The People’s Bank of China (PBOC) is ready to launch its digital currency by the end of 2019. It has been under development for five years.
It has been developed with a blockchain backend. But initially, it will not use a pure blockchain ledger to allow scalability. The project will be “ledger agnostic.”
Litecoin’s development is moving much more slowly than expected. Charlie Lee, the founder of Litecoin, is absent from direct development and sold most of his coins at the end of 2017 when they had their highest value.
There is little interest in the development community to contribute to the project.
Litecoin is one of the oldest Bitcoin clones. Its main strength has a name which is very similar to Bitcoin.
The two can be easily confused. Such confusion was exploited in 2017 by several scams and pyramid schemes in China. It contributed t to inflating its value at the time.
Blockchain & Crypto in Government
The People’s Bank of China (PBOC) has been developing its digital currency in the past five years. Its will launch it by the end of 2019. It will be “ledger agnostic” instead of implementing a “pure” blockchain. The new digital currency/electronic payment (DC/EP) system is designed to scale for small-scale retail and high-frequency business scenarios. A pure blockchain architecture would not scale to the high concurrency performance required by retail. While the US is holding congressional hearings about digital currencies, China will be ready to test their digital fiat system in a few months.