TokenPay & Litecoin Forge Strategic Partnership
Today marks a massive evolutionary step for the TokenPay ecosystem. We’ve signed a partnership deal with Litecoin and are very excited to give out the details of what exactly this means for TokenPay going forward.
The primary aspect of this deal is that we have agreed on Joint ownership of WEG AG Bank. This means that Litecoin and The Litecoin Foundation will be direct partners with TokenSuisse and will be aiding our efforts to ensure the infrastructure and development that is slated to support the bank and its features will operate on the latest and greatest innovations in the space.
In addition to assisting our partners at TokenSuisse, Litecoin will be aiding us in the development of our blockchain, ensuring the stability and future success of TokenPay. Charlie Lee, the creator of Litecoin, will be working with our development team at TokenPay to implement many new additions to TokenPay’s suite of built-in product offerings. One of the first items on the agenda is the Lightning network.
For additional information about the lightning network and its significance please see this post.
Litecoin and the Litecoin Foundation have been integral parts of the overall crypto ecosystem since the beginning and as such, both entities have agreed to provide guidance and insight as well as connections with their extensive list of businesses and leadership teams within the crypto ecosystem. This is a massive move forward for TokenPay and its constituents as it allows us the opportunity to build mission critical relationships with major decision makers to ensure the longevity and success of TokenPay in the future.
Furthermore, we are excited to announce our partners at TokenSuisse will not only be integrating Litecoin into their German banking platform (WEG AG) but will also be integrating Litecoin (LTC) into their merchant services platform as well as the upcoming eFin decentralized exchange. Listing pairs for LTC on the eFin DEX will be announced on a later date. For more information about what the eFin is, see this article.
Some Background on Charlie Lee & Litecoin (LTC):
Who is Charlie Lee:
Charlie Lee, a graduate from MIT, worked for many notable enterprise level tech companies such as Guidewire software and Google. During his tenure at Google, Lee began exploring the possibility of creating an alternative to Bitcoin. While his first attempt was not a success, Fairbix served as a staging ground for Lee to learn the intricacies involved with developing a blockchain project. Shortly after Fairbix, Litecoin was born. Litecoin was created two years after the creation of Bitcoin and has remained one of the top-rated cryptocurrencies in terms of both price and market capitalization.
What is Litecoin:
Litecoin was originally cloned from Bitcoin Core with several adjustments made to suit what Charlie Lee felt were improvements on some of the problems with Bitcoin. These changes include the hashing protocol, the average block transaction time, the GUI, and the total maximum supply cap value.
The Litecoin hashing protocol uses a Scrypt-based algorithm, unlike the SHA256 algorithm that is used on Bitcoin. This essentially reduces the transaction time by almost 75 percent. The average block transaction time is 2.5 minutes. the maximum supply of Litecoin was also increased to 84 million LTC, 4 times the value of the Bitcoin supply cap at 21 million BTC.
Despite sharing some similarities with Bitcoin, the general idea is that Litecoin is not a Bitcoin competitor. Instead, Litecoin is more of a complementary cryptocurrency to Bitcoin best suited for smaller, lightweight transactions like online retail shopping while Bitcoin is the currency for the more heavyweight transactions like international payments.
Benefits to TokenPay:
While there are numerous benefits associated with the deal between Litecoin & TokenPay, Here is a brief overview:
· Exclusive partnership with Litecoin.
· Direct access to one of the best blockchain teams in the world.
· Access to in-depth industry leading expertise and experience to help drive TokenPay to new heights
· Connections with leaders in the blockchain space
· Infrastructure development and implementation assistance for TokenSuisse and the ecosystem as a whole
· Blockchain technology advisement
· Blockchain technology implementation assistance
With our combined strengths of Charlie Lee and Litecoin - TokenSuisse and our ecosystem built on TokenPay’s Multi-signature Transaction Engine — The future looks very bright.
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