Charlie Lee, the Litecoin (LTC) cryptocurrency founder, will advise the development of the upcoming HTC blockchain-based smartphone, Exodus, in a bid to make Lightning Network (LN) widespread, his tweet revealed on Monday. Exodus will enable LTC payments and the use of LN on Litecoin.
HTC, which has revealed its distributed ledger technology (DLT) mobile device in May, plans to start the selling at the end of 2018 at a price similar to the cost of Sirin Labs’ blockchain-powered phone Finney of around of $1,000. Exodus will be available worldwide, except in China.
“Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption,” Lee said.
Backing of LTC does not mean that HTC will drop support for the cryptocurrency market leader Bitcoin (BTC), Litecoin founder explained.
HTC Exodus described the hiring of Lee, who is currently the managing director of Litecoin Foundation, the body that develops LTC, as one small step for him, „one giant leap for blockchain”.
One small step for @SatoshiLite. One giant leap for blockchain.
LTC is the seventh most-valued cryptocurrency with market capitalization of more than $4.7 billion. At the time of publishing, it seemed that the HTC Exodus announcement did not affect the Litecoin price. At 13:23 UTC, LTC was traded at $83.17 for one coin, which was a decrease of 0.97% on a daily basis.
Litecoin, created in 2011 through a source code fork of the Bitcoin Core client, aims to be a direct competitor of Bitcoin. LTC developers claim it offers faster transaction confirmation than Bitcoin.
Earlier this month, Litecoin Foundation acquired 10% stake in the German-based WEG Bank, as a way to further strengthen the influence of LTC, according to Lee.