Litecoin
Market Capitalization
https://coinmarketcap.com/currencies/litecoin/#charts
Description
Litecoin is a hard fork of the original Bitcoin , differentiating itself from it by having a reduced generation time of blocks, a greater quantity of coins to be emitted, and uses an encryption algorithm different from Bitcoin (Scrypt instead of SHA-256)
Due to the algorithm used for proof-of-work of transaction processing, the machines that are currently used for mining Bitcoins (ASICs) are not very efficient for mining Litecoin
What is the problem Bitcoin Cash proposes to solve
The developers of Litecoin ensure that the shortest block generation time (2.5 minutes instead of 10 minutes) Bitcoin ) allow for faster processing of transactions.
In addition, Litecoin presents a higher maximum amount of coins generated, which generates a lower price projection for each Litecoin.
Over time, the increase in the mining difficulty of Bitcoin generated the constant need for ever more powerful and costly machines to perform transaction processing. Using the Scrypt encryption algorithm makes Litecoin mining using GPUs viable again, which generates a potential for reducing processing costs.
Litecoin is also called the silver of the crypto-coins.
Type
Coin
Symbol
LTC
Currency Issue Limit
84 Million
Official Project Website
https://litecoin.org/en/
Whitepaper
Litecoin does not have its own whitepaper, but because it is a hard fork of Bitcoin , has the same fundamentals as the original.
Year of creation
2011
Created by
Charlie Lee
Transaction Validation Method
Proof-of-work
Cryptographic Algorithm
Scrypt
Code Type
Open-Source ( project on Github )
Blockchain Explorers
https://live.blockcypher.com/ltc/
https://chainz.cryptoid.info/ltc/
Acquisition Forms
- Direct purchase
- Mining (proof-of-work)
Useful Websites
Wikipedia - https://en.wikipedia.org/wiki/Litecoin
Statistics - https://bitinfocharts.com/litecoin/
Trade Charts and Statistics - https://www.tradingview.com/symbols/LTCUSD/
History
October 2011 - The Litecoin network is enabled
May 2017 - Litecoin adopts Segwit
December 2017 - Charlie Lee announces that he will sell all the Litecoins he owns. According to the same so that there is no conflict of interest.
February 2018 - Litepay is announced, payment service that will use Litecoins
March 2018 - The CEO of Litepay announces that it will put the structure of Litepay the sale will resign from the position.