A few months ago, I wrote about why I believe Litecoin has a place in the cryptocurrency community. In short, one of the main reasons is that diversity strengthens a community, and Litecoin certainly offers a contribution to that diversity.
To show this, the Litecoin developers, lead by Warren Togami, just announced they have released a Bitcoin client called Bitcoin OMG. Yup, that’s right, the Litecoin team working for the “enemy”, making Bitcoin a better coin.
The new client introduces several interesting features that are sure to make an impact. For example, the new client allows watch-only addresses. What this means is that you can monitor any address and see it’s account movements as if it were your own address. Obviously you can’t do anything with the money in those remote wallets, but due to Bitcoin transactions being public, you can see what goes on in any address.
Another interesting feature for those managing multiple addresses (like myself) is coin control. If you don’t know how a wallet works, it is essentially a collection of Bitcoin or Litecoin addresses. Although your wallet will show the complete balance for all those addresses (including watch-only addresses with the new client), each address actually was its own balance independent of each other.
Let’s say you have ten addresses where you’ve received 1BTC each. Your wallet balance now shows 10BTC and you want to send 3.5BTC to someone.
The default client will “kinda randomly” chose from which of those 10 addresses funds will come. This may be a problem if you are managing addresses for multiple entities, for example if you have an address for a company, your spouse, or perhaps set aside for a specific purpose.
With coin control, the new Litecoin-based Bitcoin client allows you to control from which addresses you send money so you can keep certain addresses completely out of touch if you like.
A final feature worth mentioning is for miners; you can now disable the wallet functionality completely and use the client as a relaying or mining station only. This reduces RAM usage considerably and makes the impact of running a client much smaller.
There seems to have been a hitch with the first release of Bitcoin OMG, though, so the developers have pulled it for now, but you can follow its progress in the Bitcoin OMG thread over on Bitcointalk.org.