Litecoin (LTC)– For several months Charlie Lee, founder of Litecoin, has bot touting a “big surprise” that would boost investor outlook for Litecoin. While some had predicted the news would be a big toneel partnership, such spil Amazon or Facebook, Lee exposed last week that Abra had adopted Litecoin for use te wise contracts on its trading podium.
Abra is using the Litecoin network for its clever contracts. No partnerships needed spil Litecoin is an open network.
The news wasgoed underwhelming for ventilatoren expecting a household name company, but Abra does represent growing adoption for Litecoin–and cryptocurrency–in the space of investment and financial services.
Excellent vraaggesprek with Abra CEO @billbarhydt! Looking forward to @AbraGlobal using wise contracts on the Litecoin network ter about Two weeks.
Similar to Coinbase, Abra is attempting to become an all-in-one cryptocurrency toneel that functions through a smartphone app. This invest on the go treatment is targeting a fresh generation of investors, mainly those of the millennial and digital age, and providing the widest amount of access. Rather than setting up a brokerage account on a webpagina like Etrade or Charles Schwab, Abra is providing users the ease of access to embark buying and selling through their phones. Coinbase has long bot lauded spil a industry-leader te providing a user interface and setup appealing to newcomers. Abra could challenge that space, albeit with devices more geared for serious investors, with an app that is plain to download and get embarked.
Some Reddit users have pointed out flaws te the registration process for Abra, namely the lack of Two Factor Authentication and requiring a social security number with the initial setup (many exchanges rely on a driver’s license or passport spil sufficient identification).
However, with the launch of Abra’s app, wij are witnessing more contenders and competitors to Coinbase inject the sphere of iOS and Android based cryptocurrency investment. Apps are the simplest way to reach mass-adoption. It’s much lighter to demonstrate friends and coworkers an app that they can download on their phone within seconds, spil opposed to the more bulky and technical powerful online exchanges.
Abra’s primary feature is going to be suggesting users access to twenty different cryptocurrencies (with more coming te the future) along with fifty fiat currencies. Abra functions through the use of brainy contracts to permit investors to build up exposure to other currencies without actually trading for them. A user can fund their account with 200 USD of Litecoin, and then buy exposure to other suggested currencies. Spil the price switches ter value, so does the initial investment, tied to a “synthetic currency” that represents the second-party currency without actually being exchanged for. Meaning, if a user were to contract Five LTC worth of Ripple, and the price of Ripple doubles, that user can now metselspecie out their investment for Ten LTC.
Litecoin plays a role te this process spil being the network of choice for Abra brainy contracts, ter the form of the synthetic currencies, to function on. Originally, Abra wasgoed using Bitcoin spil the scaffolding for its contracts, but switched to Litecoin’s blockchain for its improved efficiency. From the Abra blog ,
“Abra has chosen Litecoin spil the primary asset class for our investment podium albeit wij now have the capability to stir users inbetween Bitcoin and Litecoin contracts. Wij chose Litecoin after a long and thorough research process to determine the asset class that met our criterion: secure, safe, scalable on-chain and off-chain, low mining fees.”
Following on the high-heeled slippers of this partnership with Litecoin, Abra’s CEO Bill Barhydt made sways by predicting the coming flood of institutional investors would make “ all hell pauze liberate ,” te the valuation of cryptocurrency ter 2018. While his company is te position to widen the appeal of crypto through app-based portals, it also provides a fresh avenue for investors and those looking for more advanced mechanics ter buying and selling–particularly through the untapped feature of brainy contracts.