The open source OmniLite protocol will allow the creation of cryptocurrencies, stablecoins and non fungible tokens on the altcoin blockchain.
The Litecoin Foundation, a non-profit organization that develops and maintains the Litecoin cryptocurrency, announced the launch of a decentralized platform that allows the issuance of new tokens and NFT.
The open source OmniLite protocol will simplify the creation of new cryptocurrencies and stablecoins, according to the altcoin developers. They also added that the platform differs from the existing protocols by lower transaction fees.
Non-fungible tokens (NFT) are unique and not divisible.
Such tokens are used to confirm ownership of an object; they cannot be replaced without the consent of the owner.
Litecoin is a global decentralized p2p payment network built on the Bitcoin blockchain that was developed in 2011.