Comments Off on What Is Litecoin (LTC) ? | The Newbie’s Information
It’s the little brother to Bitcoin’s huge brother. Litecoin is a peer-to-peer cryptocurrency, identical to Bitcoin. Nevertheless, it was designed to be faster at processing transactions than Bitcoin, therefore the time period ‘lite’.
Do you know?
Not like Bitcoin’s creator, the mysterious Satoshi Nakamoto, Litecoin’s creator, Charlie Lee is thought, and is energetic on Twitter!
Who Invented it?
An ex-Google worker known as Charlie Lee. He was an enormous fan of Bitcoin, however thought he might do make a greater model, so he constructed Litecoin!
A short historical past
📡Charlie Lee launched the software program Litecoin is constructed on to a coding neighborhood on October 7, 2011.
⚡Two days later, it went stay.
💸By November 2013, it was price $1 billion.
🗺️As we speak it’s thought-about one of many largest currencies within the crypto world.
What’s so particular about it?
Along with the advantages of blockchain:
🚷Decentralised – no-one particular person or group owns or controls it
👯Trustless (peer-to-peer) – No extra third events
↔️Borderless – no want for exchanges to maneuver foreign money throughout borders
Immutability – It may by no means be modified or reversed not like all of immediately’s monetary techniques
🙅♂️Double-spending – it solved the issue many digital currencies had tried to crack
🔬 It’s a proof-of-concept for blockchain a know-how that may change actually every little thing.
On prime of all that, Litecoin’s options make it:
💨Tremendous speedy. With Bitcoin, the common period of time it takes to create a block within the blockchain is 10 minutes. With Litecoin it takes simply 2.5 minutes.
☕Designed for the on a regular basis – it was designed for small transactions, like shopping for espresso and, because of its quicker processing speeds.
⛏️It makes use of a barely completely different mining methodology to producing foreign money than Bitcoin.
Do you know?
Solely 84 million LTC can ever be mined. At current two thirds have been ‘dug up’, and it’ll take roughly 100 years for the remainder of the foreign money to be mined.
How is it produced?
It’s mined in a lot the identical manner as Bitcoin.