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Litecoin is venturing into smart contracts, NFTs via OmniLite

Most cryptocurrencies are capitalizing on the dynamics of the market and venturing into new avenues to meet the growing demand from the crypto industry. Be it in the form of smart contracts or non-fungible tokens [NFT], the increasing demands of customers have pushed Litecoin to a decentralized token creation platform called OmniLite.

According to the Litecoin Foundation’s official blog, OmniLite is an open source platform dubbed the “Ethereum Killer”. It will introduce Smart Contracts, DAOs, Tokenized Assets and NFT functionality in the Litecoin network. The blog stated

“OmniLite, a multi-layer protocol based on Litecoin’s blockchain, benefits from its reputable network security and low fees. The tokens created via OmniLite can be viewed as an extension of Litecoin and consequently the transactions of these tokens are recorded in its blockchain. “

Another Ethereum killer, but Ethereum is fine.

There have been several competing projects for the second largest altcoin claiming to be an Ethereum killer, but none have been successful. It will be too early to reject OmniLite’s targets as gas tariff and congestion issues continue to be an issue. While the Etheruem team works to solve them, Litecoin tries to expand its offerings and excite the market with its new platform. It can also issue stablecoins such as USDT. facilitate [Tether] in his network.

The group’s marketing director Jay Milla said during the launch:

“While other networks like Bitcoin and Ethereum have had saturation problems, developers may want to take advantage of the significantly lower transaction costs and security that Litecoin has to offer. Thanks to OmniLite, building a tiered economy on Litecoin has never been easier. “

While OmniLite aimed to compete with the big league’s coins, the platform currently supports a wallet mode [Litecoin Omni]. The growth of the platform will determine its usability for the community and until then any “Ethereum kills” may have to wait.

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