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Litecoin launches the LTC-20 Token Standard in ordinal order

Litecoin community members are testing the LTC-20 standard for fungibility purposes. The token is just an experiment at the moment but it could turn into more.

The Litecoin community decided to propose a testing benchmark for the LTC-20 and later launched a beta code for this purpose. The standard is a fork of the BRC-20 standard, and the community describes it as “just a fun experimental benchmark that shows you can create off-chain equilibrium states with patterns.”

What is the LTC-20 standard?

The standard is being developed on top of the Litecoin Ordinals protocols, with a supply of 84 million. The BRC-20 standard referred to is a token standard of decomposable experimental code generated using Ordinals and Patterns and stored on the Bitcoin Base Chain.

On Twitter, Litecoin Punks reported that the first LTC-20 mined was nearly 20% higher. 4,000 were registered for each of the bankers.

Litecoin Punks on Ordinals Market

It’s unclear if a massive change will happen as a result, but the community is excited nonetheless. Litecoin is one of the oldest cryptocurrencies in the market and is still very influential.

In the Official documents For the LTC-20 experiment, the author confirmed that this was an experiment, saying,

“…this is a very dynamic experience, and I strongly discourage making any financial decisions based on its design. However, I do encourage the litecoin community to tinker with standard designs and optimizations until a general consensus on best practices is met…”

The idea is to see if the exchange has a place in the Litecoin blockchain. The goal of the experiment is to publish LTC-20 tokens, mint a certain amount of tokens, and transfer a number of tokens. The documentation goes into the technical details of all the functions involved.

Litecoin’s halving is not far away

Litecoin has seen quite a few notable developments since the beginning of the year. There are less than 100 days left on the network before the third halving, which reduces block rewards and usually boosts the price of the token.

BIT Mining Limited has also revealed a new mining machine dedicated to Litecoin. Along with the halving, this can suit LTC miners well. However, the price of LTC is actually going down, as miners sell a large amount of coins.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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