By transferring the micro & high-frequency transactions to off-chain, layer 2 technology helps public chains to get rid of its performance limitations and improve its efficiency. LITEX developed layer 2 technology based on Ethereum, and has upgraded the TPS of Ethereum from the original 20-30 to more than 10000 on off-chain without upper limit, far beyond the speed of current public chains.
Low transaction fee
LITEX optimized and upgraded the lighting network which realized payment channel expansion and partial withdrawal. Compared with classic lighting network, the capital and time efficiency has increased by 200%-300%. In addition, there is no gas fee for off-chain transfer except opening or closing the off-chain channel, which greatly reduces the transaction cost.
The off-chain transaction security of layer 2 technology is ensured by cryptography and game theory. The off-chain transaction data can not be falsified after being signed by multi-party and can be returned back to public chains for settlement and verification at any time. Therefore, its security is much better than side chain.
: Research and Release the testnet
: Make layer2 technology available for dapp games and payment fields
: Advance the layout of LITEX in global crypto payment ecology
:Build the largest commercialized layer2 ecology worldwide
The first phase (Dec. 2017~Otc. 2018): Research and Release the testnet
LITEX is dedicated to seting up and launching the earelier version of testnet which will realize the following functions, by upgrading the original Lightning Network stack, LITEX testnet can enable channel expansion and partial withdrawals, and cross-chain (BTC and ERC20, to start) atomic swaps and distributed fast routing.
The second phase (Nov. 2018~Jun. 2019): Make layer2 technology available for dapp games and payment fields
At this stage, LITEX will launch, test and run the open source layer2 product that provides dapp developers with professional technical solutions to greatly improve the performance of dapp games based on Ethereum. At the same time, the crypto payment products will be released to enable the commercialization of layer2 technology and create the closed-loop business ecology in the fields of dapp games and payment.
The third phase (Jul.2019~Jan. 2020): Advance the layout of LITEX in global crypto payment ecology
At this stage, LITEX will focus on the payment field to make layer2 technology avaliable for various payment scenarios. LITEX will work with the upstream and downstream of payment industry, such as cooperating with cryptowallets, stable coins, OTCs and payment scenerios to provide users with convenient cryptocurrency payment solutions. Users can pay as convenient as using Alipay using crypto wallets which powered by LITEX layer2 technology.
The fourth phase (Feb. 2020~Jun. 2020): Build the largest commercialized layer2 ecology worldwide
At this stage, as layer2 network of LITEX has established layer2 ecology with real transactions, LITEX will launch an official node campaign globally to build the decentralized value exchange ecosystem regulated by LXT and establish a global autonomous community that connects crypto and real world, help users enter the future digital era.
Graduated from Stanford University with the PhD in finance and a MS in statistics, Lin Willian Cong is the professor of Finance and PhD advisor at Chicago University, and the faculty affiliate at the East Asian Studies Center. Cong also holds dual degrees from Harvard University where he graduated top in Physics in 2009 with Summa Cum Laude and Phi Beta Kappa. He currently serves as an advisor for the Wall Street Blockchain Alliance, and the member of multiple professional organizations such as the American Economic Association and the Econometric Society. His research includes real options, entrepreneurial finance, capital market imperfections, statistical research and China's economy and financial system. Cong participated in the design of LITEX token economy.
Graduated from Jilin University with the master degree, Bin Chen was the former architect of PayPal. He was the director of integration for Hitachi U.S. system, chief architect of Abacus and chief engineer of the Nokia U.S. network application, which provided him with rich oversea experiences especially in architecture of payments industry. Bin Chen has translated and published many works such as “The Architecture and Its Future”, “Scripture of Architecture”, and “Big Data Is the Future - Road of King”, which makes him a practitioner and evangelist of cutting-edge network technology.
Apr.10thLaunched on the Huobi Global exchange.
Jun.25thEstablished the strategic cooperation with Wanchain.
Jul.7thParticapted in Wanchain’s trip to Southeast Asia.
Jul.12thLaunched on the Fcoin exchange.
Aug.8thLaunched on New York NASDAQ screen.
Oct.15thEstablished the strategic cooperation with Matrix.
Oct.24thReleased the testnet v0.2 version.
Dec.1stLaunched the first ever commercially applicable layer2 product solution globally.
Dec.20thEstablished the strategic cooperation with Imperial Throne.