I'm faded, all I wanna do is take it down down, baby
Do you waste it, all I wanna do is travel to you, baby
I'm faded, all I wanna do is take it down down, baby
Baby, I'm wasted, all I wanna do is travel to you, baby
I'm faded, all I wanna do is take it down down, baby
I'm wasted, all I wanna do is travel to you, baby
I'm faded, all I wanna do is take it down down, baby
I'm faded, all I wanna do is take it down down, baby
I'm faded, all I wanna do is travel to you, baby
Hey, welcome everyone. This is the Litecoin Foundation's Friday official Twitter space.
We're just getting everything kicked off. We, just to give you a little lay of the land,
today we're gonna be talking about a big announcement that we're making.
We have our special guest here, BasicSwapDex, and I'll get to everyone and they can introduce themselves.
We're gonna be going over some of the things that are happening with both of our ecosystems
and, of course, giving you the latest updates from Litecoin Foundation and everything about Litecoin.
So, let's kick this off, BasicSwapDex. Let us know who's speaking from your standpoint
and we'll, if there's anybody we need to invite, you're a co-host and just invite them up to the stage.
That's great. Thank you so much. I'm gonna be the sort of main speaker.
My name's Dr. Kappel Amorasinghe and call me Dr. Kapp.
I'm an advisor to BasicSwapDex and its parent project, the Particle Project,
who essentially led the development for BasicSwapDex.
Let's see. That's kind of the key thing that you need to know. I'm very much a public face.
I'm very much involved in decisions relating to sort of how we reach out to people
and how we sort of get the word out as it were.
And I've come on today very much to talk about BasicSwapDex in relation to Litecoin and NimbleWimble.
Well, that's everybody's favorite topic, especially in our community.
Do you want to explain what BasicSwapDex is?
And I know Particle are here as well, if there's anything you want to mention about them.
Yeah, so a little bit of history. BasicSwapDex, as I mentioned, was developed by the Particle Project.
The Particle Project is a cryptocurrency project that goes back to an inception of 2017.
It was essentially a – it is still a decentralized – it's a privacy ecosystem.
So we focused on building privacy applications to essentially help make people fiat-free
and to help encourage and spread the adoption of cryptocurrency, very practical and pragmatic uses.
The first sort of decentralized application the Particle Project built, and our initial area of focus,
which I'll touch on briefly, was the Particle Marketplace, which is a decentralized marketplace
that's highly privacy-focused, essentially KYC-free, uses a two-party escrow, multiple layers of privacy.
In developing that, one of the things – I'll sort of speak about – in developing that,
I'll sort of speak about the challenges we encountered along the way.
That application uses the native token of the Particle Project, which is the part token.
But we realized and we encountered issues with adoption of this platform
in relation to the token essentially being restricted to usage on centralized platforms,
the inherent issues with building liquidity when that native token is there,
and actually just having a singular token.
As part of our drive towards developing multi-currency support for our e-commerce platform,
one of the things we sort of made a decision – and to improve the decentralization
of our overall architecture and ecosystem, we made a very conscious decision to develop basic swap decks.
Now, basic swap decks is an atomic swap decks.
The development began in 2019, actually, properly.
And as I said, it's a decks, an atomic swap decks.
It is different from many other atomic swap decks in that it utilizes a fully decentralized distributed order book.
It achieves that because the decks essentially operates – it's a peer-to-peer decks.
So every time a user launches it, they're essentially creating an instance or a node on their computer,
and that joins a peer-to-peer network of other nodes that share messages across an encrypted intermediary data layer,
which a DSN is distributed storage network and an intermediary data layer, which is called the SMSG network.
And that essentially allows us to have highly private swaps.
And there's a lot of functionality built into this data layer.
I'll just clarify this now because people always ask it.
There's no token required to use our decks.
It is just a decks that you install, and you can basically get on with using it, using the coins that you wish to sort of use it with.
