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Litecoin Community Introduces LTC-20: An Experimental Standard for NFTs

The Litecoin community has chosen to propose a test standard for LTC-20 and has created a test token to that end. The standard is a branch of the BRC-20 standard, and it is described by the community as “just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions.”

The standard is being built on top of the Litecoin Ordinals Protocols, with a quantity of 84 million coins. The BRC-20 standard mentioned is a token standard for an experimental fungible token constructed with Ordinals and inscriptions and kept on the Bitcoin base chain.

Litecoin Punks said on Twitter that the first LTC-20 is roughly 20% mined. Each punk bearer has received 4,000 inscriptions.

It’s uncertain whether this will result in a significant change, but the community is excited regardless. Litecoin is one of the oldest cryptocurrencies on the market, and it still wields considerable power.

The author emphasizes that this is an experiment in the official documentation for the LTC-20 experiment, adding, “…this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design.” I encourage the Litecoin community, however, to experiment with standard designs and optimizations until a widespread consensus on best practices is reached…”

The goal is to determine whether fungibility has a place in the Litecoin network. The experiment’s purpose is to deploy LTC-20 tokens, mint a specific number of tokens, and transfer a certain number of tokens. The documentation goes into great detail on all of the functions involved.

Since the beginning of the year, Litecoin has seen a number of notable developments. The network has less than 100 days until its third halving, which cuts block rewards while typically increasing the token price.

BIT Mining Limited recently showcased a new Litecoin mining unit. When combined with the halving, this might be quite beneficial to LTC miners. However, the price of LTC has been falling as miners sell large amounts of coins.

 

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