Categories: CryptoNews

eLTC Is Another Useless ERC20 Token Issued on the Ethereum Blockchain

We have seen a lot of new ERC20 tokens come to market over the past few months. Most of these tokens were created as a result of the growing number of cryptocurrency ICOs. In some cases, it appears tokens were created solely as a money grab. While people are still trying to wrap their heads around eBTC, it seems we now have eLTC as well. Its purpose has yet to be determined, mind you.

What is the Deal With eLTC?

Creating electronic tokenized versions of existing cryptocurrencies serves no real purpose whatsoever. That is equally the case where most ERC20 tokens are concerned, as very few of them seemingly have any real use right now. eLTC is no exception in this regard, and it is important to note it has nothing to do with Litecoinand vice versa. 

It is also unclear who the creator of eLTC is, as there does not appear to be a companion website or subreddit where more information can be found. All of this shows the project is nothing more than an attempt to create money out of thin air and make a quick buck in the process. It is highly doubtful the eLTC creator will be successful in this regard, though, as there are some very strange things about his currency, to say the very least.

First of all, the original Techburst article detailing the eLTC currency has been removed altogether. It is unclear why this would happen unless the writer suddenly realized the project was nothing more than a pure scam. Additionally, it is possible the eLTC developer wrote it himself but decided to remove the information at the end for unknown reasons. All of this makes it very difficult to understand why this token was created other than to create a cash cow of sorts.

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Secondly, it remains unclear how many eLTC tokens are in circulation right now. Without any whitepaper or website to find out more, no one knows for sure how many tokens there will be. One Reddit source claims the creator will keep at least 4  million eLTC to himself. This blatant attempt to trick novice cryptocurrency users into buying a worthless token prior to cashing out will not be appreciated by the overall cryptocurrency community, for obvious reasons.

With the sudden influx of eXXX tokens in the Ethereum world, things are getting very confusing. No one needs to issue a tokenized version of an existing cryptocurrency as an e-token on the Ethereum blockchain. Such entities serve no real purpose whatsoever, even though they may still attract some novice users who have no idea what the token is really about. For the time being, there is very little reason to get excited about eLTC. Surprisingly enough, there are no less than three different eLTC versions trading on EtherDelta right now.

Similar currencies having been issued recently include eBTC, eDOGE, and eDash. Rest assured we will see more of these useless tokens in the very near future, and people will buy them regardless. While eLTC is currently being traded, there does not appear to be any major action on EtherDelta right now. There do appear to be a ton of buy orders, although it is unclear why anyone would even show an interest in this project, to say the least.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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