Litecoin (LTC) is a P2P and open source project invented by Charlie Lee in 2011. The LTC token resembles Bitcoin in many ways, but has many distinct differences which has led market enthusiasts to dub it the silver to Bitcoin’s gold.
Litecoin is a fork of Bitcoin Core, and has a block generation time that is a quarter of Bitcoin’s, at 2.5 minutes and 4 times as many max tokens at 84 million tokens. It is also uses a different hashing algorithm that is more demanding of memory.
Its mining algorithm requires processes to take place serially, which significantly reduces the advantage of those capable of purchasing ASIC hardware. The intention was to make mining as decentralized as possible, i.e. it makes the power to purchase expensive hardware less of a factor in determining mining capacity. Bitcoin, at this point, is well-known for its mining to be out of reach of most people. Litecoin is a financially lucrative alternative to the number 1 token in this regard.
LTC continues to be one of the most discussed and monitored cryptocurrencies still, years after its launch, a distinction not shared by many other cryptocurrencies. The quicker transaction processing times has led some analysts to believe that Litecoin will be a better alternative to Bitcoin in real-world applications, but scalability and performance improvements to Bitcoin (and Litecoin itself) could change opinions in the years to come. Founder Charlie Lee himself has said that Bitcoin does well as a store of value, while Litecoin is optimal for day to day transactions.
In this tag, read Litecoin (LTC) news, price predictions, opinions and analyses created by users.
$58.106
Facts about Litecoin coin:
New Litecoin units are created through a complex calculation known as mining, and the maximum number of Litecoin units that can be mined is absolutely 84,000,000 units in total (compared to 21,000,000 bitcoins). Hence the famous saying in the world of cryptocurrencies: "If we consider Bitcoin as gold, then Litecoin is silver."
The global market value of Litecoin globally broke the $ 1 billion barrier in November 2013, and by the end of November 2017 it was $ 4,600,081,733 ($ 85.18 per unit of Litecoin). By mid-December 2017, the market value of this currency had jumped to its highest level, with a total value of $ 20 billion (or $ 371 per unit), before it subsequently fell against the dollar as the rest of the cryptocurrencies.
One of the most important features of the technical lead of Litecoin in 2017 among the 5 strongest cryptocurrencies is the adoption of the Segregated Witness. In May of the same year 2017, the first successful lighting network transaction was completed by Litecoin, by moving 0.00000001 LTC from Zurich, Switzerland, to San Francisco, USA in less than one second.
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