What makes our decks really stand out is not just that, but also that we were essentially the first decks
and possibly one of the first decentralized applications to implement something called Scriptless Scripts.
And that's a little piece of architecture that means that coins which don't have or don't possess programmable outputs can still be amenable to atomic swaps.
What this allowed us to do was it allowed us to support Monero atomic swaps.
And in fact, we were the very first decks to support by that, not just unidirectional Monero atomic swaps, but bidirectional Monero atomic swaps.
And so this is the key thing about our decks is we are very much focused on supporting privacy coins, on supporting privacy architecture.
We're very much believers in improving the fungibility of coins by providing that support to privacy architecture, and we are very much against censorship.
And we believe that providing supporting privacy architecture helps build a truly robust and resilient censorship free ecosystem to enable censorship free trading of goods and services.
So that's really what basic swap decks is about. And for that reason, we incorporated a number of coins that had a privacy focus to them.
So it wasn't just Monero, we incorporated Fero, which uses the LeLantis Spark protocol.
We incorporated PIVX, which uses zero knowledge proofs, ZK Snarks.
We incorporated our native coin, which is the particle coin, which utilizes Ring CT.
But we also incorporated Litecoin, which uses MimbleWimble.
Now, the initial implementation of Litecoin on our decks just supported the public balances.
But what we've managed to do, certainly with our most latest update, is support balances for MimbleWimble.
So when you install our decks onto your device, launch it and essentially, you know, sync your desired chains that you want to trade and swap with.
You know, what you can now do with our decks before it would just be that you could only trade and swap using public Litecoin.
At this point, now you can essentially send Litecoin, you can basically send Litecoin into your wallet and then convert it from the MimbleWimble balance into the public Litecoin balance from which it can now be traded in the deck.
So this is the first step towards providing full M-Web integration of Litecoin support into our decks.
And in turn, you know, we hope that we can help foster increased adoption of MimbleWimble usage within Litecoin and help grow the privacy community as a whole and increase adoption of privacy.
So that's a short summary.
Yeah, I mean, that's absolutely amazing. And it falls right into Litecoin's history.
I mean, the first ever atomic cross blockchain swap was a Litecoin transaction.
I think it was made with Decred or something like that.
But one of the first atomic swaps was made with Litecoin.
So this this falls right in line with history.
And then, of course, MimbleWimble, which will I think we'll cover a little bit more as this goes on, is the largest upgrade to Litecoin and enhances privacy and essentially gives that option for Litecoin to become positioned really for the future.
I'd also like to have Alan Austin, who's the managing director of the Litecoin Foundation, just introduce himself.
And, you know, Dr. Kapp is going to be a speaker in our upcoming event.
So I'd like to ask Alan to introduce himself and just mention a little bit about the upcoming event.
Yeah, thanks, Jay. Can you hear me?
Yeah. Hi, everyone. Thanks for thanks for joining.
My name is Alan Austin. I'm the managing director at Litecoin Foundation.
For those that don't know what Litecoin Foundation is, we are a nonprofit organization, you know, and our basic mission is to advance the Litecoin ecosystem.
And we do this, you know, our goal is to see worldwide Litecoin adoption.
And some of the ways we do this is through education, research and development, providing different information and resources to the community and community support.
And pretty much any way we can to help support growth and adoption in terms of Litecoin and its development.
And some of the just current initiatives we're working on, you know, include some of the world development.
Again, education and support. We do online events. We do in-person events, which I'll mention, you know, one of the things we and partnerships is another thing.
And then another thing that's very important is, is, is MWeb. And we're going to talk more about that.
But I'll just touch on two things real quick. So we are doing an in-person event and we will have our our fourth annual, I believe it's the fourth annual.
I'm just double checking that one, two. Yes. Annual Litecoin Summit. We will be holding that in July in Nashville, Tennessee.
It'll be the same week as the Bitcoin conference sort of overlapping. So that'll be happening on July 24th and 25th.
