Litecoin Hash Rate Reaches Record Highs And Launches ‘LTC Labs’

May 4, 2022 1:48 pm

The founder of Litecoin, Charlie Lee, just shared on Twitter that the hash rate of Litecoin has reached all-time highs which indicates increasing network growth for the blockchain.

This new growth could be attributed to Dogecoin miners who have been doing something called merge mining where they will get rewarded with both Dogecoin and Litecoin.

As Dogecoin has been increasing in popularity recently where its market cap actually surpassed that of Litecoin, its growth has been extremely beneficial for Litecoin as well.

The founder of Litecoin even commented on Twitter that “the meme game is strong” and thanked the Dogecoin community for helping to contribute to the security of the Litecoin network.

Besides reaching record hash rates, Litecoin has also recently launched ‘LTC Labs’ which is the foundations new research and development division.

CryptoNewz.com reports:

The official statement from the Litecoin foundation regarding the formation of LTC Labs reached the internet a few weeks earlier.

To this end, the Litecoin Foundation has entered a partnership with Antpool, a popular mining platform for digital currencies.

The firms will help implement various research and development plans through LTC Labs.

As the crypto space is rapidly more competitive than ever, blockchain projects are gradually directing their focus toward research and development.

Litecoin’s new R&D arm LTC Labs was formed with support from the Antpool mining platform.

The new endeavor will gather information regarding anonymous transactions, dApps, digital currencies, Litecoin wallets, and other startups to formulate proactive solutions for the ecosystem.

Antpool has also been revealed as the mining pool that will essentially upgrade Litecoin’s Mimblewimble Extension Block (MWEB).

To give some history context, the Mimblewimble Extension Block is considered the largest upgrade ever to the Litecoin network as it allows the network to scale better and process transactions better.

The upgrade was mainly technical and users of Litecoin will experience better security and reliability from the blockchain.

The upgrade was anticipated for a very long time and was just recently released earlier in the year and the addition of the Antpool upgrade is additional great news for Litecoin.

CryptoNewsHerald.com reports:

After the LTC Labs’ formation, the groups are at the moment engaged on constructing a DAO with ten founding members.

Some questions are raised concerning undermining the significance of the community-run Litecoin Basis on the board. Nevertheless, the film appears to have been licensed by the group to obtain funds for analysis and growth.

Litecoin is among the few tasks, in addition to Bitcoin, to not implement good contracts within the ecosystem.

Nevertheless, the community’s dedication towards the brand new LTC Labs reveals its earnestness towards web3 and different rising markets of the crypto area.

The Litecoin Basis has taken this important step to develop future scopes of the ecosystem and to deliver new elements that may profit all.

With the creation of LTC labs and the increasing hash rate of Litecoin, one could expect more future adoption of Litecoin thanks to its progress.

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