The Litecoin (LTC) Foundation announced on the 7th that it has introduced its open-source platform OmniLite that offers access to Smart Contracts, assets in the form of tokens, DAOs, and non-fungible tokens (NFTs) on the Litecoin network.
OmniLite is a second layer built on the Litecoin blockchain that enables the benefits that Ethereum users currently have along with distinct advantages such as low fees, round-the-clock uptime, and unparalleled market credibility. The network would also allow the development of stablecoins such as USDT (tether) on Litecoin.
According to a blog post published by the company, “The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its blockchain.”
Omni’s predecessor was Mastercoin, which acted as a secondary layer on the Bitcoin blockchain. Mastercoin, launched in 2013, was rebranded as Omni in 2015. Tether (USDT), which is currently the world’s largest stablecoin, was first issued on Omni (then Mastercoin) in October 2014.
OmniLite was developed by Litecoin developer Loshan with the support of the Litecoin Foundation.
Jay Milla, the groups marketing director, said in a statement:
“While other networks such as Bitcoin and Ethereum’s have been experiencing saturation issues, developers may want to take advantage of the significantly cheaper transaction costs and security Litecoin has to offer. Thanks to OmniLite, building a layered economy on top of Litecoin has never been this accessible.”
OmniLite is currently available on three platforms: Windows, Linux, and macOS and supports a wallet mode ‘Litecoin Omni’.