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Litecoin Is Now Compatible With the Blocknet Protocol – It Can Work in Cross-Blockchain dApps

· 14 May 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Important news for Litecoin enthusiasts and holders, Litecoin (LTC) is now compatible with the Blocknet Protocol. That means that Litecoin is now able to function in a cross-blockchain decentralized application (dApps).

Litecoin Compatible with Blocknet Protocol

One of the most important virtual currencies in the market, Litecoin, is now compatible with the Blocknet Protocol, that is a network where the system is able to pass information to another party without the necessity to use a central server. There is a protocol running between nodes on various blockchains in order to enable the transfer of data and value between blockchains.

In a tweet, The Blocknet announced:

“#Litecoin now has simple integration with cross-blockchain dApps with #Blocknet! @litecoin brings new momentum to the future of cross-chain ecosystems.”

In a medium post uploaded by The Blocknet, they explain:

“Blocknet protocol interoperability example: Now that Litecoin is compatible with the Blocknet Protocol, it can be used in cross-blockchain dApps such as a payment processor that will allow payments accepted in Litecoin to be paid for in any other currency or vice-versa.”

Any merchant that accepts Litecoin payments is now able to get the payments in fiat or in another cryptocurrency and it will be immediately converted to Litecoin. If a buyer wants to pay with Litecoin, it is now possible to do so without buy Litecoin before. The customer will be able to pay with any fiat currency or cryptocurrency and the platform will immediately transform the payment into LTC if the merchant wants to do so.

These are great news for Litecoin enthusiasts. Litecoin is now the 6th most important cryptocurrency in the market according to its market capitalization. Some months ago, it was one of the top 5, place that has been taken now by EOS.

Litecoin is being traded 2.27% down in a day that has mixed feelings. It’s market value is now $7.79 billion dollars. Bitcoin, the most important cryptocurrency is now being traded around $8.500 dollars and is losing 1,76% in the last 24 hours.

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