Litecoin users can rejoice on this 3rd of January, as they are now able to use a new service called LiteVault. Similar to services offered by Blockchain.info for Bitcoin users, LiteVault is an online wallet service for Litecoin. This service is still in early alpha stage at this point, and not all of the functionalities have been enabled just yet.
Litevault is a Litecoin service which uses encrypted wallet storage on Litevault’s own servers, whereas generated private keys are stored in the user’s browser. Some of you may recognize this system, as it is exactly the same principle used by Blockchain.info. This technology has been adopted to Litecoin by Someguy123, who also helps out with LitecoinLocal.
The Litecoin community has been waiting for a wallet service like LiteVault for a very long time. Over 100 man hours of work have gone into development of this project, and many more hours will be spent on fixing bugs and enabling more features over the next few weeks and months. Do keep in mind there has been no official fundraiser for such a project, nor has there been any encouragement from anyone involved in Litecoin development.
As a result, LiteVault is now in early alpha stages, and the developer does expect bugs to show up every now and then. It is therefore advised not to store massive amounts of LTC on LiteVault for the time being. On the other hand, users are in control of their private keys at all times, so tthe chances of losing coins are very low.
Someguy123 does call upon the Litecoin community in order to show their support for his work in the form of donations. LiteVault will not be generating any income through ads, and as this Litecoin services is operated on a trustless basis, he can not take a cut of transaction fees either. Premium features are also completely out of the question, so there will be no monetary gain for the developer whatsoever.
LiteVault working functions as of this writing are as follows : sending and receiving coins , generating new Litecoin addresses, importing existing private keys and exporting your wallet. Viewing your transactions is currently not working (yet), and as we mentioned before, if you encounter any bugs, make sure to report them as soon as possible.