It'll all of our events have always been quality with quality speakers. And one of the things we'll definitely be highlighting is the importance of privacy and amongst other things.
Very we priced it to be very reasonable and affordable for everyone. Litecoin.net is our website. You can get information about the summit there.
We everybody is obviously welcome to join it. I think it'd be a great opportunity not only to hear some fantastic speakers, but to learn, to educate, to network with some great people.
Again, it'll be a pretty big crowd there because the Bitcoin conference will also be happening there. So that's one way to come learn more.
I just wanted to circle back real quick, though, and I won't talk about any of the more technical side of things.
But one of the things we'd recently added to Litecoin was this optional privacy layer called MWeb. And I just want to mention.
So basically, for those that don't know what MWeb is, it's basically an opt-in privacy layer on top of Litecoin.
And what it does is it provides the user a basic level of confidentiality concerning their finances.
And what it does, it does is by concealing basically three things, the sender, the receiving, the sending address, the receiving address and then the amount of crypto you're sending.
Why is this important? So we feel like this was really the missing thing to when it comes to sound money.
Up until now, like cryptocurrency in general, including Bitcoin, has really been lacking these some very basic privacy features, things that you see even today in traditional banking.
So, for example, if you go to pay with a credit card, even that merchant doesn't know what's in your bank account or if you use cash, nobody knows what's in your bank account.
If you're doing payroll, you don't know what else someone is making, nor should you.
And right now, with the public blockchain ledger, without this privacy layer, it's a little bit easier to start tracing and tracking.
Why is this important? Putting aside the fact that it should be a fundamental human right, it really helps protect.
It really helps ensure that personal information related to transactions is not available to unauthorized parties, helps prevent things like price discrimination, extortion and other practices that can target vulnerable people and things like that.
So it's not anything that's already not in place in traditional finance, but it's been missing in the crypto world.
So with this optional privacy layer, people now have the ability to be a little bit more private about their finances when they choose to.
And because it's opt-in, the option to not be so private when you don't want it is also there.
So that's sort of the high level of why we've added out of this functionality.
And we should really give a big shout out and thank you to David Burkett, who is really the lead developer on Mweb and has brought this from its infancy into the upgraded version of Litecoin Core, which was a major, major process we went through where miners signal and accept that Litecoin is going to be upgraded with Mweb.
So this is a community affair and tip of the hat to David Burkett, who has really been the mastermind behind not only making this happen, but making it happen in a way that really, really works.
There's a lot of expectation when you have a 12 and a half year old blockchain that has never been down, that's never really had any kind of issue to make something that's a massive upgrade and make it work.
So shout out to David Burkett and of course to Charlie Lee, who really envisioned this next step in Litecoin's evolution.
Let me just add one real quick thing too.
We talked about Mweb and adding this privacy layer, which again, it helps protect and safeguard like individuals, businesses and their finances, but it also adds fungibility.
And fungibility is incredibly important when it comes to money, meaning $1 should always be equal to $1.
You should not be able to use a certain coin because it's been traced back to some questionable activity that maybe you weren't even involved with.
So there's several benefits there.
And again, I won't go into too much of the detail, but there's again, it's been the one component of sound money that up until recently had, we believe has been missing.
And this is why it's so important.
So, Dr. Kapp, do you want to, you know, fill us in a little bit about this announcement and kind of lay the groundwork for why you felt this was the next stage for basic swap techs?
Yeah, so firstly, I just want to follow from Alan and just say, I really respect Litecoin as a community for, you know, the decision they collectively made to support an implementation of MimbleWimble.
And I actually really like the way they went about doing it.
My understanding is essentially the way they essentially made two chains almost running in parallel that you can switch in and out of providing that optional privacy.
I think it has great enterprise applications for, you know, it really expands the enterprise applicability for Litecoin moving forward.
And to sort of touch on what Alan said, you know, when you can provide robust privacy for your end users, you are actually providing them with a degree of fraud resistance.
