Litecoin e Cardano are two of the biggest competitors of Bitcoin. A role played thanks to the goodness of the respective projects, moreover recognized by the markets. In the ranking of CoinMarketCap, are respectively in the seventh and eighth, therefore in a situation such as to be able to attract a large number of investors also in the near future. Especially if a project that has recently begun to be talked about should be successful.
David Schwartz's statement
The project in question was hypothesized by David Schwartz, the director of the Litecoin Foundation, during an introduction to the Litening webinar series. According to him, in fact, the construction of a real "bridge" between blockchain of Litecoin and Cardano. A project agreed after the first contacts that took place in mid-July between Charlie Lee e Charles Hoskinson. That is, the founders of the two projects, who would have started to collaborate in the drafting of a plan which was then published by Schwartz himself.
Litecoin and Cardano: what is the plan under discussion?
According to what was published by David Schwartz, the plan in question provides for the launch of a sort of bridge capable of joining Litecoin and Cardano. To form it would be a Velvet fork, or a velvet fork. Term which indicates a change to the base code of both chains for which it would not be necessary to ask permission from the respective communities and obtain a majority in the subsequent vote.
In practice, this modus operandi, according to the director of the Litecoin Foundation, would be applied in combination with a non-interactive NiPoPoWs or Proof-of-Work that allows participants to interested networks to voluntarily choose whether to adopt the changes introduced. Blocks validated in this way would be backward compatible and would cooperate seamlessly with blocks not affected by the update.
Are there any precedents in this regard?
He also attended the webinar in question Dionysis Zindros, a blockchain researcher from the University of Athens. Which touched the task of explaining how the implementation of a velvet fork and a NiPoPoW does not present excessive technical difficulties. Indeed, the Greek university has already successfully implemented a velvet fork during a test concerning the network of Bitcoin Cash. Naturally, the stumbling block represented by the respective communities remains. Which, however, could be easily bypassed, but at the same time provoke protests. Which they would naturally like to avoid.
Cardano is in a phase of intense transformation
Especially for Cardano, the project under discussion could prove to be very important. Especially at a time when the question of the possible transformation into privacy coin.
A hypothesis recently dismissed from Frederik Gregaard, CEO of the Cardano Foundation. Who did not hesitate to state that this hypothesis is not currently on the agenda.
It should also be remembered that ADA is now in sight ofimplementation of Goguen. This is the update to the network thanks to which developers will be able to add a series of features to smart contracts, able to pave the way for decentralized DApps. By joining the Multi-Assets Ledger, thanks to which the network will be able to host new native tokens, which can be used in competition with the DApps with the specific intent of contributing to the realization of projects DeFi.