In this article we are going to discuss the recent lack of developments coming for the Litecoin team, the proposed Implementations, and which asset is the new silver to Bitcoin’s gold.
Nothing should be considered as investment or financial advice. Enjoy the ride.
For those of you who do not know, Litecoin was a project forked off of Bitcoin Core back in October 2011 specifically by Charlie Lee. The main problem with this project is that is adds no real value to the market besides additional liquidity as it merely copies the Bitcoin developments as they are implemented. There were proposed developments that were discussed earlier this year to add properties to the project that would make it desirable, namely confidential transactions.
Litecoin Lacks Development
Even so, the Litecoin development on GitHub started to drop off heavily last year and became considerably noticeable around May, 2018. There were several articles pointing this out published around September that basically called Litecoin a dying project due to the lack of development on the project.
While Litecoin may be willing to implement features more quickly than Bitcoin, Litecoin is not working on anything unique. The latest Litecoin roadmap was posted 11-months ago, and includes: (1) MAST, (2) Lightning Network, (3) Atomic Swaps, (4) Covenants, (5) Confidential Transactions, and (6) Colored Coins. Not one development included in this roadmap is specific to Litecoin, and we have not seen meaningful activity or communication from the Litecoin dev team in 2018. More importantly, the perceived marginal advantages of Litecoin over Bitcoin will continue to diminish over time as Bitcoin implements these same features.– Tushar Jain , multicoin.capital
As a result to these allegations, the Litecoin community managers and foundation fought back retorting the FUD by posting their responses months later in January 2019. Even now, there are articles being published to fight against the current FUD surrounding Litecoin.
Whilst it is important for cryptocurrencies like Litecoin to strive for innovation and adapt to changing market conditions, the platform in which it operates in is open source. Open source enables many projects to collaboratively work together and this allows for very efficient and effective problem solving solutions. Because of this, it is impossible for any one cryptocurrency project to achieve sustainable competitive advantage through innovating because any other project can just pull or fork the commits and replicate the exact same source code.–Ilir Gashi, Litecoin Community Manager
The quote above raises an interesting point to be looked at. Since Litecoin is open source, there is not much of a reason to post developments on the GitHub page, and for that matter, there is not much of a reason to make developments because your project will basically not benefit in terms of competition at all.
Additionally, the Litecoin’s team explained the entire situation by using the excuse that GitHub commits do not correlate to their development process. In short, the lack of GitHub commits do not mean the project is dead which ties out with what we just said above. They also comment that the Litecoin Core project is essentially a carbon copy of the Bitcoin Core project and that most base developments are taken straight from the Bitcoin Core upgrades.
Mimble Wimble and Confidential Transactions
The story gets more interesting because, there was an announcement in February of 2019 that Litecoin will be partnering with a project called Beam Privacy. The purpose of this partnership would be to get Beam to implement confidential transactions by using a protocol called Mimble Wimble that was first proposed to the Bitcoin Foundation. Although, this announcement only an announcement about the two groups talking about the idea. That’s right, nothing was paid for, nothing was contracted, and nothing was even in the works when the market surged behind Litecoin thinking these developments were coming.
This was a huge ploy to pump the price of the asset while Charlie Lee went around to talk shows and interviews promoting the idea as feasible and in the process. As of today in August 2019, there has been no further developments on confidential transactions, Charles has not brought up the topic, and there is no news from Beam Privacy on the implementation either.
No one developing Litecoin at this time.
The Mimble Wimble ploy is only the beginning. The other ploy that all of the Litecoin developers are working independently at their own stations and then syncing up the data for updates, does not bode well for the project. Till this point, Litecoin has coasted on its name sake as the silver to Bitcoin’s gold to stay relevant in the market. Along with this, there is a good amount of liquidity for the asset still in the market, but better options have come to play. Namely, Bitcoin Cash is more than just a carbon copy of Bitcoin at this point.
Bitcoin Cash is The New Silver
Although there is a good bit of controversy surrounding Bitcoin Cash and their manipulative ways of promoting the project, at least there is consistent development. Additionally, there has been a constant rate of growing liquidity and exposure for the project since the hard fork which separated the toxic strands that composed Bitcoin Satoshi’s Vision, and their infamous leader Craig Wright.
Bitcoin Cash has a thriving and engaging community that supports the marketing and development of the project through their networks. Most notable would be Roger Ver who is better known as the Bitcoin Jesus. With active participants boosting the project, it would not be far fetched to say that Bitcoin Cash is the new silver to Bitcoin’s gold, and Litecoin might be better considered at this point as the bronze runner up.
With the market of blockchain growing exponentially faster as governments, companies, and billionaires enter into it, huge projects like Litecoin will fall. Slowly but surely the best projects with the highest levels of innovation and utility will come out on top over the next 5 to 10 years as the lesser carbon copies are weeded out over time.
For More information, check out this video on the entire topic that first inspired this article.