You are protecting your end users from exploitation, from bad actors who might wish to analyze your financial inflows and outflows and take advantage of that information in some way.
I think I have a huge amount of respect to the Litecoin community for doing that.
My personal view, you know, I think, as Alan said, privacy is a fundamental right.
I'm a great believer in free flow of information.
And I think the purest form of information free flow can occur in privacy guarded environments.
So when you've got privacy safeguarded, when you're having a truly private conversation between two individuals that trust each other, then you can truly say in what you feel and mean.
That allows for a lot more creativity, diversity of ideas, diversity of exchange.
And that diversity of ideas actually, you know, on a very fundamental level, I think that allows for diversity of adaptation, diversity of technology and diversity of art.
You know, lots of ideas can flourish, novelty can flourish in environments where we safeguard privacy.
And that provides, you know, speaking as a doctor, as a medical doctor in my background, I believe that provides adaptational advantages to us as a species, you know, rather than having a purely public environment where everything can be surveilled.
And if you can surveil everything, you know, that means potentially actors can suppress things.
As Alan pointed out, you know, it's possible to blacklist transactions or certain transaction addresses.
And in that way, you're impeding the free flow of information.
And on a very fundamental level, if you have a if you have no privacy, the great risk always running forward is that you develop echo chambers because people will either censor themselves because they don't feel comfortable.
They don't feel comfortable expressing themselves and society censor themselves.
And then you lose that output of diversity of ideas that then allows culture to flourish, that allows technology to flourish.
So I really respect the Litecoin community for making that conscious decision to adopt privacy as part of its core architecture.
As a representative of basic swap decks and particle, I will say, you know, we respect projects that respect privacy.
It's very straightforward.
We will adopt projects that respect privacy and we will push and promote and help expand the adoption of projects that adopt and respect privacy.
So that is very much the leading ethos behind why we included Litecoin support from a development point of view, the decisions we made.
We when we launched, we launched with Litecoin support, we kept it quiet because as a project, we're developing with pretty minimal resources.
So we devoted that all essentially to a hard focus on development so that we could produce a product that is real and that works as opposed to announcing vaporware.
We did that. We had to focus some of our initial development efforts on just making sure that our implementation of Monero atomic swaps was secure, that it worked, that it was bug free.
We've done that. And that's now given us the time to kind of focus back on to Litecoin and to really do the phased implementation of privacy into it.
Now, we are I say, you know, that the big announcement there is that we are, you know, going to be implementing full minimal support that is sort of, you know, pending the next sort of major release of the I think it's the next sort of Litecoin core code release.
So I understand there is going to be a big upgrade to Litecoin's core architecture.
And once that's done, certain dependencies will then fall into place, which will allow us to implement full minimal support.
And then this is important because I think, you know, I think something needs to be stressed about atomic swaps is they are the most safe and secure means of transacting value across blockchains.
One thing I will also say just, you know, with, you know, is that I'm sorry, I'm losing my point here. I was basically going to say, you know, with our decks, you know, it's not that you you post the offer and those can be partially filled or completely filled.
And, you know, as I said, atomic swaps, you know, because they are safe and secure and they are direct, they don't require third parties.
They don't require any sort of trusted middleman, as it were.
And the nice thing is also with with atomic swaps and particularly with our decks and the way we've gone about it is you don't need to have third party fees.
So, you know, we're really we feel that this is essentially, you know, when you do the swaps on our decks, you are just paying the transaction fees on the networks for the corresponding pairs.
So one of the things that we're really conscious of is that we knew that Mimble Wimble adoption had been a bit slow on the uptake earlier.
And one of the things we're hoping to achieve with the way we're going about this is that once we enable that full Mimble Wimble support, you know, you'll be able to go use our decks to essentially swap in and out of Bitcoin to Litecoin, to Fero, to Monero,
to any of our supported pairings and you'll be able to do that at an advantage that's fundamentally competitive to centralized exchanges because we don't adopt the third party fee.
