{"id":43813,"date":"2018-04-11T14:25:15","date_gmt":"2018-04-11T21:25:15","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=43813"},"modified":"2026-04-26T16:36:36","modified_gmt":"2026-04-26T15:36:36","slug":"litecoin-smart-contracts-abra","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/litecoin-smart-contracts-abra\/","title":{"rendered":"LTC Recovers as Litecoin Smart Contracts Set to Go Live"},"content":{"rendered":"<p>Speed-focused cryptocurrency <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">Litecoin<\/a> has experienced a volatile Q1 2018 run and was significantly impacted by the recent general market downtrend catalyzed by an <a href=\"https:\/\/cryptoslate.com\/g20-crypto-regulation\/\">uncertain regulatory horizon<\/a>. Recent announcements from Litecoin founder <a href=\"https:\/\/cryptoslate.com\/charlie-lee-inventor-litecoin\/\">Charlie Lee<\/a>, however, have caused the value of the token to stabilize after a swift late March descent attributed to the <a href=\"https:\/\/cryptoslate.com\/litecoin-price-dips-litepay-announcement\/\">cancellation of Litepay<\/a>.<\/p>\n<p>Litecoin rallied significantly in mid-February this year due to an announcement that the platform\u2019s merchant payment processing system would go live on the 26th of the same month.<\/p>\n<p>An email sent to customers on March 5th, however, stated that card registration for the Litepay system would be placed on hiatus \u201cdue to the negative perception and drastic actions card issuers have towards cryptocurrency companies.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">From what I know LitePay was working on a Visa card but ran some problems, which is not surprising given how hostile Visa is towards crypto. I&#39;m guessing they worked until the last minute to try to overcome this issues but weren&#39;t able to. It&#39;s unfortunate.<\/p>\n<p>&mdash; Charlie Lee \u24c2\ufe0f\ud83d\udd78\ufe0f (@SatoshiLite) <a href=\"https:\/\/twitter.com\/SatoshiLite\/status\/968599768363515904?ref_src=twsrc%5Etfw\">February 27, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<figure id=\"attachment_39829\" aria-describedby=\"caption-attachment-39829\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-39829\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/litepay-closed-social-300x158.jpg\" alt=\"Litecoin Price Dips After Litepay Announcement\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/litepay-closed-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/litepay-closed-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/litepay-closed-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/litepay-closed-social.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-39829\" class=\"wp-caption-text\">Related Story:\u00a0<a title=\"Litecoin Price Dips After Litepay Announcement\" href=\"https:\/\/cryptoslate.com\/litecoin-price-dips-litepay-announcement\/\">Litecoin Price Dips After Litepay Announcement<\/a><\/figcaption><\/figure>\n<p>The Litepay delay saw LTC drop in value from over $180 down to almost $110 over the course of March, but recent news has seen the token halt its rapid descent, recovering to the $129 level based on positive market sentiment caused by the <a href=\"https:\/\/www.aliantpayments.com\/aliant-payment-systems-announces-partnership-with-the-litecoin-foundation\/\">announcement<\/a> of a partnership between Aliant Payment Systems and Litecoin.<\/p>\n<p>Aliant will be using the Litecoin platform to provide merchants with a cryptocurrency payment acceptance method, which could potentially function as a <i>de facto <\/i>replacement for the Litepay solution.<\/p>\n<p>Litecoin founder Charlie Lee commented on the partnership, stating that merchants will be able to accept LTC through a range of different methods:<\/p>\n<blockquote><p>\u201cThe Litecoin Foundation is pleased to partner with Aliant Payment Systems for Litecoin payment processing. Aliant offers a well-rounded solution for merchants to accept Litecoin easily with physical point of sales terminal (via Poynt), virtual sales terminal, and custom API integration. Merchants also have the flexibility to keep the payments they receive in LTC or convert them immediately into fiat currency.\u201d<\/p><\/blockquote>\n<h2>Litecoin Smart Contracts?<\/h2>\n<p>While the partnership has provided Litecoin with a much-needed credibility boost, it\u2019s not the biggest news to be announced by Lee over the last month. Abra, a digital wallet app, announced in mid-March that it would be using the Litepay platform as the core of their application protocol.<\/p>\n<figure id=\"attachment_40469\" aria-describedby=\"caption-attachment-40469\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-40469\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/abra-logo-1-300x150.jpg\" alt=\"\" width=\"300\" height=\"150\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/abra-logo-1-300x150.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/03\/abra-logo-1.jpg 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-40469\" class=\"wp-caption-text\">Abra is the only global app that allows you to buy, store, and invest in 20 cryptocurrencies in one place.<\/figcaption><\/figure>\n<p>The most interesting element of this partnership, however, is that Charlie Lee has referenced smart contracts on the Litecoin network as part of the announcement.