Blockchain startup Zulu Republic announced the launch of Lite.im — Litecoin transactions via Telegram bot app. The news swept across all media promising a new era of cryptographic transactions. Everyone was crossposting the tweet of Litecoin founder Charlie Lee.
Zulu Republick is a Switzerland located startup that develops dApps and their own ecosystem built on Ethereum blockchain. Founded in the middle of 2017, they decided not to conduct an ICO and have Airdrops instead. The fact is that they were successful and lucky enough to get private funding without going public.
According to Zulu announcement, their new product Lite.im will allow users to make Litecoin transactions via LTC API system. Zulu won’t control private key data, which will be managed by RSA encryption and user’s password.
Firstly, Lite.im is available through Telegram chat bot, that can act upon users’ commands: check current LTC balance, reveal a Litecoin address for receiving funds, and send LTC to email or wallet. Sending via email address is currently available only for registered recipients, and SMS function will be enabled in the next version. Lite.im code is available on Github.
Zulu team expects that the new service will be so user-friendly that even people without any crypto knowledge and crypto wallet will handle it easily. The team hopes that the service will help promote cryptocurrency in those countries where the government actively oppose to let the technology spread (to name just a few, India, Saudi Arabia, Morocco, Iraq, Brazil, Republic of the Congo, Pakistan, Bangladesh, Syria, Turkey, and Algeria).
If we talk numbers, there are 200 million Telegram users monthly (with 100 million app downloads in Google Play), and at least 4.5 billion mobile phone users across the globe. This means that the potential audience of the service after the activation of the SMS function will be huge.
The idea of sending crypto via SMS with a phone not connected to Internet is not new, there are several solutions on the market already:
Despite the fact that the idea of sending cryptocurrency via SMS or Telegram is not new, all existing services mostly provided the possibility of major cryptocurrencies transactions (Bitcoin, Ethereum, Bitcoin Cash and several others). Lite.im intends to work with Litecoin only.
Obviously, the project has very good media support (Charlie Lee’s tweet helped a lot), which will provide the team with a primary inflow of users. Given the potential for growth (up to 4 billion users), the project has every chance of taking off quickly.
We expect that such services will appear for multi-currency and soon any crypto or token can be safely and quickly sent using only mobile communication (SMS) or instant messenger.