One of the nice things about our decks and one of the things I think will help encourage adoption of Mimble Wimble Litecoin is that actually we have some automated trading scripts where they will literally,
you basically launch, you install the decks, you install basic swap decks, you load the script, you put the inputs, so you basically specify which coin pairings you wish to trade, you specify how and how frequently you wish to publish orders.
And this script will just automatically republish orders on our decks and it will automatically adjust the price points of those orders by sort of using an Oracle reference point which at default settings coin gecko, but you can actually specify.
You can even specify the frequency of publishing these orders. So we're very much producing a decks that allows individual users to be their own market makers.
So, you know, publish the orders, set the prices, you can even set a premium above the given price or below the proven price as a taker or maker.
And in this way, we're allowing the users of the Litecoin community, indeed all cryptocurrencies that are supported by our decks, to move away from dependence and reliance on centralized exchanges and very much move into enabling them and empowering them to become their own market makers in a very much an automated fashion.
So I think that and that I think will help build liquidity into the privacy ecosystem. And I think that will help build collaboration in the privacy ecosystem. And I think that will build confidence and encourage growth within the privacy ecosystem.
And that's certainly things that we are looking to achieve. And that is very much what's driving our adoption of Litecoin, particularly Litecoin, Nimble, Wimble. We have a lot of respect for you guys.
Yeah, and it's mutual. It's been a long road for Litecoin in general, but particularly for the development team that's worked on MWeb and the processes that we've had to go through and really bringing this to the stage it's at.
Everyone should know that MWeb is live on Litecoin Core and you're able to make these MWeb optional transactions at the moment.
The next step has really been to make sure that we have accessibility to wallets. And that process is a little bit more complicated, but it's something David Burkett and the team has really wanted to make sure is absolutely flawless and perfect.
So that when MWeb becomes accessible to various wallets, it works and it works well. So you guys are really on the cutting edge here of being one of the first entities to not only just recognize MWeb, which a lot have already done,
but to actually start working on the implementation side of things. So I give you guys a lot of credit as well.
Thank you. We really appreciate that. And I really kind of look forward to what we're going to be doing as we move forward. I really look forward to the advancements within Litecoin and within basic swap decks.
And I really look forward to working with you and the other teams that we support and really helping to bring them together because I see a real vision for the privacy ecosystem moving forward.
I see I call it the privacy liquidity sphere. I see it as a huge, huge under tapped and much wanted area amongst not just users of cryptocurrency, but just users of regular commerce.
And that feeds back into e-commerce as well. The number of people I talk to who wish they didn't have to be reliant on systems where they have to entrust personal data to third parties, which eventually leak into the hands of bad actors, which can then be used against without sort of dwelling on that too much.
I respect systems that can move us towards a much more purist form of privacy. Certainly going back to MWeb, the thing that I really love is hiding the receivers, the senders and the amounts from third parties and then integrating that into a DEX ecosystem that's designed to prevent metadata leak, that is designed to...
It makes a lot of what we're doing. One of the features that I sort of touched on earlier was our implementation of Scriptless Scripts uses a technology called adapter signatures.
I won't go into too much detail about that, but what it fundamentally enables, and going back on what I said earlier, is it's the ability for a coin that lacks programmable outputs to be involved in atomic swaps with a coin that does.
In doing so, and having these swaps occurring on this sort of end-to-end encrypted data layer, or SMSG sort of data layer, which prevents metadata leak and really obfuscates the act of a swap from a third party.
It provides a really high level of privacy to those who want it, who need it, and that's a lot of legitimate people out there in the world today. I certainly look at that from an enterprise R&D perspective.
Absolutely. So we posted the announcement that you guys have made. So it's now live. It's at the top of this space if everybody wants to read more about the specifics of what's happening here with this announcement.
