Aprils Fools was virtually over, however there was nonetheless a joke in retailer within the crypto area. Litecoin creator Charlie Lee made a faux announcement by way of Twitter claiming that Litecoin could be rebranded to BitcoinLite, “as Satoshi Nakamoto supposed.”
Lee posted a model of Bitcoin’s whitepaper highlighting the letters LITE and a hyperlink to Litecoin Basis’s official web site renamed BitcoinLite Basis. The house web page reads “Simply Like Bitcoin. However ‘Lite’er!”, including that Bitcoinlite is “4 instances extra scalable than Bitcoin” with larger transaction charges and a provide of solely 84 million cash. It even provided customers a BitcoinLite Pockets. The web site contained the next message:
After a number of hard-fought, intense forwards and backwards discussions throughout the Litecoin neighborhood, it was determined that Litecoin will bear a rejuvenating advertising and marketing marketing campaign — Litecoin will probably be rebranding itself to “BitcoinLite”.
The rationale behind the rebranding was a supposed alternative to seize new traders “confused” by the totally different forks of BTC (Bitcoin Money, Bitcoin SV, Bitcoin Gold). These traders assume that every of those variations is the “actual BTC”. Due to this fact the “Bitcoinlite Basis” may acquire new followers that “we’d beforehand been lacking”.
The web page outlines a faux roadmap that begins with the “takeover” of the Bitcoin area and altering the knowledge associated to this cryptocurrency to BitcoinLite info. Nonetheless, the publication makes some “true” observations about Litecoin and highlights a few of its options in what some members of the crypto neighborhood later known as a publicity stunt. The web site claimed:
Neighborhood donations will probably be a lot appreciated to assist obtain this process, as Litecoin sadly didn’t have an ICO launch to assist pay for every little thing (…). It’s been a wild journey getting right here, however we’re so glad to lastly have reached this level (…) April 1st marks the start of a recent, brand-new quarter and to date, we’re beginning it off with a kick.
Litecoin is rebranding to BitcoinLite!https://t.co/ScDeF3hf97
— Charlie Lee [LTC⚡] (@SatoshiLite) April 1, 2021
LTC on the rise
After Charlie Lee’s fake announcement, LTC went on a 5.3% rally, on the time of writing, and is without doubt one of the prime gaining cash within the 24-hour chart after Filecoin (27%) and UNI (6.3%). LTC is buying and selling and $203 with 14.9% beneficial properties during the last week.
Lately, MimbleWimble via Extended Block code was completed by lead developer David Burkett. The protocol is meant to convey extra privateness and scalability options to the blockchain. Nonetheless, LTC’s value has not benefited from the information.