Litecoin, alongside Bitcoin, is one of the pioneers of cryptocurrency. However, as technology evolves, so do most crypto projects. If you’re concerned about layer 2 solutions, you may wonder:
Does Litecoin have smart contracts? We’ll find out below. Read on to find out more about:
- What OmniLite is
- Uses of OmniLite
- Other cryptocurrencies with smart contracts
Does Litecoin Have Smart Contracts?
Yes. Litecoin has smart contracts.
Litecoin recently launched OmniLite as a layer-2 solution on its blockchain. OmniLite is originally a secondary layer influenced by the Omni token.
As an affiliate of Litecoin, all transactions on OmniLite get recorded on the Litecoin registry.
OmniLite allows developers to create and manage different digital assets on the Litecoin network. They include smart contracts, tokenized assets, DAOs, stablecoins, and NFTs.
One example asset built on the OmniLite network is Tether (USDT), a popular stablecoin in the crypto markets.
Learn more about Litecoin: Is Litecoin Layer 1?
What Makes Omnilite an Effective Solution?
Let’s briefly explore what makes OmniLite an effective platform to build on.
OmniLite offers a powerful and straightforward process to develop custom assets and currencies on top of the Litecoin network and transact.
Great for crowdfunding
Litecoin joins the group of cryptocurrency blockchains that lets users run crowdfunding programs. With OmniLite, you can receive LTC contributions from people without needing an intermediary.
You can issue NFTs
Omnilite allows developers and participants on the Litecoin network to venture into NFTs. With OmniLIte, you can create and control other types of digital assets without looking for alternative platforms outside Litecoin.
OmniLite enjoys the security of the Litecoin network. Litecoin runs a secure protocol that depends on peer-to-peer operation to safeguard transactions.
Also, all tokenized assets under OmniLite enjoy the reliable transaction speeds available on the Litecoin network. Litecoin tops off at 56 transactions per second, making it a good foundation for NFTs, stablecoins or DAOs built on the Omnilite layer.
Litecoin offers some of the lowest transaction fees in the crypto space. As a result, OmniLite extends the same on all assets built through it.
Can Litecoin Smart Contracts Replace Ethereum?
No. Litecoin smart contracts are unlikely to replace Ethereum.
There are a few reasons why Litecoin smart contracts can’t replace Ethereum’s. Let’s explore them.
Ethereum is larger
Today, Ethereum has the largest number of smart contracts on its network. It hosts an estimated 1.4 million smart contracts on its network and has a higher adoption rate. Most developers view Ethereum as the best suited platform for automating the operations of their applications and services.
OmniLite is still a work in progress.
Ethereum has more dominance than Litecoin. It’s not just the adoption. Litecoins will need more time and testing to match the stellar reputation Ethereum has built for itself with Layer 2 solutions.
Litecoin smart contracts are a new idea
Unlike Ethereum, which is popular and convenient for smart contracts, OmniLite is quite new and untested. Therefore, it will take a while before developers adopt the Litecoin Omni layer for their smart projects.
Learn more: Is Litecoin Obsolete?
What Is Omnilite Good For?
Omnilite’s primary use is to help the Litecoin network automate transactions and allow users to create decentralized applications using smart contracts.
The platform is an excellent solution for:
- Minting and issuing NFTs
- Smart contracts
Which Cryptocurrency Does Smart Contracts?
Some of the best cryptocurrencies in the market make smart contracts.
Let’s explore popular cryptos that support smart contracts and see some examples of smart contracts under each.
Created by Vitalik Buterin, Ethereum is the champion of smart contracts in the crypto space. It uses Solidity, Vyper, and Yul as the programming languages for their smart contracts. Uniswap is an excellent example of smart contracts on Ethereum.
To date, Ethereum holds a remarkable 1+ million smart contracts on its blockchain network.
Unlike Ethereum, Cardano attempts to deliver multipurpose smart contracts both on-chain and off-chain.
Cardano is a semi-centralized blockchain with smart contracts that share similarities with the Ethereum network. Cardano uses Marlowe, Plutus, and Glow programming languages.
Examples of smart contracts on the Cardano network include the Plutus Playground and Marlowe Playground.
The Solana network offers a unique system for its smart contracts. Unlike the standard EVM-based networks, Solana provides smart contracts encompassing read-only programs with logic.
Solana uses Rust, C, and C++ languages and incorporates JSON RPC API or CLI to make better-decentralized applications.
Cosmos is one of the application-specific blockchains. The Cosmos ecosystem upholds security and performance as key performing factors.
Cosmos (ATOM) makes smart contracts with the following languages; Ethermint, Secure EcmaScript (SES), and Kadenamint. Due to its flexibility, Cosmos lets you run ERC-20 standards smart contracts on its chain.
Today, Tron continues to form partnerships with major brands and influencers as it seeks to stamp authority in the crypto space. Tron runs the Tron-IDE for its smart contract projects and uses Solidity language.
Tron is surprisingly a serious contender in the space, with most of its transactions coming from smart contracts. As of this writing, there are approximately 1,800,000 active smart contracts on the Tron ecosystem.
Which Is The Cheapest?
As I write this, Bitgert is the cheapest cryptocurrency for smart contracts. Branded as the fastest and no gas fee network, you can build smart contracts that offer super functionality at more reasonable costs.
What Is The Most Effective?
For ages, Ethereum has held the mantle in the smart contract space. Although many Ethereum killers continue to sprout, it’s still competitive. With the upcoming launch of Serenity 2.0, it’s unlikely any blockchain network will outdo Ethereum.
To recap: Litecoin has smart contracts through the OmniLite layer. Although Litecoin now supports smart contracts, its simply not as tested as Ethereum. However, OmniLite is effective enough to build stablecoins, NFTs and DeFi solutions.