Obviously, this is kind of the level that the Litecoin development team is playing on, and obviously the level that you guys are playing on. We're really trying to revolutionize the future of digital currencies and the way that people can openly and privately transact, whether that's in payments, whether that's in peer-to-peer.
And of course now with this Atomic Swap initiative, which is right at the heart of what a lot of us believe in, and that the future of digital currencies and obviously this cryptocurrency revolution is moving towards.
Alan, did you want to talk a little bit more about this announcement on the summit, or MWEB in general?
No, I think we sort of covered it. We talked about how things might be moving slow. I would maybe agree, but I don't necessarily think that's a bad thing either, rolling out something slower, knowing it right. It also takes time to create Lite client and other things that people adopt.
So just the whole idea of privacy is still something sort of new, because I think of Bitcoin, the far majority of people look at it as a store of value, and I think when you're keeping something as a store of value, it starts to become more important, and it's going to take some time for that.
But I think over time, we're going to see how having this optional opt-in level of privacy for when you need that is going to continue to become more and more important as cryptocurrency in general grows, and as the use of crypto grows in terms of payments and sending between people and so forth.
Yeah, absolutely. And we have invited Dr. Kapp to speak at the Litecoin Summit, as Alan mentioned, which will take place in July in Nashville. So we invite everybody from, it doesn't necessarily have to be from the Litecoin community, tickets are $84.
We're putting on this event because we want everyone that's interested in the future of this space to be able to join in. There's a lot of events out there where it's three, four-figure kind of pricing to go to these events, and it's very inclusive.
And there's a VIP option for some ridiculous price. We're not doing that. We're doing an event where we want everyone that's interested in this space that wants to be a part of either the Litecoin ecosystem or any kind of cryptocurrency future that they envision to become and be part of the conversation.
So we're really proud. This will be the fourth summit that we've put on. Last year we took a little bit of an evolution in a different direction by putting on a proof-of-work summit, which we did in collaboration with ETC and a lot of other partners.
And so this is the re-emergence of the Litecoin Summit, and go to litecoin.net and check it out. We just announced our first round of speakers, and if you'd like to get more involved in the summit in some way, you can reach out to Litecoin Foundation. There's obviously different ways that you can contact us or contact myself or Alan.
Yeah, I just want to say I'm really looking forward to Nashville, Tennessee. I know we're doing a Twitter X space today, but I really look forward to hopefully being able to give more live demonstrations of our ecosystem and the Litecoin ecosystem being used in our ecosystem and perhaps getting that opportunity to talk out and more visually lay out our plans to sort of help advance the cause of e-commerce adoption.
And privacy within the Litecoin ecosystem. As I said, we think it's an excellent currency. I joke internally. My crypto wife says she loves Bitcoin, but she's always doing Litecoin behind his back. That's certainly true when it comes to me.
I certainly have a preference towards using Litecoin for a lot of our, you know, a lot of core transactions. I think it has very nice liquidity, very nice speed. And I really, really like the fact that they are embracing privacy, well, optional privacy.
I think that is a very pragmatic decision. I look forward to sort of talking about how our roads intersect as projects.
Yeah. And it's funny you mentioned that because that seems to be a worldwide, I don't want to say phenomenon because it's not a phenomenon. It's a worldwide, I don't know what word to call it, but Litecoin is really taking its place more and more, not only as, you know, we've seen in the end of 2023 as one of the most active blockchains in the world,
but, you know, on certain days has performed more transactions than Bitcoin and Ethereum combined. So Litecoin is playing at a different level in the transactions world, in what is being built in the Litecoin ecosystem. And also in the payments world, real usage.
Alan, did you want to talk a little bit more about payments and how Litecoin is leading the way there?
Yeah. I don't want to get too, I'll be not to get too far off of the specific topic here, but yeah, it's important from the fact that at the end of the day, no matter what you're doing, you know, whatever you're building on top of a blockchain, it's important that you're building on top of a blockchain that's going to be around, you know, that's continuing to grow and has the properties of, you know,
I'd say fairly launched decentralization type properties that can be carried by the community because you never want to be relying on, you know, a small handful of people or of central type of organization that can make decisions and you never know what might happen later.
