The Litecoin community has announced the development of an experimental fungibility standard called LTC-20, and the issuance of new a test token created as part of the initiative.
The LTC-20 test standard is being developed on top of the Litecoin Ordinals Protocols. It is based on the BRC-20 standard, and it enables the creation of off-chain balance states with inscriptions.
We are helping launch/develop LTC-20 on-top of the Litecoin Ordinals Protocol.
First LTC-20 is deployed with 84million in supply, 4,000 per min. “lite”
{“p”:”ltc-20″,”op”:”mint”,”tick”:”lite”,”amt”:”4000″}https://t.co/yPj3NZPzG6
— Litecoin Punks (@LitecoinPunks) April 30, 2023
The objective of the LTC-20 experiment is to assess the possibility of achieving fungibility on the Litecoin network by deploying LTC-20 tokens, issuing a specific number of tokens, and conducting token transfers.
The team behind the development of the LTC-20 standard emphasized its experimental nature in the official documentation and advises against making any financial decisions based on the design. However, they urge the community to experiment with common designs and optimizations until a consensus on best practices is reached.
The developers noted that it would be premature to consider the current implementation of fungibility on Litecoin with ordinals as the ultimate standard since there may be opportunities for further design improvements and optimization enhancements.
Since the announcement, it appears that of the deployed 84 million, close to 15,000,000 – 20,000,000 have been minted. Litecoin Punks tweeted that the first LTC-20 has been mined by approximately 20%, and each punk bearer has received 4,000 inscriptions. The team stated that it is working on getting a live website inscription service to its users.
Wow, of the 84,000,000 “lite”
LTC-20 deployed,it’s looking like close to 15-20,000,000 have already been Minted.
We are working on getting a (live website inscription service up for you all)
And an Indexer to gather the total amounts. https://t.co/hw9ECENEPC
— Litecoin Punks (@LitecoinPunks) May 2, 2023
Users who wish to implement the standard can choose to mint from existing deployments or create their own version, similar to Litecoin Punks. To do so, they will need to inscribe either the deploy function or the mint function to their ordinal-compliant wallet and configure the desired LTC-20 parameters accordingly.
It is important to ensure that the ticker corresponds to either the LTC-20 token they deployed in step one or any LTC-20 token that has not yet reached its fully diluted supply. Ensuring that they do not exceed any minting limits set for the LTC-20 token.
While it remains uncertain whether the standard will lead to significant change, the Litecoin community is enthusiastic about it and considers it a fun experiment.
With 91 days until the network’s third halving, Litecoin protocol has seen several notable developments, including BIT Mining Limited introducing a new mining device specifically for Litecoin. However, miners selling significant amounts of tokens have caused the price of LTC to decrease.
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