CryptoURANUS Economics: Litecoin [LTC]: Defined in CryptoCurrency

CryptoCurrencies


Tuesday, August 7, 2018

Litecoin [LTC]: Defined in CryptoCurrency

Litecoin [LTC]:







Litecoin is a cryptocurrency based on bitcoin’s technology with improvements to transaction speed, and a reduction of transaction cost.

 


Litecoin is the silver to bitcoin’s gold.

Not only is it cheaper, it always seems to trace bitcoin’s price on a lower scale. 


Unlike bitcoin, litecoin focuses on using the latest in technology to improve performance and user experience.


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:

Litecoin as 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:

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.

Our Mission:

The Litecoin Foundation is a non-profit organization registered in Singapore (Litecoin Foundation Ltd. UEN: 201709179W)


Our mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies.


What is Litecoin?

Created by Charlie Lee in 2011, Litecoin (LTC) is a transaction-friendly cryptocurrency that is commonly thought of as the “silver” to Bitcoin’s gold


Litecoin has some key technical differences to Bitcoin that make it the premier cryptocurrency for payments, namely its faster transaction speeds and cheaper fees. Learn More.

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