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Blog

Date:
19th Nov 2020
Author:
CryptoAltum Research Team

Litecoin and Cardano Partnering for Trustless Coin Swapping?


There are unconfirmed talks that Litecoin and Cardano are working on a bridge to enable trustless swapping of coins between ADA and LTC via a Velvet Fork. The two are liquid but with different consensus algorithms. However, the upgrade will benefit both. Specifically, Litecoin will benefit from smart contracting capability, better scalability, and cross-chain settlement of funds.


Details: 

Rumors about the upgrade--a hard fork won’t be required, follows a Nov 17 discussion between members from the Litecoin Foundation and a representative of IOHK--the development wing of Cardano. If the idea proceeds, there will be a non-interactive Proof-of-Work implementation since it enables block verification across different consensus algorithms with zero to negligible impact on Litecoin's security.


Impact on the LTC Price: 

Bullish. Depending on whether the Litecoin Foundation and IOHK move forward with the idea, LTC prices will receive a boost given the advantages network users will have. Aside from smart contracting and better scalability, the low transaction fees in Litecoin and atomic swapping to Bitcoin would make the network attractive for users.


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