One thing just briefly, you know, we're really excited and encouraged by is the growth of payments on Litecoin. For those that don't know BitPay,
BitPay is the like, believe it's the largest crypto payments processor out there. And since Litecoin was added, I think two, two and a half years ago, it's continued to grow where now, quite often as they report each month, Litecoin is, in fact, the last reporting Litecoin is the most used cryptocurrency for payments, even about Bitcoin and even more combined than Ethereum, Dogecoin, and I think every other coin on the platform combined.
So why is this important is because this is real world use. These are actual payments. These are people buying things and spending money. So when we talk about what's what could be possible and we talk about what actually is happening, Litecoin is actually being used.
And the idea that it's actually being used more for payments than even Bitcoin is very encouraging. And this is something that, you know, we like to see as one of the most important elements of crypto is being able to use it and spend it.
And so we're continuing to push for adoption, helping the onboard merchants and see Litecoin continue to be used more and more throughout the world as we grow.
Yeah, I just want to say sort of from my own independent perspective, but I know several members of the project agree with me. I think, you know, the speculative potential of Litecoin is severely unrecognized in the context of that.
You know, it is, you know, one of the most highly adopted cryptocurrencies for actual real world use.
And there are very good reasons why, you know, that comes with speed and low fees, brand name recognition, security, the safety model for it and the decentralization, as you mentioned.
You know, I've been in a few sort of sweeter spaces with Litecoin Underground and a few others. And, you know, I know that perhaps members of the Litecoin community, perhaps the speculators may be, you know, not necessarily happy with the speculative performance of Litecoin.
But I think it's just, you know, I think it's a powder keg that's waiting to explode.
You know, I think when the ETFs do eventually arrive to Litecoin, I think they're going to be very favorable because I personally think from a speculative point of view, if I'm looking and going, what is actually being used?
Because what provides convenience? Because I'm a great believer in the idea that convenience is value because, you know, whatever convenience saves time, you know, whatever saves time creates convenience.
Therefore, you know, time is money, therefore convenience is value. So Litecoin as a payments modality is very convenient.
And I think that is a very under recognized fact amongst the broader speculative community.
So I think, you know, just want to sort of light the way and say, I think there's huge potential for growth, you know, within the Litecoin ecosystem in the years moving forward.
I don't think that can be underrepresented enough.
Yeah, thank you for saying that. I appreciate that. And I think it's great that you recognize that and that we're seeing this, you know, price aside, which, you know, let's be real, we're all a little bit frustrated because if you look at everything that's been happening, you know, I'd argue the price should be significantly higher than where it's at.
But that said, like almost every other metric continues to grow.
And, you know, it'd be concerning if that wasn't the case, but it couldn't be further from the opposite. And, you know, over a billion dollars in USD value sent a day.
I mean, almost every single metric suggests, you know, incredibly positive movement and adoption with the exception of price, which, as we know, it doesn't always follow, you know, initially, usually price will ultimately, you know, value will ultimately catch up with price.
I do. I do think it's it's been highly underrated. I think part of that also is because there's a lot of excitement around things like ordinals and NFTs and art and people, things like that.
But when it comes to the idea of crypto being used as as as as a monetary exchange, like money, I don't think that in itself is inherently like that exciting when you talk about it, just, you know, versus being able to do smart contracts and other types of things,
which, by the way, we're, you know, we're seeing other types of things being adopted, unlike I should say. But from a from a value standpoint, in the long term, it's it's arguably one of the most the largest use case that we can have with crypto is the use of money.
And I think it's just a matter of time before the value of this network and what it provides, you know, sort of becomes more reality for more people, I think.
Absolutely. And how it's positioned for the future. And we see that in the number of transactions that take place recently hitting there were days that were day after day over a million transactions in one day, in 24 hours.
