LTC says hello to Ethereum! Introducing pLTC on testnet

Provable Things
Feb 6 · 4 min read

Today we grow our pTokens family again, adding Litecoin (LTC) to the mix.

pLTC has now launched on testnet, following our recent pEOS and pBTC testnet launches.

A brief history on Litecoin

The Litecoin blockchain launched in late 2011. Its native cryptocurrency LTC was a fork of the original bitcoin codebase, but with some key differences. Its creator Charlie Lee reduced block times to 2.5 minutes, and its protocol uses a different consensus mechanism called ‘scrypt’, rather than Proof of Work. The Litecoin team claims this infrastructure is capable of handling higher transaction volume than Bitcoin.

It is typically among the top 10 cryptocurrencies by market cap,with a market cap currently close to 5 billion USD.

Image source.

What is more interesting is its size and longevity, both indicators that Litecoin can bring significant upsides in terms of liquidity. Thanks to its similarities with the Bitcoin protocol, it’s also a good playground for innovation. When in 2017 it came time to introduce Segregated Witness — a game-changing feature for Bitcoin — it was Litecoin who became the first to integrate and test it.

Thanks Litecoin!

From LTC to pLTC

If you haven’t caught up on what pTokens are yet — take a look right here.

In short, pTokens make any cryptocurrency compatible with any blockchain.

We started by introducing BTC and EOS to the Ethereum blockchain, so that holders of these assets can explore the most advanced DeFi Ecosystem.

pLTC now enables any holder of Litecoin to seamlessly swap their crypto into an ERC-20 token format, so they can immediately start using them with all Ethereum’s DApps, tools and platforms.

All pTokens are pegged 1:1 with the underlying asset, in this case Litecoin. You lock up your LTC as collateral to mint new pLTC Tokens. When you want to redeem your pLTC for your originally deposited LTC, you can at any time, receiving the original amount back into your Litecoin wallet.

This means that you’ll always maintain your stake in LTC, though your coins are completely usable in the Ethereum ecosystem!

You can try out pLTC for yourself using the pTokens DApp.

dapp.ptokens.io

What’s the big deal?

pTokens will unleash liquidity for both these blockchains (and eventually, all blockchains). What was once two separate ecosystems will now allow the Litecoin community to explore all that Ethereum has to offer.

This aims to unlock liquidity throughout the entire decentralized financial market. Cryptocurrencies will no longer be limited to their native blockchain, becoming compatible across all blockchains, and by extension, the entire market.

It also makes it easier to store your crypto; with more Ethereum wallet providers out there today than Litecoin-compatible ones, users can store their LTC in any Ethereum wallet of their choice. The same rule can be applied for all pTokens — your entire crypto portfolio can soon be kept in a single Ethereum wallet!

And the technical-bits

For those who want a deeper dive into the benefits of pTokens on a technical level, you can explore our new series where we compare our cross-chain composability solution with others in the space. Though this series looks at pBTC, the same rules and technological processes still apply for LTC.

When compared to other popular “wrapped” cryptocurrencies in the market, we have developed a token standard which aims to bring as much liquidity and create unparalleled market-making opportunities as possible.

pTokens allow users to instantly swap their coins, with an incredibly fast peg-in/peg-out mechanism. Minting and redeeming of pLTC is automated, allowing users to enter and exit the market continuously. This effortless process creates frictionless liquidity for DEXs, DApps and their users.

The issuance and burning processes are also decentralized, transparent and secure. It uses the underlying infrastructure powering Provable’s oracle service — a Trusted Computing technology — and blends it with Multi-Party Computation. This process is also fully auditable.

The future is Lite

For DApps to reach their full potential, cross-chain composability is vital. This applies to any avenue of the DeFi industry — from lending platforms to assets management to derivative assets.

pTokens empower these DApps to achieve an unprecedented level of composability. They extend the usability and accessibility of DeFi applications beyond one chain alone, inviting entirely new blockchain communities to explore, play and engage with them.

For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.

For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.


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Provable

Blockchain oracle service for modern DApps

Provable Things

Written by

Provable

Provable

Blockchain oracle service for modern DApps

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