Charlie Lee proposed to change Litecoin accounting units

Founder of Litecoin proposed to change mLTC to "Lite" and get rid of μLTC 
16 July 2017   712

Features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.

Charlie Lee, the founder of Litecoin, made an interesting proposal. His idea is to change the usual system of cryptocurrencies accounting units to a more understandable and simple one.

He had his thoughts published on the Reddit, saying that growth of Litecoin gave him such idea. 

According to him, such accounting units as mLTC (milli-litecoin) and μLTC (micro-lightcoin) is an exponential representation of numbers that does not fit the general public.

Therefore, he suggests using the term "Lite" instead of mLTC and completely discarding the use of μLTC in the client.

As the marketcap of Litecoin grows and each litecoin becomes more and more expensive, I think we need a smaller unit of accounting. Humans are not used to seeing prices with more than 2 decimal places. As we see, Bitcoin has had trouble switching to a smaller unit of accounting. And we will have trouble also in the future when both the community and adoption are much larger.

I think that we should decide on a smaller unit of accounting now. mLTC and μLTC are scientific notations and not suitable for the general public.

My proposal is to use the term "lite" to replace mLTC and get rid of μLTC in the reference client. So 1 LTC equals 1000 lites and 1 lite is worth about $0.04 right now. People will use lites to measure litecoins, but exchanges will still trade in LTC.

Charlie Lee
Litecoin Founder


Distributed database that is used to maintain a continuously growing list of records, called blocks.

The post caused a stormy discussion, and although many of Charlie Lee's offers people liked, alternative versions of the new accounting system also sounded.

For example, one of the commentators with nickname "sh4ms" proposed to use "1 LTC = 100 lites is better! because: 1 EUR = 100 Cents 1 USD = 100 Cents ..."

Also, don't forget that MIT is going to launch mysterious Litecoin project in 15 days.

European Crypto Exchanges Launch P2P Platforms

Two crypto exchanges from announced plans to offer peer-to-peer cryptocurrency trading  
16 February 2018   78

The first exchange is Latvia-based Hodlhodl which launched in beta-mode its new P2P platform. The second one is Bulgarian which is developing its own service that may replace the fiat medium with a token.

The Hodlhodl launched a beta version of its new platform designed to accommodate safe and secure peer-to-peer transactions of bitcoin and other cryptocurrencies. At the moment, users can open accounts and adjust them, and study available functionalities. Contracts are currently disabled but developers hope to complete the order book and launch them within a week.

At first, only BTC and LTC will be traded. The exchange will operate in beta-mode until July 2018 with 0% commission. After that, there will be applied a fee of max 0.6% per trade.
The P2P Bitcoin exchange will introduce contracts that will allow users to control their funds in escrow.

Hodlhodl offers support of native Bech32 Segwit addresses and P2SH-P2WSH Segwit multisig escrow addresses. The exchange services will be decentralized and no KYC or AML procedures will be applied.

The websites are available in English, in future other languages will be added. Also, it will introduce support for Lightning Network micropayments and other cryptocurrencies.

Bulgarian has also announced that it is working on a P2P platform, after facing multiple issues with the traditional financial system.

This month the exchange announced that it is planning to trade Bitcoin on a new peer-to-peer platform that is currently under development.

The new system will offer the opportunity to trade through Cryptolevs backed by a certain amount of bitcoin “locked” in a public address. Bank transfers will be made on a peer-to-peer basis and banks will not be able to tell if such transactions are bitcoin-related.