Litecoin Launches LTC-20 Token Standard Introducing Ordinals
Members of the Litecoin community are testing an LTC-20 standard for fungibility. The token is just an experiment at the moment, but could turn into more.
The Litecoin community has decided to propose a test standard for LTC-20 and has subsequently launched a test token for the purpose. The standard is a fork of the BRC-20 standard, and the community describes it as “just a fun experimental standard that shows you can create equilibrium states off-chain with inscriptions.”
What is the LTC-20 standard?
The standard is being developed on top of Litecoin Ordinals Protocols, with the supply of 84 million. The BRC-20 standard referenced is a token standard for an experimental fungible token built with Ordinals and Inscriptions and stored on the Bitcoin base chain.
On Twitter, Litecoin Punks stated that the first LTC-20 is about 20% minted. 4000 has been entered for each of the punk holders.
It is unclear whether there will be a massive change stemming from this, but society is nevertheless excited. Litecoin is one of the oldest cryptocurrencies on the market and still has a lot of punch.
In the official documentation for the LTC-20 experiment, the author emphasizes that this is an experiment, stating:
“…this is an extremely dynamic experiment and I strongly advise against making financial decisions based on its design. However, I encourage the litecoin community to tinker with standard designs and optimizations until a general consensus on best practices is reached.. .
The idea is to see if fungibility has a place on the Litecoin blockchain. The goal of the experiment is to distribute LTC-20 tokens, mint a certain amount of tokens and transfer a number of tokens. The documentation goes into the technical details of all functions involved.
Litecoin halving is not far away
Litecoin has undergone some notable developments since the year began. The network has less than 100 days left before the third halving, which reduces the block rewards and usually increases the token price.
BIT Mining Limited also revealed a new mining machine dedicated to Litecoin. Combined with the halving, this could suit LTC miners very well. However, the LTC price has actually dropped, with miners selling a large amount of coins.
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