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LiteChain relies on the Polygon Edge framework to build its standalone, EVM-compatible blockchain. EVM stands for Ethereum Virtual Machine, which means that this smart
contract-capable platform will be compatible with dApps deployed on Ethereum.
EVM is at the core of the Ethereum blockchain and plays an instrumental role in creating decentralized applications. In particular, it allows developers to build and deploy solutions and protocols much more quickly (as opposed to building them from scratch). Indeed,
EVM-compatible protocols incorporate a robust and proven architecture and are thus a
game-changer for DeFi product developers. And in addition to existing protocols, Litechain will propose its own smart contracts, thus building upon the extensive DeFi ecosystem.
Bitcoin and other payment-focused/store-of-value blockchains haven’t been able to invoke the same demand as smart contract-capable platforms. In contrast, LiteChain’s ability to improve Web3 ecosystem productivity promises to increase blockspace demand.
Given LiteChain’s capacity for high throughput and decentralization, token users will not need to suffer the same user concerns associated with many PoW tokens (including low transactions per second, public chain congestion, centralized mining, and high transaction fees). Moreover, Litechain will conserve a high degree of decentralization due to its PoS architecture.
Litechain relies on a predefined number of validators to facilitate its Proof-of-Stake (PoS) consensus mechanism, a setup that leads to shorter block times and lower fees. In PoS, validator candidates with the highest number of tokens staked are allowed to become validators and produce blocks. The token also employs slashing scenarios, hence leading to security, decentralization, reliability, transparency, stability, and block finality.
LiteChain focuses on the following features:
- IBFT Proof-of-Stake (PoS) consensus: Community users can participate in the network which ensures a permissionless and decentralized blockchain.
- EVM-compatible: Existing Ethereum smart contracts can easily be migrated to Litechain without requiring any further modification.
- Decentralized Governance: Community members (token holders) can make proposals, delegate, vote on the blockchain parameters & events, and influence governance decisions.
- Cross-chain compatibility: Litecoin can be easily utilized on the Litechain network by wrapping the Litecoin via the LiteBridge, and sent back to the Litecoin network as needed.