A new project launched by Zulu Republic is endeavoring to make litecoin transactions available to anyone with a cell phone, with a feature called Lite.im. Zulu Republic is a blockchain ecosystem which aims to make it easier for all people to access the benefits of DLT.
According to a release on the Zulu Republic Medium blog on August 9th, Lite.im is –
“a new project from Zulu Republic aimed at expanding cryptocurrency access to a wider population than ever before. Lite.im brings Litecoin services to anyone with even the most basic mobile phone, regardless of whether or not they have access to the internet.”
A proof of concept is currently underway using the popular Telegram messaging application. This messaging application is popular in the DLT community and is known for its inherent privacy features. It also makes litecoin transactions as simple as possible. The first iteration of the system is available now on Telegram. It is essentially a litecoin wallet with social capabilities.
According to Zulu Republic, text messaging is a more efficient way to facilitate third world access to the benefits of DLT. As cited on the page, 64% of global users have a mobile, but only 33% have smartphones, and an internet connection is not readily available in poorer jurisdictions.
How it works
Through Lite.im, users can interact with litecoin services via SMS using the LTC API supplied by Zulu. When sending funds, users can either send to a phone number or a litecoin address. This means that funds can be sent regardless of whether the wallet address is known. New financial technology platforms such as Revolut also have this feature, where money can be sent by knowing the phone number associated with the account.
Private key data is not stored by Zulu Republic, and the keys are encrypted with RSA. User passwords are also not stored. In this first version, users can send commands to a Telegram bot who will release balance, address, or transactions information. It is also possible to send litecoin to email addresses for registered participants.
What is litecoin?
Litecoin is regarded as the silver to the gold that is bitcoin, being cheaper and faster. It is held to be more liquid and tradable, while bitcoin is a better long-term store of value. Litecoin is an early fork of bitcoin, and the two coins are extremely interoperable, both using a Lightning Network second layer solution.
Litecoin founder Charlie Lee recently tweeted that everybody should first buy one bitcoin before acquiring any other coins, litecoin included. In another Tweet, he indicated that a litecoin Lightning Network with atomic swap functionality would effectively make it bitcoins side-chain, but with better security via decentralized proof of work mining.
The first atomic swap could well take place between bitcoin and litecoin on the Lightning Network, an instant feature that would eradicate fees and make transactions truly trustless, as envisaged by the Satoshi Nakamoto whitepaper.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.