Litecoin-[LTC]:
About LiteCoin:
Litecoin LTC - provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have which are its main differentials to Bitcoin.
The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin. The coin was created by a Google employee, Charles Lee. Litecoin is in second spot to Bitcoin and has spawned numerous clones - however it has a solid base of support and dedicated development team.
The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.
In May 2017, Litecoin became the first of the Top 5 (By Market Cap) cryptocurrencies to implement the SegWit scaling solution. Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.
Introduction:
Introduced as the “silver” to Bitcoin´s “gold” (don´t get confused with BCG - the "gold" in this case is just a likening to precious metals in the world of cryptocurrencies, and "gold" definitely means the original Bitcoin BTC).
Litecoin began as a hardfork of Bitcoin. It was released as an open-source code on Github in October 2011 by Charlie Lee, a former Google employee.
Right from the start, Litecoin had a different approach to block sizes and their generation speed (2.5 minutes), therefore achieving faster transaction confirmation times compared to Bitcoin.
Another major difference of Litecoin compared to Bitcoin is the use of scrypt as its proof of work algorithm. Litecoin’s scrypt hashing algorithm is memory-demanding, which encouraged GPU mining.
It was an attempt to resist the development of application specific integrated circuits (ASICs) which dominated Bitcoin mining in 2013 and exponentially increased its mining difficulty. However, first ASIC miners for Litecoin’s scrypt were introduced in 2014.
The main advantage of Litecoin seems to be its agile development. Although Litecoin is among the TOP 5 cryptocurrencies in terms of market capitalization, there’s less politics involved and less conservatism needed. Therefore Litecoin was the first of the TOP5 cryptos to activate the Segregated Witness (SegWit) protocol, already in May 2017.
The team behind Litecoin has been showing dedication since Litecoin’s introduction in 2011. Much of the 2017 Roadmap has been implemented, including the SegWit adoption and creation of the Litecoin Foundation which spearheads and organizes the development of the Litecoin cryptocurrency.
Influencers: Charlie Lee
Also known as coblee, the creator and main proponent of Litecoin. Charlie has a broad love for cryptocurrencies in general, and seems to be doing anything in his power to keep them growing. Former Google employee, and ex-Director of Engineering at Coinbase, Charlie is now the managing director of the Litecoin Foundation.
Technology:
Litecoin is a decentralized currency with quick transaction times and close-to-zero transaction costs. Its total mineable amount is 84 million, which is 4X times the number of bitcoins. This makes Litecoin the “silver” currency, suitable for everyday smaller transactions.
Lightning Network:
Litecoin’s development team have always been progressive and they have been working closely with the developers of the Lightning Network. It’s very likely that Litecoin will be among the first crypto coins to adopt this feature.
Lighting network enables super fast payments with exceptionally low transaction costs by bundling and settling transactions off-blockchain and therefore removing the need to wait for confirmation. The security of these transactions is enforced by smart-contract-like rules. The developers boast millions to billions of transactions per second possible.
Advantages:
- Quick block creation (2.5 minutes) and transaction times
- Ability to process 8X more transactions than Bitcoin in a 10-minute window
- Good liquidity and stable market price
- Somewhat ASIC-mining resistant due to the Scrypt algorithm
- Great community with high consensus for changes
Disadvantages:
- Entirely based on BTC.
- Lags behind Bitcoin core and runs on obsolete code.In the shadow of BTC and doesn’t offer that much novelty.
- Could be knocked-over by modern altcoins.
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