Litecoin Community Testing Standard for NFTs

Members of the Litecoin community are testing an LTC-20 standard for fungibility. The token is now simply an experiment, but it has the potential to become more.

The Litecoin community has chosen to propose a test standard for LTC-20 and has created a test token to that end. The standard is a branch of the BRC-20 standard, and it is described by the community as “just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions.”

The standard is being built on top of the Litecoin Ordinals Protocols, with a quantity of 84 million coins. The BRC-20 standard mentioned is a token standard for an experimental fungible token constructed with Ordinals and inscriptions and kept on the Bitcoin base chain.

Litecoin Punks said on Twitter that the first LTC-20 is roughly 20% mined. Each punk bearer has received 4,000 inscriptions. It’s uncertain if this will result in a significant change, but the community is enthusiastic regardless. Litecoin is one of the oldest cryptocurrencies on the market, and it still wields considerable power.

The goal is to determine whether fungibility has a place on the Litecoin network. The experiment’s purpose is to deploy LTC-20 tokens, mint a specific number of tokens, and transfer a certain number of tokens. The documentation goes into great depth on all of the functions involved.

Litecoin Halving Around the Corner

Since the start of 2023, the protocol has seen a number of notable developments. The network has fewer than 100 days until its third halving, which cuts block rewards while generally increasing token price.

LTC Halving Countdown
Image from OKLINK

BIT Mining Limited recently showcased a new LTC mining unit. When combined with the halving, this might be quite beneficial to LTC miners. However, the price of LTC has been falling as miners sell large amounts of coins.