Cardano News Today – Cardano Might be Closer to a Partnership With Litecoin Than You Think Thanks to Velvet Fork – October 16th, 2020

  • Rumors of a Partnership Between Cardano and Litecoin May be Closer to Accomplishment Than Anticipated
  • Litecoin and Cardano Will Come up With a Cross-border Compatibility Like Has Never Been Seen With the Velvet Fork
  • Cardano ADA Finally Moves Above the $0.110 Level but the Bears Show up

Cardano News Today – A few months ago, reported that Litecoin and Cardano may be entering into a mutually beneficial relationship. Now, the talks of cross-border compatibility between blockchains is less of a rumor as it is slowly becoming a possibility. This partnership will allow them to create the velvet fork. Cross-border compatibility between Cardano and Litecoin isn’t the only thing that the velvet fork promises. It is also going to allow cross-chain fund settlement, increased scalability, and smart contract deployment among other things.

Cardano News Today – What You Need to Know About Velvet Fork

With the Velvet fork, the possibilities are limitless. Charles Hoskinson invited Charlie Lee, the founder of Litecoin to collaborate on a Velvet fork but they haven’t gotten the green light yet. Since July when an informal invitation was made, neither Litecoin nor Cardano have provided any concrete news about the deal. Right now, it’s all just speculation. The project director at Litecoin has been in talks with Cardano executives. So, there is no telling when velvet will kick-off.

Litecoin is currently the silver to Bitcoin’s gold. It is one of the top five tokens on CoinMarketCap and it has amazing real-world applications but it doesn’t have smart contracts compatibility. With Velvet, smart contracts can come to the Litecoin network and it will also become more scalable than it currently is. The Velvet fork is neither hard nor soft. It will be an optional fork that doesn’t require community consensus. Whether miners upgrade to Velvet or not, they can use the Litecoin blockchain uninterrupted.

The Velvet fork is based on a Non-Interactive Proofs-of-Work (NiPoPoWs). It allows miners to verify blocks across different blockchains. Velvet will be beneficial to members of the Cardano and Litecoin communities. Developers from both ends will also enjoy the benefits of the velvet fork. Like with every other technological advancement, Velvet comes with some risks. Because of these possible risks, it has faced mixed reviews in the cryptocurrency community. Some are in full support of the partnership while others believe that Litecoin needs to stand alone rather than attach itself to another blockchain.

ADA Price Prediction – Cardano ADA Finally Moves Above the $0.110 Level but the Bears Show up

At the time of writing, the price of the Cardano ADA token was $0.106438. It is down by 3.30% against the USD and down 3.22% against Bitcoin BTC. The trading volume over 24 hours was $612,304,792 and the market capitalization was $3,311,560,431.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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