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Litecoin Founder Unveils Commemorative Silver Collector Cards Amid Upcoming Halving Event


Litecoin, often referred to as "digital silver" in comparison to Bitcoin's "digital gold," is gearing up for its third halving event. The halving, a programmed event that reduces the rate of new cryptocurrency issuance by 50%, is anticipated to take place soon.


To mark this significant milestone, the Litecoin Foundation and crypto cold-storage card manufacturer Ballet have announced the upcoming sale of 500 limited-edition collectible cards. These exquisite cards, made from 50 grams of fine silver, will be pre-loaded with a minimum of 6.25 Litecoin (LTC).


Litecoin's third halving has sparked considerable interest in the project, prompting Litecoin's creator, Charlie Lee, and his brother Bobby Lee, co-founder of Ballet, to launch this unique crypto promotion. The collectible cards, crafted from 99.9% pure silver, are estimated to have an intrinsic value of about $40 each. In addition to the silver's value, the cards will be pre-loaded with 6.25 LTC, worth around $581. The cards are expected to be sold for approximately $1,000, with the premium representing the intangible value to buyers.


All proceeds from the sale of these collectible cards will be donated to the Litecoin Foundation to support the further adoption and development of the Litecoin blockchain, as stated by Charlie Lee during a Twitter livestream announcement, exactly one week before the expected halving event.


Litecoin, introduced in 2011 as a "fork" or clone of the Bitcoin blockchain, operates on a similar reward system for miners. After every 840,000 blocks (approximately every four years), the mining reward, known as a "subsidy," is halved. With the third halving, the current 12.5 LTC subsidy will be reduced to 6.25 LTC, compared to the original 50 LTC subsidy.


Charlie Lee plans to reimburse miners from Litecoinpool, one of the oldest and largest Litecoin mining pools, with at least 6.25 LTC after the halving event. These miners have agreed to send their block subsidies, also amounting to 6.25 LTC, directly to the blockchain addresses associated with the silver collector cards.


The physical design of the cards is reminiscent of credit cards, featuring a double-layered QR code sticker. The top layer displays a Litecoin deposit address, while the concealed bottom layer holds an encrypted private key (EPK). To access the passphrase needed to decrypt the private key, users can scratch off a section located just below the QR code. Once obtained, the passphrase and EPK can be submitted to Ballet's mobile app for decryption using the Bitcoin improvement proposal (BIP) 38 algorithm.


Bobby Lee highlighted the significance of the BIP38 industry standard, invented by Michael Caldwell, the creator of the Casascius coin, a decade ago. This added layer of security ensures that the private keys remain safe until required for use.


The Litecoin commemorative cards will go on sale in August following the halving event, priced at around $1,000. The first few cards might be auctioned, while the rest will be sold at a fixed price. Charlie Lee also expressed the possibility of personally signing some of the cards, though a final decision is yet to be made.


In summary, the upcoming halving event for Litecoin has led to the creation of 500 limited-edition silver collector cards loaded with Litecoin. These cards, which serve as a unique commemoration of the blockchain's third halving, are expected to garner considerable interest in the crypto community. The proceeds from the card sales will be directed toward furthering the adoption and development of the Litecoin blockchain.

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