What Is Litecoin?
Code : LTC
Type : Litecoin Token
Category : Smart Contract Platform
Litecoin (LTC) is a cryptocurrency that was designed so as to supply fast, secure, and low-cost payments made by making use of the benefits of blockchain technology.
The cryptocurrency has been created supported the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm is getting used, hard cap, block transaction times, and a few other factors also. Litecoin has a block that is just 2.5 minutes, and with a very low transaction fee, which makes it particularly suitable for micro-transactions and point-of-sale payments.
Litecoin changed into launched through an open-source client on GitHub on October. 7, 2011, the Litecoin Network went live five days later, in October. 13, 2011. Since then, it has exploded in use and acceptance in the business, and it must be counted as among the top ten cryptocurrencies by market cap for the better part of its existence.
The cryptocurrency created by Charlie Lee, a former Google employee, who intended Litecoin to be a "lite version of Bitcoin," within the sense that it's many of the same features as Bitcoin, they're lighter in weight.
Company Founders & Team Behind
Type Of Token
Litecoin, A Native Currency Of Litecoin Blockchain
Litecoin Can Be Mined
How Does Litecoin?
- Miners must successfully solve hash functions so as to feature new blocks of a cryptocurrency to the blockchain.
- Litecoin and bitcoin use different mining algorithms, with Scrypt being the hash function used for litecoin, and SHA-256 the hash function used for bitcoin.
- Scrypt was initially chosen by the litecoin development team to avoid mining being dominated by ASIC-based miners.
- This is able to allow CPU and GPU-based miners to compete.
- However, Scrypt-capable ASIC-based miners have developed over time. this suggests CPU and GPU-based miners not have valid mining tools thanks to the inferior computational powers, and ASICs are ready to generate much more hashes per second.
As a blockchain-based cryptocurrency, Litecoin is secured by incredibly strong cryptographic defenses - making it nearly not possible to crack.
Like Bitcoin and many other cryptocurrencies, Litecoin makes use of the PoW consensus algorithm, in order to ensure that the transactions are confirmed in a timely or error-free. The combined effect of the Litecoin mining network to prevent double-spending, and a number of other attacks, while ensuring the network has 100% uptime.
The Block mining rate in Litecoin is about 2.5 minutes on average. Compared to bitcoin(10 minutes). This is especially useful for those who have to do a lot of mini-transactions-per-day bases.
- Litecoin preparation is an open-source software discovery service. Protocol development is governed by a proposal process whereby anyone within the open-source Litecoin community can submit Litecoin Improvement Proposals ("LIPs").
- After public discussion, the Litecoin Core editors, supported by the Litecoin Foundation, accept or reject the proposals.
- The Decisions from the process are written into the Litecoin specification, as well as the software that runs the network.
- Finally, protocol changes, the “ratified” of the chain where part of the network is located, assuming that the update will not break the consensus.
- Although the Litecoin Core and Litecoin Foundation are separate, they work closely with the Litecoin project with Litecoin Foundation to provide funding to Litecoin core developers.
Real World Use
- Litecoin is a form of digital money that uses blockchain to keep a public ledger of all transactions. It is used to facilitate the transfer of funds between individuals or businesses, without the need of an intermediary such as a bank or payment processing service.
- Litecoin was created for similar use cases as Bitcoin: A permissionless payment system that can't be controlled by any centralized institution.
- Proponents argue that thanks to its faster transactions and lower fees, Litecoin features a competitive advantage towards Bitcoin when it involves mass adoption as a payment system.
- Litecoin’s adoption, especially in remote areas with limited banking infrastructure, is increasing globally.
- During a recent use case, Litecoin partnered with two gaming companies – Atari and CipSoft – who are both using Litecoin as a way of payment.
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PLEASE NOTE: The above information is issued in public interest to create more awareness around various cryptocurrencies. However Aclaran Protocol, or any of its associate companies takes no responsibility of the above information. Please Do Your Own Research Before Investing.