Litecoin Foundation and Metalpha Partnership To Aid LTC Miners

Litecoin Foundation and Metalpha Technolgy Holdings Ltd come together seeking mutual collaboration for Litecoin (LTC) Mining Solutions. The former is a non-profit organization behind the second-ever blockchain network, Litecoin (LTC), while the latter is a Hong Kong-headquartered wealth management company.

Crypto mining could not come easy given the ‘difficulty’ in operation, requiring utmost precision and advanced technology. The new partnership will primarily be focusing on research on specific areas that include:

the development of derivative products
ensure facilitating renewable energy for mining purposes
curtailing the impact of mining on the environment, given the carbon emission, and
to increase the efficiency of energy used for Litecoin (LTC) mining.

For developing financial derivative products, Metalpha will be helping the Litecoin network, and it will also be providing aid to crypto miners on the network while hedging their products against certain risks. Lowering the crypto mining operation’s environmental impact would also be one of the priorities.

In terms of operation, crypto mining could also be tedious and capital-intensive, since it requires powerful processors to resolve difficult mathematical problems to validate the transactions. This becomes crucial for proof-of-work blockchain networks like Bitcoin (BTC) and Litecoin (LTC).

Given these risks, hedging becomes crucial for these miners, and Metalpha stretching a helping hand toward LTC miners could be considered a great deal. It’s a strategy primarily for risk management that could bypass investment losses. This takes place by taking the related asset’s opposite position.

The partnership between Litecoin Foundation and Metaplha will work with different universities and research institutions for further innovation towards sustainability in the blockchain spectrum. In addition, the primary goal would also be to include improvement in the Litecoin network’s adoption and scalability while maintaining awareness and education.

Litecoin Upgrades to Ordinals

Recently, this became another instance of Litecoin (LTC) network towards development after the deployment of Ordinal inscriptions. Bitcoin (BTC) received the update last year, and Litecoin was next in the queue to witness the same, which it finally did. The addition of Ordinals over the network brings comfort to the crypto community as it can now join the other networks within the space.

According to TheCoinRepublic, the credit to deploy Ordinal inscriptions goes to Australian software engineer Anthony Guerrera who posted the repository on GitHub. With the upgrade, the Litecoin network can bear the non-fungible tokens.

The engineer was offered five LTC tokens to employ the feature over the blockchain network by a pseudonymous Twitter user. Later he raised the bar and offered 22 LTC tokens worth about 2000 USD. Guerrera accepted it, which eventually resulted in the creation of the Litecoin Ordinal fork.