Litecoin (LTC) transactions are now available through the encrypted messaging app Telegram, Litecoin founder Charlie Lee tweeted today, August 9.
A bear market is the best time for people to work on adoption.
We are building it and they will come. Adoption is the key!
– Charlie Lee [LTCâ¡] (@SatoshiLite) Aug 9, 2018
The new Litecoin Lite.im feature was developed by blockchain startup Zulu Republic. Based in Zug, Switzerland, the company is developing decentralized applications (DApps) and “is an ecosystem of digital platforms built on the Ethereum blockchain (ETH)”.
According to a Zulu blog post, the new Litecoin feature will allow users to use Litecoin services with text requests through Zulu’s main LTC API system. Zulu pointed out that private key data is not managed by the company, but secured with RSA encryption and the user’s private password.
In the announcement, Zulu said Lite.im will first be deployed on the Telegram messaging app, “the world’s most secure messaging,” adding that the app offers “built-in by default” privacy. Lite.im will allow users to send orders to check their current LTC balance and send LTCs to a wallet or email address.
Going forward, 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 says that of the 64% of the world’s population who own a mobile phone, only 33% have a smartphone with an Internet connection.
Zulu highlighted the decentralized nature of the upcoming feature, saying it targets 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 financial system. conventional”.
The statement also states that users will be able to send Litecoin “to those who do not yet have a Litecoin wallet, or to those whose wallet address you do not know, even if the recipient does not know how to use the crypto. cash”.
Currently the seventh Largest cryptocurrency by market cap, Litecoin is an open source project that was released in 2017. The basic idea of ââdigital currency is to provide faster and cheaper transactions than the major Bitcoin cryptocurrencies ( BTC). LTC is trading around $ 64 at the time of publication, having hit its all-time high of $ 351 in December 2017, according to Cointelegraph’s Litecoin price index.