Released on November 27th 2017
BTC LITE - Lighter. Faster. Cheaper
Contents
1. Introduction
3. Roadmap
INTRODUCTION
What is BTC Lite?
BTC Lite is a decentralized cryptocurrency that promises to make Bitcoin lighter, faster and cheaper. It provides faster transactions speeds than both Bitcoin and Bitcoin Cash. Cheaper price and transactions allow the BTC Lite to be easily adopted by merchants and users.
BACKGROUND
Blockchain technology has changed the way people send funds to each other. Blockchain is used in the popular cryptocurrency ‘Bitcoin’, is revolutionary in many ways. It addresses multiple challenges associated with digital transactions, such as double spending and currency reproduction. Employing blockchain also reduces the cost of online transactions while simultaneously increasing authenticity and security. However, as the popularity of Bitcoin rose, it became slower and heavier.
Bitcoin is heavier and slower
The bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool. The mempool has been getting bigger, heavier and slower.
An average user has to wait for hours and sometimes, days for the transaction to be confirmed. This makes bitcoin unfit for merchants and everyday transactions. Nobody wants to wait for more than 5 minutes, let alone days.
Bitcoin has high transaction fees
The transaction fees[1] are raging due to several factors. One is the size of the block in Bitcoin’s blockchain, which is limiting the number of transactions that can go through at any given time. Bitcoin’s network is powered by miners, people and companies who use a tremendous amount of computing power to create new bitcoins. And when there are too many transactions to process—which currently happens very often—miners will prioritize transactions that pay a higher fee. This is not good for Bitcoin. A few bucks (or even a few dozen bucks) per transaction isn’t a deal breaker for investors, but for someone who wants to use Bitcoin as payment—which is kind of the point of Bitcoin in the first place—that’s far too expensive[2].
What does BTC Lite offer?
Much Faster Transactions
BTC Lite transactions are confirmed within 1-3 minutes. This makes it much, much faster than Bitcoin that can sometimes days to arrive. Average blocktime of BTC Lite is 15s while Bitcoin has average block time of 10 minutes[3].
Much Cheaper Transaction cost
Original Bitcoin has become more of a store of wealth. BTC Lite is meant to be used as currency. Bitcoin’s average transaction fee is between $5-$8 [4] and sometimes more than that. Transaction fee of BTC Lite is $0.002-$0.15.
Leaner infrastructure – designed to be used for daily transactions
BTC Lite is much lighter than 9-year old Bitcoin. It runs on Ethereum blockchain and inherits all advantages that come with this modern platform. There is no need to download blockchain to access or spend your coins.
ROADMAP
BTC Lite aims to become the de facto currency for making affordable and low cost payments. We will be starting with launch of multiple airdrops to ensure fair distribution. The team is already in talks with multiple exchanges. Mobile wallets are another major focus as we plan to bring them to iOS and android. The mobile wallets will ensure faster adoption of BTC Lite among users and merchants. There are many other projects that will be disclosed later.
DISTRIBUTION
The team has decided to give 51.4 percent of the coins via airdrop. Initially, 10 percent of total supply will be airdropped to the people who sign up. Remaining 41.4% will be airdroppped later. There is no concrete date but it is definitely on our list. 14.3 percent will be kept for the team which will not be touched for 3 months. Later, it will be used to pay remuneration to team members. 14.3% is kept for bounty that will be used for promoting BTC Lite on blogs and social media websites like YouTube and Twitter. 20 percent is kept for private token sale that will be done BEFORE BTC Lite hits any exchange. Any amount, if remaining, will be kept for airdrop and further development of the project.
COIN DETAILS
Supply 21,000,000 (21 million) – same as bitcoin
Symbol BTCL
Ethereum Contract link https://etherscan.io/token/0x5acd19b9c91e596b1f062f18e3d02da7ed8d1e50
Citations:
- http://mashable.com/2017/08/28/bitcoin-transaction-fees/#HwYXGt1HMkqt [1]
- https://twitter.com/Blockchair/status/900316190844870657 [2]
- https://bitinfocharts.com/comparison/bitcoin-confirmationtime.html [3]
- https://bitinfocharts.com/comparison/bitcoin-transactionfees.html [4]