Place/Date: - April 27th, 2023 at 12:31 pm UTC · 4 min read
Source: Collateral Network
Solana (SOL) is introducing state compression to reduce the cost of on-chain storage, while the Litecoin (LTC) price is back above $90 after the miners quit their sell-off. Collateral Network (COLT) is simplifying crowdlending and borrowing using NFTs as it enters the second stage of the presale with its price standing at $0.014.
Developed by Solana Labs and Metaplex, state compression promises to bring down the total cost of minting one million NFTs to about $110. This is made possible as compressed NFTs are 2,400-24,000 times cheaper than uncompressed NFTs with identical structures. The low fees from Solana (SOL) made it an industry leader in the first place, and with state compression, the cost is reduced to a fraction of the usual. The Solana (SOL) community already sees the state compression solution as a ‘game changer.’
The Solana (SOL) state compression relies on Merkle trees, which are data structures known for their capability to ‘compress’ the verifiability of a tree of data into a ‘hash’ or ‘fingerprint’ of the current state of the tree.
Simply put, this allows Solana (SOL) developers to store a small bit of data on-chain and only update it directly with the Solana (SOL) ledger to reduce the cost while still maintaining the security and decentralization of the blockchain’s base layer.
In other news, a machine learning algorithm predicted the Solana (SOL) price for April 30th. Machine learning algorithms at PricePredictions.com are using AI technology to predict the prices of assets. For Solana (SOL), it predicted that SOL will be trading at $19.36 on April 30th.
After the miner sell-off in late March, the Litecoin (LTC) on-chain data shows that miners are stacking again, and multiple whales have started buying. As the Litecoin (LTC) price is back above $90, bulls need to step in to break above the next resistance at $100.
Approximately 100,000 LTC has been accumulated by Litecoin (LTC) miners, worth around $9 million. The Litecoin (LTC) whale wallets holding between 1-10 million LTC have recently added nearly 900,000 coins, worth approximately $83 million, between March 19th and April 4th.
As the path of least resistance is still up, Litecoin (LTC) could rally towards $110, breaking through the psychological $100 mark. Profit-taking is expected, and if Litecoin (LTC) holds above $100, this opens the doors for Litecoin (LTC) for further gains.
Using blockchain technology, Collateral Network (COLT) connects the dots for borrowers and lenders to provide liquidity through physical assets. Collateral Network (COLT) offers convenience for all participants and eases the entire lending process. With no share of credit history required, it steps into an untapped market.
By accepting a wide variety of assets such as real estate, whiskey, cars, houses, jewelry, etc., and using NFTs to represent those assets, Collateral Network (COLT) is breaking lending barriers for people across the globe.
Borrowers send the physical asset they are using as collateral for the loan to the Collateral Network (COLT). Collateral Network (COLT) verifies and values the physical assets and then stores them in a vault for the duration of the loan. In case a borrower defaults to repay the loan and interests, the platform sells the physical asset in an auction open to the Collateral Network (COLT) community to recover the funds.
To obtain the loan, Collateral Network (COLT) mints an NFT that is 100% backed by the physical asset and fractionalized, so multiple lenders can lend small amounts of money to collectively fund a loan. In return, lenders receive a fixed interest rate for the duration of the loan.
Borrowers who need access to liquidity in a hurry, benefit from the fast turnaround. Lenders can profit by diversifying their portfolios, receiving interest and earning passive income from staking.
The Collateral Network (COLT) ecosystem is powered by the COLT token, now available in presale for $0.014. Market predictions see COLT soaring by 3500% in the presale with a possible 100x after listing on major exchanges.
Find out more about the Collateral Network here: Website, Presale, Telegram, Twitter.
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