Litepay, the payment settlement platform that was meant to send Litecoin (LTC) to the stratosphere, first suffered an indefinite postponement for launch and then was later cancelled completely. Charlie Lee, the Founder of Litecoin, would later issue a public apology stating that the team had gotten a bit over excited with the Litepay project and had ignored some due diligence processes.
The cancellation of Litepay and the apology by Charlie Lee, left many fans and owners of Litecoin (LTC) wondering what next? Some suggestions had been put forth for Litecoin to continue with the Litepay project but with a different approach. Others had simply resigned to the idea that it would be business as usual for Litecoin without a revolutionary platform for cryptocurrency to fiat use for reall life transactions.
But this only lasted a few days for Abra CEO, Bill Barhydt, was quick to declare that Litecoin would be its platform of choice for smart contracts moving forward. Bill was earlier noted as predicting that as soon as the current market conditions improve, All Hell Will Break Loose in the crypto-markets as the big investors move in. He was quick to point out that the current dips in the market, are seen as opportunities by the said big investors.
With regards to Litecoin, Bill was quick to explain in a Reddit post, why Abra had decided to pick Litecoin as their primary asset moving forward, for the company’s smart contract investing solution. He is quoted as saying:
‘We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!’
With Bill’s statements, it is safe to say that Litecoin is not dead. The fact that Abra have chosen the Litecoin Smart contract aspect, rather than Ethereum, means that the coin has a bright future. Bill goes ahead to explain how Abra will use Litecoin moving forward.
‘Abra is not meant to be a trading platform like binance or gdax. Abra is mean to be a simple app for retails investors to get exposure to hard to access assets. We enable this investment exposure using a synthetic cfd like model based on p2sh multi-sig scripts on the litecoin and bitcoin blockchains. Our goal is to open this up to different asset classes over time, not just the top 20 cryptos and fiat but even stocks, commodities, etc. An example of this vision that we hope to bring to market in the future is for someone in Ghana to buy exposure to Apple or someone in Indonesia to buy exposure to Alibaba and simply collect their winnings (or give up their losses) in litecoin. All using the same app you’re able to download today from the app store.’
In conclusion, the crypto-verse continues to amaze us with developments even as a shaky Bitcoin that is again below $7,000, causes some ‘normal’ turbulence in the markets. Market analysis of LTC puts it at $120 with a current support level estimated at around $110.