And there's blockchains that, you know, have large communities and, you know, that they're in the top 10 and the number of transactions they were doing were less than 100,000.
So it's it's it's very, very interesting to see, you know, how this will evolve in the future. Cap, do we want to hint at the competition?
Yes, I was just thinking I'm just getting to that. Thank you for bringing that up, you know, kind of to celebrate just just for those listening and, you know, pass the word around and we're promoting this in a minute to kind of celebrate the fact that we've made those first steps of
and web adoption into offer like point into our decks. You know, we have launched a competition, essentially a prize giveaway for something that is highly collectible and highly rare with we're talking about physical like points.
So it's a special collection that was released in 2013.
There were about, I believe, only 2000 of these ever minted. And I'm just kind of getting up the details for it now. But basically, it was the.
Yeah, it was. Yeah. So basically, you've had a very kind benefactor who's both whose long time in cryptocurrency has been a supporter of both Litecoin and the particle and basic swap ecosystems.
And he happens to have around 20 of these. So over the next 10 weeks, weeks of doing a prize giveaway, two of these. Now, just to kind of talk you through them, their physical like coins, they contain one like coin each.
They are the Leilana one Litecoin first run bullions. Now, then they're not bullion in the sense of golden and silver, but they're certainly bullion in the sense that they're very special, very rare.
I would call these some of the rarest physical real world NFTs imaginable. And as I mentioned, only 2000 minted. Each coin contains one Litecoin.
The private key under appealable there. It comes in its own protective coin capsule. And the first bits, you know, we posted some images up in some of our promotional material for this.
But, you know, we've obscured some of the first bits on the images for the added security. We've seen these going for sale for about $1,000 apiece on eBay at times.
So, you know, they are quite valuable. And as I said, we have 20 of them and we are giving to, you know, we're giving to every week for 10 weeks.
Now, if you see any tweets related to this competition from either the basic swap or particle threads, basically what you got to do is retweet that tree because it's a competition.
We want people to know about it and then essentially go to the particle website, particle.io, download, install the marketplace and put a bid on a physical Litecoin.
If you go through all of these steps, you will be entered into a draw every week. We will pick a winner at random from this draw and we will notify you. You'll need to give us an address to send it to as part of this.
We will then, you know, physically post those, you know, those really vintage coins across to you. So I think this is a really sort of special opportunity for, you know, people who have been in the Litecoin community for a long time.
And indeed, cryptocurrency as a whole for, you know, real collectors and people who truly value the history of this space. I think this is a real, real opportunity to literally own physically a part of it.
And that's the competition. And that's, you know, hopefully to, you know, just to say thank you for what, you know, thank you to the Litecoin community for what you've been, what you've done and what you are doing.
Thank you for sort of inviting us to Nashville, Tennessee to sort of present our work with BasicSwap. And thank you for giving us the opportunity to, you know, work with you guys going forward. This is our way of saying thank you.
So keep an eye out for those tweets, you know, real piece of history there waiting to be, you know, one. And it's not just the one, you know, you're going to get two opportunities every week for the next 10. So, you know, that's our way of saying thank you very much, guys.
Fantastic. Yeah, so be sure to follow BasicSwap decks and keep an eye out with that. I'm sure we'll be sharing it as well. You might want to keep one or two for Nashville. Maybe there's something we can do there with a little prize or something like that.
So I think we'll start to wrap it up. This was fantastic. We've shared the announcement. If you want to check out and learn more about what it is that has been launched. There's a tweet out there from BasicSwap decks and the foundation.
There's a little write up about it. You'll probably hear more about it as it evolves. And be sure to follow everybody so you can learn more about the competition. So a big thank you to you, Dr. Capp and Alan, for being here today. And we're looking forward to going to Tennessee.
Thanks, Jay. Thanks to you both.
Thank you, Jay. And thanks, Alan.