Why was Abra application Built on the Litecoin Platform?

By | September 11, 2018

Presently, Abra seeks to use the Litecoin platform majorly for almost its transactions. According to the development team of Abra, Litecoin was chosen after an intensive and thorough research was carried out. The purpose of the research according to the team was to find a suitable platform that meets their criterias.LiteCoin Crypto

Litecoin being a fast, scalable, secure, off-chain, on-chain and low transaction and mining fee platform was chosen. Another reason why Litecoin was chosen was because of its strict adherence to the Bitcoin’s core published roadmap. Also, the Litecoin platform is free of network outages, hard fork drama and outrageous transaction fees.

The Abra development team knows that the Bitcoin is more secure than Litecoin. This means that the Litecoin will offer lower mining fees and scaling for users. Also, Litecoin was chosen because it offers lower transaction fees and the recent Litecoin update offers even lesser fees. Each transaction on the Litecoin platform is charged at as low as 1 cent.

What it Means for Litecoin:

Abra and Litecoin

Attribution: Image taken from Abra.com

Abra was primarily designed to solve all the complexities involved in investing in different cryptocurrencies simultaneously. For users in the US, before they can begin using Litecoin, they have to first obtain Litecoin. This technically means that if more people in the US decide to use Abra, it will also mean an increase in the total number of Litecoin users. Also the use of Abra’s smart contracts will drastically limit the number of LTC tokens in circulation. The adoption of Litecoin by Abra also adds credibility to the Litecoin platform and it shows that Litecoin is one of the best cryptocurrency platforms out there.

How Can Abra App Wallets be Funded?

Wallets on the Abra application can be funded either through direct bank wires or transfers or through the purchase of Bitcoins. Users who decide to fund through the purchase of Bitcoins will be required to input only their phone numbers.

Users can fund using a Philippines or an American account. Express cards, Litecoin, Bitcoin, and Ethereum can also be used to fund the Abra application. Once your funds are confirmed by the Abra application, you can immediately begin investing in over 20 cryptocurrencies and 50 fiat currencies.

How You Can Use Abra?

For first timers, you have to download the Abra application from the apps official website. After downloading, you are expected to  write down the private keys. Since the Abra application is a non-custodial app, users can access their funds anytime they decide.

Conclusion

The team behind the development of Abra seeks to primarily create a stable platform that will encourage the storage of fiat currencies as well as cryptocurrencies.

At the onset, Litecoin CEO Charlie Lee promised users on the platform a huge surprise. This surprise must have at first looked confusing to the general public. The introduction of Abra is good cryptocurrency news both for the Litecoin platform and for the application itself.

The application also seeks to add more cryptocurrencies. Also, it is important to note that Abra does not allow users to own these currencies. They can only trade or transfer them. As earlier mentioned, the Abra will also help increase the total number of users of Litecoin.

Category: General

About IMRAN ABDUL GHANI

Imran Abdul Ghani is working as Software Developer(Senior) with extensive knowledge in Web development technologies especially C#, ASP.NET, MVC, WCF, Web API, ADO.NET Entity Framework, jQuery etc. He has several years of experience in designing/developing enterprise level applications. He is Microsoft Certified Solution Developer for .NET (MCSD.NET) since 2005. You can reach his blogging at www.webdevelopmenthelp.net, www.topwcftutorials.net, and www.sharepointfordummies.net.