PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of ETL, being available to trade on the 19th July 2021 at 16:00 UTC. ETL was created by the EtherLite team, as the utility token for their borderless, decentralized network with validators and community members from all around the world. ETL will start trading with USDT and ETH pairs.
What is EtherLite?
EtherLite uses a proof-of-stake (PoS) consensus model as it seeks to pick off where its much larger peer, Ethereum, leaves off. In fact, EtherLite is a hard fork of Ethereum, representing a major change in the code of the larger blockchain that took place in May.
EtherLite has been moving through its roadmap, which in addition to the hard fork has included an air drop and an initial exchange offering. Now it’s time for the token to hit exchanges. The EtherLite team says that ETL has been audited by “top core experts” and is poised to begin trading on exchanges in July. They are quite ambitious and are calling it the “year of EtherLite.”
EtherLite vs. Ethereum
EtherLite is a hard fork of Ethereum, which is the go-to blockchain for smart contracts, DeFi, non-fungible tokens (NFTs) and more. The up-and-coming chain is designed to address some of the shortcomings still plaguing the Ethereum network. While there is only one Ethereum, EtherLite has the advantage of hindsight. It boasts features such as:
- Speed: The EtherLite network has block times of five seconds and more than 10,000 transactions per second.
- Low fees: High fees have been a stumbling block on Ethereum, causing some creators and developers to move to other blockchains.
- Staking: Users can stake their ETL on staking.etherlite.org to help maintain network security in exchange for rewards. Ethereum is transitioning from a proof-of-work (PoW) to a PoS consensus model.
One of EtherLite’s key features is that it is compatible with the Ethereum Virtual Machine (EVM), according to the project’s website. This means that developers can also use their decentralized apps (dApps) and smart contracts built on Ethereum on EtherLite. EtherLite makes it easy for devs to “port their existing Ethereum-based dApps in a matter of minutes,” according to the project’s website.
What is ETL?
Everything that happens on EtherLite is fueled by ETL. It is the EtherLite network’s native coin. It is used to sustain the network, and to pay the network fees. By holding ETL, participants are able to access EtherLite’s core functionalities:
- Securing the network
EtherLite runs on a Proof-of-Stake mechanism which requires ETL to sustain the network. Validator nodes are required to stake a minimum of 100,000 ETL and in return, validators will receive rewards and fees for their service. If a validator does a malicious activity, then his staked ETL tokens are basically confiscated.
The ETL token is ideal for sending and receiving payments thanks to the EtherLite network’s high-throughput, fast finality, and low fees. On EtherLite, money transfers take place within seconds and it costs much less.
- Network fees
ETL is used to pay for general network fees, such as transaction fees to access and support network operations.
- Reward Distribution
Along with network fees, rewards in the EtherLite ecosystem are distributed using ETLs.
Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on EtherLite: “I believe the team behind EtherLite has built an outstanding blockchain platform built for efficiency, it provides a fast, secure and cheaper environment for building decentralized applications, which is very much needed right now in the market.”
Chaudhry continues on by saying; “We’re very excited to see how EtherLite, via their ETL token will continue to empower their vision of next-gen blockchain for the current DeFi landscape, and gain further outreach with our outstanding community at the exchange.”
The Etherlite Foundation stated that: “The journey of blockchain development has been exponential, all with the onset of powerful collaborations. EtherLite and Bitcoin.com Exchange are coming together to create even significant applications for blockchain. Bitcoin.com Exchange with their massive audience reach will make a great difference to our vision and put EtherLite on the map within the crypto community. We look forward to this continued partnership.”
About Bitcoin.com Exchange
The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, it offers an attractive platform for trading any cryptocurrency. Within one year since launch, on average, the exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence.
EtherLite is a pure POS based blockchain network, surfacing to create a space where all the major DApps can be bought over under one roof and dealt with in a cost-effective manner, expanding the base of blockchain development and usage in the community. Learn more at https://etherlite.org.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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