Charlie Lee, Managing Director of the Litecoin Foundation, took to twitter to announce that he would now also work as an advisor to HTC for the upcoming Exodus smartphone. He met with the Exodus team last week and was excited for the project as it brings cryptocurrencies to a smartphone. The Litecoin founder believes that a secure crypto phone with Lightning Network is a much needed requirement for the masses and will lead to the overall growth and acceptance of blockchain and digital currencies.
Features of the Exodus smartphone
According to HTC, the Exodus is designed to “make decentralization a reality” and is the first ever smartphone to feature native support for digital currencies. HTC is working with multiple protocols to ensure that the Exodus will achieve blockchain interoperability. Blockchain interoperability is the ability of multiple blockchains to be able to interact with each other. The Exodus runs support for Lightning Network and hence it inherits this property of blockchain interoperability from the second layer, off chain scaling solution. To increase the number of overall nodes, HTC intends that each device be a node on the networks of Bitcoin and Ethereum. The device will also function as a universal wallet for all cryptocurrencies.
Litecoin and Lightning network
Bitcoin, Litecoin and Lightning Network will be given native support on the Exodus smartphone. Nodes in the network can open a payment channel between them and transfer funds at cheaper transaction fees. Thus, the Lightning Network enables faster settlement of transactions between participating nodes.
Litecoin has been dubbed as the silver to Bitcoin’s gold. Litecoin founder Satoshi Lee had himself stated on multiple occasions that Litecoin is for completing smaller payment transfers at cheaper rates. There had been some concerns about the future of the digital currency itself after the launch of Bitcoin Lightning Network. However Charlie Lee was quick to state that Litecoin would also move to a Lightning Network and the transaction fee would always be lesser than that of Bitcoin Lightning Network. He suggested that Litecoin Lightning Network could be used to complete payment settlement requests initiated by nodes of Bitcoin Lightning Network.
Phil Chen welcomes Charlie Lee to Exodus project
The Chief Crypto Officer of the HTC Exodus, Phil Chen said he feels privileged to be working with the founder of Litecoin, Charlie Lee and the co founder of Lightning Lab, Elizabeth Stark on the Exodus project as he welcomed them to the team.
— Phil Chen (@philchen913) July 30, 2018
Image provided by Pixabay.