If you believe that crypto cannot achieve its original aim of broad acceptance, you should reconsider, as a new horizon for crypto payments has arrived. We delight to announce the debut of the Litecoin Proof-of-Stake (PoS) network with much excitement and a daring vision for the future.
Litecoin PoS is a bold attempt to replace an excellent but broken system with a tried-and-true solution. Despite standing on the shoulders of giants like Bitcoin and Litecoin, the Litecoin PoS – LTCP team realizes their shortcomings, such as high block times, mining hashrate concentration, and course sensitivity to 51 percent attack.
Litecoin PoS is an original version of the Bitcoin codebase. It has significant performance and consensus enhancements, rather than following the traditional path of initiatives that fork a protocol in an attempt to modify an existing system, only to fail to accomplish their goal later. As a result, Litecoin PoS is a better solution for financial applications like payments, as it greatly improves network scalability.
Because Proof-of-Work is energy-intensive, costly to maintain, and prone to centralization, LTCP uses the PoS consensus algorithm system to safely validate transactions and add them to blocks in a quick and secure manner.
Instead of engaging in proof-of-work mining, validators in our system stake their currencies to help secure the network. This reduces the amount of energy required to run the system by up to 99%. It results in a system that is both inexpensive and effective at reaching consensus.
Consensus Algorithm for Litecoin PoS
Validators staking LTCP must stake matured coins because it is a Proof-of-Stake system. This means that unspent outputs (UTXOs) must have a depth of at least 500 blocks in the main chain (the coinbase/coinstake maturity).
Additionally, the coins for staking must be in address/transaction types that are compatible.
And, because security is the foundation of any comprehensive and decentralized system, we chose the Mutualized Proof of Stake consensus mechanism. This is to further reduce the risk of an attacker disrupting the Litecoin PoS network.
For foreign adversaries, MPoS presents an impossibly high-cost barrier – one that is theoretically impenetrable. Attackers can’t use MPoS to spam the Litecoin PoS network with fees. Instead of all costs going to a single block maker, as is usually the case, network members split the revenue equally. The substance behind a spam campaign fades when fee-sharing is in place and Stakers rotate on a regular basis.
More significantly, we do not consider the MPoS algorithm to be a test. We’ve previously tested and confirmed its feasibility for its intended purpose by deploying it at scale in our test network. Our whitepaper provides a more extensive description of the Litecoin PoS design and consensus mechanism.
PoS Block Time
The Litecoin PoS block time-spacing is set at 3 minutes. Making it not only quicker than Bitcoin but also capable of handling more than 3 times the number of transactions.
Keep your LTCP coins in staking wallets or pools to receive daily staking rewards.
The entire supply of Litecoin PoS and Litecoin PoW is precisely the same. This is a clear indication that we want to replace Litecoin, not compete with it. The entire quantity of LTCP is 84 million, with just 1 million circulating.
Total Supply – 84,000,000
Circulating Supply – 1,323,000
Trading Exchange for LTCP
We’ve already formed relationships with some of the most prestigious exchanges to demonstrate our devotion to our key values. LTCP is currently traded on three exchanges. LTCP may be purchased on Digifinex, GX.com, and BTCNEXT.io. We’re collaborating with them and other market makers to increase LTCP liquidity on these platforms. And there are still more on the way.
BTCNEXT will become a general partner. It will also host marketing efforts to recruit 75000 active users to the Litecoin PoS project.
Expect more updates from us. We still try to guarantee that Litecoin PoS is on many people’s lips for a good cause as we continue to develop in the field of digital global payment technology.