🪙 BitcoinOS Sees 'Renaissance' for Litecoin With Its First Ever ZK Rollup
For years, Litecoin's narrative as the digital silver to Bitcoin's gold has appeared to be on the wane, with its price down some 76% from its all-time high set more than four years ago.
But that doesn’t mean Litecoin has been forgotten. On the occasion of the Litecoin Summit, BitcoinOS has revealed that it's pioneering a trustless ZK rollup for Litecoin.
"Litecoin is one of the biggest chains out there with a massive audience," Edan Yago, co-founder and core contributor to BitcoinOS, told Decrypt. "I think we're about to see a renaissance."
Their latest work with Litecoin, through LitVM, a Layer 2 protocol compatible with the Ethereum Virtual Machine, would enable native peer-to-peer transfers and stablecoin rails.
"Litecoin has proven to be an asset for almost 14 years with no downtime. It's only right that through ZK tech, its strengths will now be available to other chains," Charlie Lee.
For the first time, Litecoin will benefit from a zero-knowledge rollup (ZK rollup). The tech works by grouping many transactions together into a single batch, saving space and speeding up transactions.
Launched using BitcoinOS's BitSNARK ZK verifier, the new rollup for Litecoin aims to unlock a new era for Litecoin by enabling trustless bridging and cross-chain transactions with Bitcoin and other blockchains like Cardano.
"It integrates Litecoin deeply with Bitcoin and Cardano," and "reduces fragmentation" in the process, Yago explained.
For end users, the integration could help them make the most out of the best features of all three blockchains, Yago claimed.
"It utilizes the best of all worlds: the security of Bitcoin, the speed of Litecoin, smart contracts and DeFi from the rest of crypto," he said, claiming that the integration would result in "a unified ecosystem where they have less trust assumptions, where there are no bridges, and [where] they can put their BTC to work."
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