feature a lot of changes.
iOS version 1.0.3 introduced the buy tool, enabling the purchase of litecoin from directly within the app through coinbase. No account required. This allowed for many more people to access litecoin than ever before. This is critical for the adoption of any cryptocurrecy.
It is currently working in the US, and more countries will be added in the future.
Anniversary update
The anniversary update will bring a brand new user interface to simplify litecoin for new users, and current users alike. Loafwallet users will also automatically work with segwit addresses in the future as well.
Loafwallet android is in development thanks to two new developers who have recently joined litecoin.
The litecoin foundation also mentioned that they were quietly listening to what users wanted to see from Loafwallet. Future releases are to include seeing your holdings in your local currency, similar to what TREZOR and other wallet services provide.
The litecoin foundation is also working on the ability to send litecoin through Apple’s iMessage, similar to Apple Pay as shown in the wordwide developers conference earlier this year. Integration into legacy systems is critical for the adoption of new technology, and cryptocurrency is no different.
This functionality will allow litecoin to further penetrate the cryptocurrency market quickly.
Johnson Lau also released a Colored Coin Proposal that bring brand new capabilities to the bitcoin and litecoin blockchain
“This BIP defines a new set of backward compatible consensus rules, to enable issuance and transfer of multiple asset types on the Bitcoin blockchain, known as colored coin”
This could allow for the launching of new coins on the blockchain, similar to ethereum’s capabilities and ICOs launching on their network.
Another use case for these colored coins would be smart property.
https://github.com/jl2012/bips/blob/color/bip-color.mediawiki
“Non-repeatable asset issuance is suitable for asset types that are expected to have fixed supply, such as smart properties”
Digitizing physical assets onto the blockchain is the next big leap for blockchain innovation and business development. If the Colored Coin Proposal can effectively allow for smart properties, this would be game changing for many industry verticals, such as real estate, automobiles, and other real world property.The fact that litecoin will be exploring this functionality is phenomenal news.
this would be game changing for many industry verticals, such as real estate, automobiles, and other real world property.
The Litecoin foundation will be exploring this opportunity, as it would be extremely beneficial to the litecoin network. They will be researching potential issues it may have with the current codebase.
Lightning Network
The lightning network is currently in alpha stages and has published the Basis of Lightning Technology, or BOLT. They are as follows:
BOLT #1. Base Protocol
BOLT #2. Peer Protocol and Channel Management
BOLT #3. Bitcoin Transaction and Script Formats
BOLT #4. Onion Routing Protocol
BOLT #5. Recommendation for On-chain Transaction Handling
BOLT #6. Interim Node and Channel Discovery
BOLT #7. P2P Node and Channel Discovery
BOLT #8. Encypted and Authenticated Transport
BOLT #9. Assigned Feature Flags
BOLT #10. Invoice Protocol for Lightning Payments
We will eagerly await as these BOLTs enter the beta stages and are thoroughly vetted and tested for public use. After that, development with begin on cross-chain atomic swaps, and other developments that the lightning network can bring to litecoin
Litecoin has previously partnered with Ledger and is now working with Alexander Wong to create 50 limited edition 18 karat solid gold wallets. Each device will also come custom engraved, so no two will be alike. No pricing has been announced.
Shaolin Fry
Shaolin Fry is no longer with the litecoin team. The litecoin foundation states that there is no animosity between them. Fry was set to fill a full time core developer role at the litecoin foundation, and that position will need to be filled.
Litecoin.network
Litecoin.network is a project was previously announced and has undergone some development to make sure the site is easier to use through changes with the user interface. The shift in development will now be shifting to the backend.
The Litecoin Foundation
Donations to the foundation are used to pay for the development of litecoin and has been used to hire Adrian Gallagher as a fulltime developer. He was previously working for the foundation for free.
The foundation is also publishing their financials publicly to increase transparency and provide confidence in the foundation and the network.