Litecoin Released OmniLite Platform

The Litecoin Foundation officially announced the launch of the OmniLite platform yesterday. OmniLite is a decentralized platform for creating tokens and digital assets on the Litecoin blockchain. Until now, the Litecoin protocol did not provide for the possibility of issuing tokens based on its blockchain, as allowed by Ethereum or the Binance Smart Chain, but thanks to OmniLite, this is now possible.

Over the past 24 hours, the average transaction fee on the Litecoin blockchain has been less than three cents ($0.025), while on Ethereum, the average commission has been above $60. In other words, the average transaction fee on the Litecoin blockchain is 2,400 times lower than on the Ethereum blockchain. Over the past 24 hours, more than 1.3 mln transactions have been recorded on the Ethereum blockchain, while there were less than 140,000 transactions on the Litecoin blockchain.

The new open source OmniLite platform facilitates the creation of decentralized tokens and smart contracts for cryptoassets, including, for example, NFT. NFTs, when they have to trade many times, require low fees, and in this regard, Ethereum has a drawback at the moment. Hence, there could be a market for the platform based on Litecoin.

Image: CoinPost