What Does Wanchain’s Litecoin Integration Mean for Decentralized Cross-Chain Infrastructure Adoption?

0
160
2
cryptocurrency 2
  • While some projects are in the works, Wanchain’s interoperability solution is light years ahead of the competition
  • Despite the fact that many concepts are currently in development, there is one ecosystem on which developers and users can rely right now
  • Wanchain is the only service provider with this feature available on its mainnet and ready to use

With so many blockchains on the market today, there is a growing demand for cross-chain interoperability. While there are a number of projects in the works, Wanchain stands out. Wanchain’s interoperability solution is miles ahead of competing ecosystems, having just integrated Litecoin into its cross-chain ecosystem.

Wanchain has integrated Litecoin, the most popular cryptocurrency, into its cross-chain infrastructure, allowing it to be traded across networks and used with EVM-compatible smart contracts. According to Wanchain Founder and CEO Jack Lu, Litecoin is one of the world’s most important cryptocurrencies, but it’s also one of the largest without smart contract capabilities. Wanchain and several of our enterprise partners are all excited about the potential of smart contracts and true decentralised cross-chain interoperability for Litecoin and the blockchain community as a whole.

A Defi Match Made in Heaven

Litecoin, which is currently the 13th most valuable cryptocurrency by market capitalization, can now connect to EVM-compatible chains such as Ethereum, Binance Smart Chain (BSC), and, of course, Wanchain, without sacrificing security or decentralisation. Finally, the integration allows Litecoin’s peer-to-peer currency to be used in the booming decentralised finance (defi) sector, including yield-farming, lending, exchange, and other defi protocols. Litecoin currently has a market capitalization of just under $9 billion USD and a daily volume of over 2.7 billion USD.

The partnership was hailed by Li Ni, Wanchain’s Vice President of Business Development and Operations, who said the blockchain was one step closer to becoming the blockchain industry’s Wide Area Network. Wanchain and Ripple announced a similar partnership in April, allowing XRP token holders to mine and participate in the decentralised economy, which is centred on Ethereum’s smart contract platform.

Yield farm Zoo Keeper, decentralised lending protocol WanLend, and community-governed automated market maker (AMM) WanSwap are all Wanchain-native defi protocols. Litecoin token holders will need to lock funds on the blockchain with the account’s private keys managed by Wanchain nodes in order to participate in defi opportunities. Following that, they will be given tokens that represent their locked assets, which can be used in a variety of defi applications and then burned to release the underlying LTC.

Wanchain is engaged in an arms race that is not interoperable

Wanchain describes itself as the world’s most superior interoperability platform, able to connect with disparate private and non-private blockchains and facilitate the circulation of digital property and knowledge. It now supports a variety of protocols, including decentralised exchanges (DEXs), mobile payment platforms, and other monetary dApps. The platform, which was launched during the ICO boom of 2017, is notable for its refined technology stack, which includes atomic swaps, threshold key sharing, and ring signatures.

For a few years, crypto’s watchword has been interoperability, with many commentators claiming that it’s the key to mainstream adoption and acceptance of digital currency. Wanchain isn’t the only one in town; Ethereum co-founder Gavin Wood, along with his sharded community Polkadot, is tackling the interoperability issue. Adding defi capabilities to Litecoin, which is celebrating its tenth anniversary this October, is a huge win for Charlie Lee’s project. The enigmatic founder recently revealed that the cryptocurrency would be upgraded in a number of ways, including the addition of better fungibility to protect customers’ privacy.

Final Thoughts

Bringing cryptocurrency and blockchain technology into the mainstream necessitates a comprehensive strategy that prioritises cross-chain interoperability. The ability to freely transfer data and value between blockchains such as Bitcoin, Ethereum, EOSIO, Binance Smart Chain, XRP Ledger, and Litecoin will enable more complex use cases to meet the needs of millions of people around the world. The time for creating a blockchain ecosystem that serves a single purpose is over.

More importantly, just a few years ago, the concept of decentralised cross-chain interoperable blockchain bridges seemed nearly impossible to realise. Wanchain demonstrates that this path can be taken and that this valuable service can be provided to all users. Complementary solutions must now be developed by competing cross-chain projects. The ultimate goal of connecting all public blockchains in the world remains the ultimate goal, though getting there will not be easy.

How useful was this post?

Click on a thumb to rate it!

As you found this post useful...

Follow us on social media!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

LEAVE A REPLY

Please enter your comment!
Please enter your name here