On the evening of Litecoin’s 9th birthday, it seems only fitting that the future of one of the most beloved and trusted cryptocurrencies also be discussed.

As many of you may already know, Charles Hoskinson, CEO of IOHK and creator of Cardano (ADA) approached Charlie Lee in early July with the proposal of performing a ‘Velvet Fork’ within the Litecoin code to allow for cross-chain communications, improved scalability and the ability for smart contracts.

Given the opportunity to research and provide input into the feasibility, pros, and cons of such an endeavor, I have had a number of informative exchanges with Charles’ team on not just what a Velvet Fork is, but also how it affects the base code and what it would mean potentially for the continued growth and utility of Litecoin as not just a store of value, but also as a means of exchange and method of settlement within smart contracts. They have also provided extensive information on NiPoPoWs and how it is utilized in cross-chain communications.

After approximately 3 months of reading some papers done by Dionysis Zindros of IOHK and others, I approached Charlie with my general thoughts, as well as some other members of the Litecoin Foundation.