We Are Pleased to Offer Some of the Most Popular Assets on Our One-Stop Web App
We are excited to announce support for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH) on our open source, free, no KYC web app. Our users wanted us to enable these assets on our web app, and we listened. You can now send and receive these cryptocurrencies by simply connecting your favorite wallet and transacting with these popular UTXO based cryptocurrencies, among thousands of other in-demand assets.
Let’s explore them in a little more detail.
Litecoin
Litecoin is one of the highest market cap coins, which has found a place in many crypto-asset portfolios. Litecoin was actually a fork of Bitcoin back in 2011; it is built on some of the most original blockchain technology. It is a diversifying coin with much of the same upside potential as Bitcoin, but differentiates from Bitcoin by being more usable on a day-to-day basis for smaller, quicker transactions.
Dogecoin
The people’s cryptocurrency! Created in December 2013, Dogecoin is a copy of Bitcoin (more precisely, Litecoin) that features the Shiba Inu dog. Dogecoin attracted people who liked the idea of crypto but were not particularly serious about it (though still wanted to participate). Unlike Bitcoin, its supply isn't limited—currently, there are 132.7 billion DOGE in existence, and more may be minted.
Dogecoin has a massive fanbase and even Elon Musk—the CEO of Tesla and SpaceX—has voiced his admiration for Dogecoin, often driving the price of Dogecoin to new heights. However, there is no denying that the project isn’t as technically interesting as other major cryptocurrencies. Anything is possible with Dogecoin!
Bitcoin Cash
When Bitcoin was first introduced in 2009 it operated smoothly for several years with low fees and fast, reliable transactions. Unfortunately, from 2016 to 2017, Bitcoin became increasingly unreliable and expensive. As the number of Bitcoin users grew, competition for the limited block size gradually led to higher transaction fees and prolonged settlement times. By 2017, Bitcoin dominance had plummeted from 95% to as low as 40% as a direct result of the usability problems. On August 1st, 2017, Bitcoin Cash was born to increase the maximum block size in order to make Bitcoin more usable again.
What Is UTXO?
UTXO is the original form of cryptocurrency blockchain first introduced in the Bitcoin whitepaper by Satoshi Nakamoto, the mysterious creator(s) of the premier cryptocurrency. A lot of users who own BTC, LTC, DOGE or other derivative tokens from Bitcoin might have not heard about UTXO before. But UTXO is an important feature tagged to all the BTC and BTC derivative coins, such as LTC, DOGE, BCH and more.
UTXOs are critical in preventing double-spend attacks, and they are designed to stop you from spending coins that do not exist. Network nodes record and maintain a database that contains every UTXO (i.e., unspent coin) available for spending. If you try to send a transaction with a coin that isn’t in that database, the nodes are designed to reject it.
The concept of UTXO is quite simple to understand. It is basically the result of transactions that a user receives and could spend in the future. They are the unspent output of transactions, and it is important to note that users could spend the UTXOs only once. They serve as the bookkeeping mechanisms for blockchains and are integral for all types of transactions, including crypto trades. The basic concept of UTXO is quite similar to the cash and change we generally use in daily life.
Closing Thoughts
With our mission to become the single source app for all things DeFi, we are excited to continue expanding our support for various digital assets. With the addition of these UTXO based coins, we are expanding our user base and allowing even more people to participate in self-sovereign finance.
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