2023 has been a year of many feel-good events in the crypto space. With new blockchain token standards like BRC-20 and new business platforms, the market is steadily crawling back to its peak days. In the array of innovations is LTC-20 token development—fungible token creation on the Litecoin blockchain. According to CoinMarketCap, Litecoin’s native token, $LTC, occupies the tenth rank in terms of market capitalization, which was over US$7 billion at the time of writing. This blog focuses on what you need to know when creating LTC-20 tokens, with insights from our seasoned professionals.
Shedding Light on the LTC-20 Token Standard
The LTC-20 token standard allows people to create fungible crypto tokens on the Litecoin network, which is one of the oldest blockchains in existence. The token standard was the result of the BRC-20 token standard from the Bitcoin community, which resulted in a massive uproar in the market.
In many ways, LTC-20 token development looks and feels like BRC-20 token creation, although the blockchain differs. One should not forget that Litecoin shares a slightly modified code base with Bitcoin, hence the popular term “Digital Silver.” The newest token standard is powered by the LTC Ordinals protocol, which was the result of a successful coding challenge heist where people were challenged to bring Bitcoin ordinals to Litecoin.
Operations Involved in LTC-20 Token Development
Deploy
The Deploy operation in LTC-20 token development process is used to create a named fungible token on the Litecoin network. The operation uses JSON (JavaScript Object Notation) objects to inscribe the token’s identity on-chain. This function uses the following keys for optimal functioning:
- p – Protocol; Assists others to find and process events based on the LTC-20 standard.
- op – Operation; Type of operation to be performed (Deploy in this case).
- tick – Ticker; Unique 4-letter long identifiers of the LTC-20 token.
- max – Maximum Supply; The number of LTC-20 tokens that can be created in total.
- lim – Mint Limit; Limit for the number of LTC-20 tokens a user can mint.
- dec – Decimal; Decimal position for the LTC-20 tokens (Set to 18 in default).
Mint
The Mint operation is used to mint LTC-20 tokens that were already deployed on-chain. This operation can either be done by a user or a business using a wallet compatible with Taproot/SegWit upgrades (Since LTC-20 is effectively a fork of BRC-20 in a sense). This operation comes with the below keys that one should take note of:
- p – Protocol; Helps users to group and process LTC-20 operations.
- op – Operation; Operation we would like to perform (Mint in this case).
- tick – Ticker; The 4-letter identifier of the token to be minted.
- amt – Amount; The desired number of tokens to be minted, which should not exceed lim.
Transfer
The Transfer operation in LTC-20 token development can be used by people to transfer LTC-20 tokens. According to the LTC-20 token standard’s creators, “LTC-20 may need some work in this area,” specifying the standard is still experimental. This operation returns an inscription to the wallet that created it, which should be sent to the desired address.
Discover How Creating LTC-20 Tokens Can Be a Game-changing Move for Your Business!
The Hype Behind the LTC-20 Token Standard
If you wonder why we are even speaking about LTC-20 token development if it is still experimental, here’s a point for you. Since its inception months ago, the standard has gained a reputation as it aims to test the worth of fungibility in a legacy network like Litecoin.
Also, one must remember that the next Litecoin halving is scheduled in early August 2023, after which miners will receive reduced mining rewards (from 12.5 LTC to 6.25 LTC). The event’s outcome has already been the reason miners are more interested in this standard, as they can gain some additional income by minting these tokens.
The LTC-20 token standard also aids in exploring more use cases for Litecoin, which has so far been considered a solid cryptocurrency with the nickname digital silver. Bringing added applications will only heighten the network’s presence in the crypto market, which can result in healthier competition. A factor that could help Litecoin have an edge among other Proof-of-Work (PoW) networks like Bitcoin is its faster transaction speeds coming at lower costs.
Why Should You Work with Blockchain App Factory’s LTC-20 Token Developers?
With LTC-20 tokens gaining traction online, Web3 businesses have started looking into it to devise ways for adoption. While adopting the LTC-20 token standard on the go might be a challenging task for the unaccustomed, the process could become a lot easier if you choose our services. As a reputed cryptocurrency development company, we strongly believe in the potential of new standards like LTC-20, and we upskill ourselves to give the best results. If you are curious about developing LTC-20 tokens, our experts are just a call away!
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