Distributed database that is used to maintain a continuously growing list of records, called blocks
World famous Massachusetts Institute of Technology announced a mysterious cryptocurrency project in June.
The news got a great response in the cryptocurrency world society.
MIT Litecoin project countdown screenshot
Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency
Firstly, no one could tell for sure what the project was exactly about. The only thing known was that it was somehow related to Litecoin. Even the creator of Litecoin, Charle Lee, had no idea about this project:
For everyone wondering, I'm in the dark on this one also. My guess is that it's related to MIT's DCI Lit lightning network. Exciting! https://t.co/tEaqmc01PR
— Charlie Lee (@SatoshiLite) June 22, 2017
Secondly, the project was to be released on August 1st, on one the most significant days in the cryptocurrency world's history (the day of Bitcoin fork).
Now, it appears that the Litecoin page has been removed from the website and the web address of the project is no longer accessible. To tell the truth, such a move leaves the community at a loss: no one actually knows whether or not this was a hoax as MIT team remains silent.
— stratisforever (@stratisforever) July 20, 2017
Some people are wondering whether such a “hoax” will impact the LTC price. However, Litecoin has been relatively stable these past few weeks, which was seemingly unrelated to the MIT project.
Taking into consideration all the crazy mess around Bitcoin fork on August 1st, not much attention was drawn to the MIT project and it managed to disappear silently and even more mysteriously.
The users found themselves fooled in a way, tried to find out the truth on their own:
Charlie Lee on MIT Litecoin project on his Twitter
Since the Massachusetts Institute of Technology team has remained silent and hasn't published any official statements, we have appealed to them with a request to comment on this situation.