Despite bitcoin's incredible year in terms of price increases, several other smaller cryptocurrencies are definitely giving the old revered cryptocurrency a run for its digital money. While bitcoin is poised to close 2017 on yet another record-breaking high, the smaller cryptocurrency, litecoin, has grown from $100 to $400 within the span of five days.
It is likely that bitcoin’s price increase has encouraged potential investors to look into other cheaper cryptocurrencies to invest in, with litecoin being a perfect candidate. Litecoin offers investors several attractive options, it is available on the majority of exchanges, and it demonstrates a sold value proposition. In addition, litecoin offers users quicker and cheaper transactions and a network that’s not as heavily congested as bitcoin’s network.
In addition, the litecoin network has proved an excellent candidate for businesses looking to adopt cryptocurrency, especially the online gaming and eSports industry. This latest adaptation of the world's fastest-growing sports industry may likely have acted as an important catalyst for litecoin’s immense growth in the past few days.
Since litecoin is a much cheaper medium for transactions, it can be easily implemented with any service provider that involves an information exchange. Litecoin’s bigger blockchain blocks ensure quick transactions that are cost-effective, unlike the exorbitantly priced and slow transactions that haunt Bitcoin's blockchain. Litecoin’s overall better efficiency has encouraged several businesses to incorporate litecoin instead of bitcoin. In addition, the platform's easy accessibility makes it available to the majority of users. Several eSports and online gaming platforms, such as Steam, considers litecoin to be the perfect option for introducing cryptocurrency payments on its site.
Previously, Steam used bitcoin. They discontinued the practice shortly after introducing it, due to increasing customer issues when trying to conduct bitcoin payments. Generally, gamers want to immediately start playing a game after purchasing it, which made bitcoin's slow transaction impractical. Steam’s parent company, Valve, recently announced that they intend to replace bitcoin with litecoin. This announcement likely encouraged litecoin’s price increase, as investors started buying litecoin in droves.
However, litecoin perhaps also owes its recent success to the eSports industry. The eSports community generally funds blockchain-based video game projects with unprecedented vigor, which has contributed to some of the world's most successful ICOs. The same community is also likely to be very aware and supportive of Valve's latest announcement.
Litecoin’s transactional efficiency, in addition to its robust blockchain capabilities, makes it an ideal driving force for encouraging innovation in the video games industry. Video games and eSports have already incorporated cryptocurrencies in several aspects of games, such as in-game purchases.
For example, DMarket is a blockchain-based firm which seeks to create an international marketplace for digital items that exist in video games. Developers hope that their marketplace will allow users to export valuable items in a variety of games, such as armor, amulets, and other items considered valuable to the marketplace. Then, users will be able to trade, buy, or sell items using the platform's very own coin, DMarket Token.
DreamTeam is another blockchain-based firm which hopes to unite several parties in the eSports world such as sponsors, coaches, players, and event organizers, to monetize their matches by using the firm's DreamTeam Token. The token will allow participants to create events and monetize the match in a simple and convenient manner.
Another project is Game Protocol, which seeks to use its platform for decentralized automated games (DAGs). The platform will facilitate players, while at the same time empowering developers to create games on the network. Game Protocol also intends to launch its own token to facilitate purchases on the platform.
NetworkUnits is a firm that seeks to use blockchain technology to enhance both matchmaking fairness and network reliability. NetworkUnits will be able to host multiplayer games, but will allow players to use their own devices to support the game network, instead of using traditional remote servers. This is likely to encourage lower latency, and in turn, rewards the player for their efforts.
The video game and eSports industries are benefiting immensely from blockchain technology and efficient networks, such as litecoin. Litecoin is likely to become the darling of the industry and may make the cryptocurrency a valiant rival to bitcoin.
It is likely that bitcoin’s price increase has encouraged potential investors to look into other cheaper cryptocurrencies to invest in, with litecoin being a perfect candidate. Litecoin offers investors several attractive options, it is available on the majority of exchanges, and it demonstrates a sold value proposition. In addition, litecoin offers users quicker and cheaper transactions and a network that’s not as heavily congested as bitcoin’s network.
In addition, the litecoin network has proved an excellent candidate for businesses looking to adopt cryptocurrency, especially the online gaming and eSports industry. This latest adaptation of the world's fastest-growing sports industry may likely have acted as an important catalyst for litecoin’s immense growth in the past few days.
Since litecoin is a much cheaper medium for transactions, it can be easily implemented with any service provider that involves an information exchange. Litecoin’s bigger blockchain blocks ensure quick transactions that are cost-effective, unlike the exorbitantly priced and slow transactions that haunt Bitcoin's blockchain. Litecoin’s overall better efficiency has encouraged several businesses to incorporate litecoin instead of bitcoin. In addition, the platform's easy accessibility makes it available to the majority of users. Several eSports and online gaming platforms, such as Steam, considers litecoin to be the perfect option for introducing cryptocurrency payments on its site.
Previously, Steam used bitcoin. They discontinued the practice shortly after introducing it, due to increasing customer issues when trying to conduct bitcoin payments. Generally, gamers want to immediately start playing a game after purchasing it, which made bitcoin's slow transaction impractical. Steam’s parent company, Valve, recently announced that they intend to replace bitcoin with litecoin. This announcement likely encouraged litecoin’s price increase, as investors started buying litecoin in droves.
However, litecoin perhaps also owes its recent success to the eSports industry. The eSports community generally funds blockchain-based video game projects with unprecedented vigor, which has contributed to some of the world's most successful ICOs. The same community is also likely to be very aware and supportive of Valve's latest announcement.
Litecoin’s transactional efficiency, in addition to its robust blockchain capabilities, makes it an ideal driving force for encouraging innovation in the video games industry. Video games and eSports have already incorporated cryptocurrencies in several aspects of games, such as in-game purchases.
For example, DMarket is a blockchain-based firm which seeks to create an international marketplace for digital items that exist in video games. Developers hope that their marketplace will allow users to export valuable items in a variety of games, such as armor, amulets, and other items considered valuable to the marketplace. Then, users will be able to trade, buy, or sell items using the platform's very own coin, DMarket Token.
DreamTeam is another blockchain-based firm which hopes to unite several parties in the eSports world such as sponsors, coaches, players, and event organizers, to monetize their matches by using the firm's DreamTeam Token. The token will allow participants to create events and monetize the match in a simple and convenient manner.
Another project is Game Protocol, which seeks to use its platform for decentralized automated games (DAGs). The platform will facilitate players, while at the same time empowering developers to create games on the network. Game Protocol also intends to launch its own token to facilitate purchases on the platform.
NetworkUnits is a firm that seeks to use blockchain technology to enhance both matchmaking fairness and network reliability. NetworkUnits will be able to host multiplayer games, but will allow players to use their own devices to support the game network, instead of using traditional remote servers. This is likely to encourage lower latency, and in turn, rewards the player for their efforts.
The video game and eSports industries are benefiting immensely from blockchain technology and efficient networks, such as litecoin. Litecoin is likely to become the darling of the industry and may make the cryptocurrency a valiant rival to bitcoin.