Introduction To LitVM
LitVM is a ZK-Rollup-powered omnichain for Litecoin that provides smart-contracts with low transaction fees and quick transaction clearance.
*Omnichains integrate multiple blockchain networks in a cohesive and seamless manner.
Key Features Of LitVM
Smart Contracts
Smart contracts enable software developers to build decentralized exchanges, games, investment products, lending platforms among other technologies on LitVM.
Tokenized Real-World Assets
Real-world assets such as real estate, gold, or silver can be tokenized on LitVM to facilitate fractional ownership.
Interoperability
LitVM is an omnichain that facilitates the transfer of assets between multiple blockchains from a central user interface.
Staking And Yield Farming
You will be able to stake LTC tokens and be rewarded with $LITVM tokens for participating in the LITVM ecosystem. You will also be able to lend your tokens and earn interest to generate passive income.
The Token
LTC is the default token used to pay for transaction fees on LitVM. However, the $LITVM token may be introduced as an optional token for gas fees in the future.
LitVM supports Runes and Litecoin Ordinals.
LITVM Tokenomics
The $LITVM token will have a vesting period of 5 years to mitigate the price instability caused by short-term profit taking. This means that the token will be rolled out slowly over the course of 5 years.
LitVM Treasury Board
The LitVM treasury board has 5 seats, and they oversee the allocation of 51% of the $LITVM token supply.
Members of the Treasury Board:
- Roc Zacharias.
- Aztec Amaya.
- David Schwartz.
- Community Majority Opinion (vote-based).
- The fifth seat hasn’t yet been filled.
The Technologies Behind LitVM
LitVM is powered by BitcoinOS, AggLayer, and ZK-Rollups.
- AggLayer: This is a cross-chain settlement layer developed by Polygon that facilitates liquidity transfer and interoperability between users of all blockchains.
- BitcoinOS: This facilitates interoperability and asset transfer between Bitcoin and other blockchains.
- ZK-Rollups: ZK-Rollups enable fast, cheap transactions on Bitcoin by doing most of the resource-intensive computation off-chain.