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Most cryptocurrencies take advantage of market momentum and go on new travels in order to meet the growing demand in the crypto-industry. Clients’ escalating expectations, whether in the form of smart contracts or non-fungible tokens [NFT], have pushed Litecoin towards OmniLite, a decentralised token production platform.
As per Litecoin foundation’s official blog, OmniLite is an open-source platform being dubbed as “Ethereum Killer.” It will introduce smart contracts, DAOs, tokenized assets, and NFT functionality on the Litecoin network. The blog explained,
“OmniLite, being a layered protocol built on top of Litecoin’s blockchain, takes advantage of its reputable network security and low fees. The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its blockchain.”
Yet another Ethereum killer, but Ethereum is doing fine.
Several competing projects to the second-largest altcoin have claimed to be Ethereum killers, but none have been successful as of yet. It will be too soon to discount what OmniLite is attempting to accomplish, while gas prices and congestion remain challenges. While the Etheruem team works to resolve problems, Litecoin is attempting to broaden its offerings and engage the market through its new platform. On its network, it can also support the issue of stablecoins such as USDT [Tether].
The group’s Marketing Director, Jay Milla, stated during the launch,
“While other networks such as Bitcoin and Ethereum have been experiencing saturation issues, developers may want to take advantage of the significantly cheaper transaction costs and security Litecoin has to offer. Thanks to OmniLite, building a layered economy on top of Litecoin has never been this accessible. “
While OmniLite was designed to compete with major league coins, the platform presently only provides a wallet mode [Litecoin Omni]. The platform’s growth will decide its usability for the community, and until then, any “Ethereum killing” may have to wait.