Litecoin is making ready to work with Cardano on a “velvet fork.”
That fork will add a number of options together with cross-chain fund settlement, sensible contracts, and improved scalability.
It isn’t but sure that Litecoin will go ahead with these plans.
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Litecoin is making ready to collaborate with Cardano on cross-chain interoperability, in accordance with a weblog publish from David Schwartz, Venture Director on the Litecoin Basis.
Velvet Fork Below Consideration
Schwartz says that Charles Hoskinson, creator of Cardano, invited Litecoin creator Charlie Lee to collaborate on blockchain interoperability in July.
Hoskinson initially wrote on Twitter:
@SatoshiLite it will be nice to do one thing collectively. I really like the concept of testing cross chain communication between Litecoin and Cardano. We received a whole lot of concepts and I am positive you guys do too
— Charles Hoskinson (@IOHK_Charles) July 7, 2020
Since then, Schwartz has had a number of conversations with the Cardano group on what the collaboration would obtain.
He says that the fork would enable cross-chain cost settlements between Cardano and Litecoin. It could additionally enhance Litecoin’s scalability and introduce help for sensible contracts.
The proposed improve known as a “velvet fork” as a result of it’s neither a tough fork nor gentle fork; as a substitute, it’s optionally available, and there’s no want for consensus. Miners will be capable to proceed serving the Litecoin community, whether or not they set up the improve or not.
The fork makes use of a system known as “Non-Interactive Proofs of Work” (NiPoPoWs) that, amongst different issues, permits blocks to be verified throughout completely different blockchain networks.
Will Litecoin Add The Function?
It isn’t sure that the improve will probably be applied. Some dangers include including the function, and Schwartz notes that “earnest and open dialogue on all elements of such a transfer for Litecoin is required.”
He says that the query is not only for builders and miners but additionally your complete Litecoin group.
Although the proposal has some help, a number of have opposed it. One commenter means that, as a result of it’s a proposal by Cardano, the Cardano group ought to work on implementing cross-chain swaps by itself.
One other commenter argues that “Litecoin wants to face by itself and never piggyback with Cardano.”
Nevertheless, there may be precedent for a partnership between blockchain tasks. Litecoin is at present collaborating with Grin’s David Burkett on personal transactions. Although the “velvet fork” seems to be a much bigger process, the same partnership with Cardano appears fairly believable.
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