GateHub, a stage for blockchain resources which operates on top of this distributed Ripple payment protocol, also announced it has added support for Litecoin and will record LTC starting on June 2nd, 2021.
The platform will fully support LTC for deposits, withdrawals, and trading on its own XRPL-powered exchange.
Litecoin recorded on GateHub
LTC will be fully supported on GateHub as another cryptocurrency. Users will be able to generate a deposit speech which will direct funds to their pockets. Sending LTC is performed via GateHub owned pockets.
Importantly, the XRPL supports any-to-any market; users will be able to swap LTC with any GateHub supported money on the XRPL via GateHub’s trading program.
Characteristics of Litecoin
Litecoin is a open source software project and ancient Bitcoin spinoff which has been launched in 2011 by Charle Lee. It uses proof-of-work such as Bitcoin but includes a diminished block time creation (2.5 minutes), greater maximum distribution (84M), also uses another hashing algorithm (scrypt rather than SHA-256).
Firstly, Litecoin used addresses starting with”L”. Then, following the implementation of SegWit, the new address format started with a”3″ which was confusing as Bitcoin also uses 3-addresses after SegWit. Litecoin made an alteration and today Litecoin SegWit addresses start with”M”.