LITEX Project Description
LITEX is a fully decentralized value exchange ecosystem based on layer 2 technology, and is able to realize off-chain transaction and cross-chain communication, which solves key pain points of low efficiency of main chain and isolated public chain islands. It carries the upper-level applications such as micropayments and decentralized exchanges. Through API layer, LITEX opens up its fundamental functions and supports rich value exchange ecosystem, connects between the crypto world and the reality, and builds the infrastructure of block-chain world.
Highlights:
− LITEX team continued to develop the technology
− LITEX set up Reddit to answer the community questions
− LITEX launched the LITEX Daily covering the Morning news, Afternoon news and Evening News
− Leo attended the sixth session of “Mars Editor-in-chief Interview” and made the comprehensive analysis towards lighting network in Mrs Finance community.
Technical Advances:
Front-end Progress
Developed the front-end component via vue
Fast Routing
Implemented the unit testing for the code of last week and fixed bugs
On-chain
Tested the contract
Marketing Updates:
LITEX set up Reddit channel to answer the community questions
LITEX team set up Reddit channel with the purpose of helping community members know more about LITEX and immediately communicating with other technical teams. The daily topics will cover layer2 technology, decentralized payment, dapp aeras and project progress. Looking forward to your active contribution of opinions and suggestions.
LITEX launched the LITEX Daily covering the Morning news, Afternoon news and Evening News with an effort to bring the first-hand information to community members. LITEX has gained high praise since its launch, we will always move forward to contribute to blockchain community.
On Feb.21th (Beijing time), Leo attended the sixth session of “Mars Editor-in-chief Interview” and made the comprehensive analysis towards lighting network based on the topic “Lightning Network: Open a new era of BTC payment” in Mars Finance community.
As an emerging technology, Lightning Network will take 2–3 years to realize the large-scale commercialization. Currently there are still some technical problem that need to be solved. In addition, the threshold of merchants and users should be put into consideration.
Lightning Network is composed of two smart contracts, RSMC and HTLC. The fund flow designed by game theory can ensure both sides of the deal will not perpetrate. Also, the fund channel is guaranteed by cryptography. Therefore, it is safe to say that the security of lighting network is highly reliable.
The three versions of lighting network: BlockLight, Lighining Labs and Acinq can be compatible with each other. Merchants and users can choose the corresponding version in accordance with their actual situation.
Lightning Network can be applied into the encrypted payment scenarios covering small and high-frequency transactions which has lower security requirements and is more sensitive to rate.
The layer 2 technology based on Bitcoin or Ethereum can reduce the service charge to be ignored. It is the feature of layer 2 technology rather than Lapp.
The large-scale commercialization of layer2 technology containing the Lightning Network will not improve the price stability of BTC with the reason that BTC serves as the store of value rather than the daily transaction currency. The stable coin based on Ethereum will be the mainstream payment method in the future.
Exchanges：
Contact:
Website: litex.io
Email: contact@litex.io
Whitepaper: litex.io/wp
Github: github.com/litex io
Telegram: http://t.me/litex_official
Bihu：@LITEX
Twitter：@litex_io
Medium：@litex_io
Facebook：@Litex Lab
Reddit：@litex_lab
Bitcointalk：@litex_lab
Steemit：@litex_lab
Youtube：@litex lab