<\/p>\n<p>The Litecoin development team hasn\u2019t made any significant statements regarding smart contract implementation on the Litecoin network since a mid-2017 <a href=\"https:\/\/twitter.com\/SatoshiLite\/status\/871313804373524480\">tweet<\/a> from Lee referencing the possibility of smart contracts facilitated by RSK\u2019s two-way peg solution, so the announcement of Litecoin smart contracts has many crypto community members scratching their heads.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Great interview with Abra CEO @billbarhydt! Looking forward to <a href=\"https:\/\/twitter.com\/AbraGlobal?ref_src=twsrc%5Etfw\">@AbraGlobal<\/a> using smart contracts on the Litecoin network in about 2 weeks. \ud83d\udc4d<br \/> <a href=\"https:\/\/t.co\/lKiLRdrS6B\">https:\/\/t.co\/lKiLRdrS6B<\/a><\/p>\n<p>&mdash; Charlie Lee \u24c2\ufe0f\ud83d\udd78\ufe0f (@SatoshiLite) <a href=\"https:\/\/twitter.com\/SatoshiLite\/status\/976418175125352448?ref_src=twsrc%5Etfw\">March 21, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a <a href=\"https:\/\/www.reddit.com\/r\/litecoin\/comments\/893hdq\/abra_ama_with_ceo_bill_barhydt_starting_now_3pm\/\">Reddit AMA<\/a> conducted on the 2nd of April, Abra CEO <a href=\"https:\/\/cryptoslate.com\/people\/bill-barhydt\/\">Bill Barhydt<\/a> highlighted the reasons why the platform chose Litecoin:<\/p>\n<blockquote><p>\u201cWe went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees.\u201d<\/p><\/blockquote>\n<p>The smart contracts referenced by both <a href=\"https:\/\/cryptoslate.com\/people\/charlie-lee\/\">Charlie Lee<\/a> and <a href=\"https:\/\/cryptoslate.com\/people\/bill-barhydt\/\">Bill Barhydt<\/a>, however, are dissimilar to smart contracts in the <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> sense. Instead, they are unique to the Abra platform and are used by Abra to create synthetic digital assets.<\/p>\n<h2>Wait \u2014 What is Abra?<\/h2>\n<p>Abra is a smartphone app that aims to streamline the cryptocurrency investment process, allowing users to invest in 20 different cryptocurrencies. Abra makes it possible to fund accounts with either bank transfers or American Express and allows users to trade in over 50 fiat currencies.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-43816 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/04\/abra.png\" alt=\"\" width=\"1342\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/04\/abra.png 1342w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/04\/abra-300x129.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/04\/abra-768x330.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/04\/abra-1024x440.png 1024w\" sizes=\"(max-width: 1342px) 100vw, 1342px\" \/><\/p>\n<p>A unique element of Abra, however, is its smart contract based investment platform. Abra uses a multi-sig smart contract-based investment system that allows the platform to create synthetic digital assets based on either <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> or <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">Litecoin<\/a>.<\/p>\n<p>This mechanism essentially allows users to access instant exposure to both cryptos and fiat currencies without holding physical currency.<\/p>\n<p>Abra smart contracts are based on P2SH scripts, and simulate investment contracts in the same way a gold ETF is a contract based on USD. In the case of a gold ETF, if the value of gold goes up, the user gains more USD \u2014 or if it goes down, loses USD. \u00a0Abra smart contracts work the same way, but use Bitcoin or Litecoin instead of USD, with Abra itself acting as the counterparty.<\/p>\n<h2>The Future of Litecoin<\/h2>\n<p>Although the indefinite hiatus placed on the <a href=\"https:\/\/cryptoslate.com\/litecoin-price-dips-litepay-announcement\/\">Litepay project<\/a> may have negatively impacted the value of LTC, Litecoin\u2019s recent partnership with Aliant alongside its integration with Abra has allowed it to recover its position in the top coin rankings.<\/p>\n<p>With smart contracts set to launch on the Litecoin blockchain on the 13th of this month, <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">Litecoin<\/a> is set to experience a strong resurgence as one of the most valuable tokens by market cap.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speed-focused cryptocurrency Litecoin has experienced a volatile Q1 2018 run and was significantly impacted by the recent general market downtrend catalyzed by an uncertain regulatory horizon. Recent announcements from Litecoin founder Charlie Lee, however, have caused the value of the token to stabilize after a swift late March descent attributed to the cancellation of Litepay. [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":43831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LTC Recovers as Litecoin Smart Contracts Set to Go Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/litecoin-smart-contracts-abra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LTC Recovers as Litecoin Smart Contracts Set to Go Live\" \/>\n<meta property=\"og:description\" content=\"Speed-focused cryptocurrency Litecoin has experienced a volatile Q1 2018 run and was significantly impacted by the recent general market downtrend catalyzed by an uncertain regulatory horizon. Recent announcements from Litecoin founder Charlie Lee, however, have caused the value of the token to stabilize after a swift late March descent attributed to the cancellation of Litepay. 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Recent announcements from Litecoin founder Charlie Lee, however, have caused the value of the token to stabilize after a swift late March descent attributed to the cancellation of Litepay. 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