LITEX: Decentralized Payment for Instant Micropayments
On the way to mainstream adoption of cryptocurrencies, issues like instant micropayments must first be addressed. This is the problem LITEX was born to solve. It will be your cryptocurrency asset to everything, enabling instant micropayments that charge really low transaction fees. Listed on HADAX and going at the rate of 1 ETH = 26,667 LXT.
LITEX, a decentralized application (DApp), is built on the LTXN (LITEX Network). The project is focusing more on acceptance and application so that more merchants would be willing to accept crypto for their goods and services. As more nodes join the LTXN token system, it would make millions of transactions per second possible. How wonderful would it be to pay your next rent or buy your next cup of coffee with crypto? The rent amount would likely be substantial when compared with the coffee amount. Lumping the issues of transaction fees and confirmation time, using crypto for micropayments like purchasing coffee would seem impracticable. This is where LITEX has come to make seeming impossibility possible.
One crucial element in the LITEX project is the use of smart contracts for ensuring the stability and security of crypto assets. Moreover, projects desirous of locking funds for stipulated timelines and involving different crypto assets resort to smart contracts. With the funds locked, there would be no issue of capital loss.
Rather than a roadmap, the LITEX project designed a system architecture. A specialized protocol known as the Bolt is being used for the LTXN system. Acquiring parties can be connected to the system for data collection that would aid the better future development of the DApp. Currently, LITEX is in beta mode, with crucial tests being run. As improvements are made to the DApp, its SDK will be updated to reflect new developments.
In charge of behind the scenes of LITEX is Guanghong Xu, a PKU alumni who has under her belt at least 22 years worth of multidisciplinary technological experience. She works with several other highly experienced team members and advisors. Notable advisors include Jeffrey Wernick, serial entrepreneur and early crypto investor, who will be speaking at this year's Blockchain Festival Vietnam.
Solving the fundamental issues of speed and micropayments is crucial if the cryptosphere is to become truly decentralized and global.
Posted from my blog with SteemPress : https://www.cryptomartez.com/2018/05/litex-decentralized-payment-for-instant-micropayments.html