Litecoin (LTC) transactions are now available via encrypted messenger app Telegram, Litecoin founder Charlie Lee tweeted today, Aug. 9.
The new Litecoin feature Lite.im was developed by blockchain startup Zulu Republic. Based in Zug, Switzerland, the firm develops decentralized applications (DApps) and “is an ecosystem of digital platforms built on the Ethereum (ETH) blockchain.”A bear market is the best time for people to work on adoption.— Charlie Lee [LTC⚡] (@SatoshiLite) August 9, 2018
Check out https://t.co/Ua8LQz9f4h. Send and recieve LTC on telegram. Eventually, it will support SMS also. Great work @ztxrepublic team! 👏
We build it and they will come. Adoption is key!
According to a Zulu blog post,
the new Litecoin feature will enable users to use Litecoin services
with text queries via Zulu’s backend LTC API system. Zulu stressed that
private key data is not managed by the the company, and instead secured
with RSA encryption and the user’s private password.
In the announcement, Zulu said that Lite.im will first be
rolled out on the Telegram messenger app, “the most secure messenger in
the world,” adding that the app provides privacy that is “built in by
default.” Lite.im will allow users to send commands to check their
current LTC balance and send LTC to a wallet or an email address.
In the future, the company aims to introduce LTC
transactions via text messages (SMS) to enable operations on the
Litecoin blockchain for customers with poor internet connection. The
startup states that, out of the 64 percent of the global population that
owns a mobile phone, only 33 percent have a smartphone with internet
connection.
Zulu stressed the decentralized nature of the upcoming
feature, saying that it is targeting countries where “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.”
The statement also says that users will be able 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.”
Currently the seventh largest cryptocurrency by market capitalization, Litecoin
is an open-source project that was released in 2017. The basic idea of
the digital currency is to provide faster and cheaper transactions than
those of major cryptocurrency Bitcoin
(BTC). LTC is trading around $64 at press time, having seen its
all-time high of $351 in December 2017, according to Cointelegraph’s Litecoin price index.
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