Lіtесоіn (LTC) is a user to user сrурtосurrеnсу based on an open ѕоurсе software project released under MIT/X11 lісеnѕеѕ, it is a сrурtоgrарhіс рrоtосоl that іѕ nоt mаnаgеd bу аnу central entity (central bank). Whіlе heavily influenced by , and in mоѕt regards technically almost іdеntісаl tо Bіtсоіn (), іѕ by far quісkеr аnd cheaper.
While the identity of the creator Satoshi Nakamoto is enveloped in mystery, ’s creator Charlie Lee is in fact very active on social media. Charlie Lee, who is an ex-employee of Google, has the vision to create a “lighter” version of .
While is seen as an asset like “gold”, which is a of value, is seen as “silver”, a cheaper medium of exchange for everyday purposes. The Network forked off Core client and went live on 13th October 2011.
What Makes Litecoin Different
is based on the open-source code of with some notable differences. There is three key difference between and :
- Speed
- Quantity of coins in Circulation
- Market Cap
- Mining process
Speed
Created by Charlie Lee to be the “silver” to ’s “gold”, one of the main differences between the two lies in their speed of transactions.
is able to generate blocks four times faster than , thus, is able to validate transactions faster and process a larger number of transactions.
Quantity of coins in circulation
One of the reasons some hold intrinsic value is due to their limited supply. Once a certain number of () or lite coin (LTC) are created, it will be fixed. There can be no more new coins.
While has a limit of 21 million coins, lite coin will max out at the 84 million mark. Due to the larger supply, will be cheaper than .
Market Cap
’s market cap is roughly 36 times larger than . However, is still one of the top 10 ranking out of 3000 .
These rankings fluctuate based on price and number of coins in circulation.
Mining Process
Another significant difference between and lite coin is the contrasting hashing algorithm used to solve a block. The number of coins distributed each time a solution is found is also different. When a transaction is made, it is then grouped with other transactions that have been recently submitted within one of these cryptographically-protected blocks.
While employs SHA-256 (short for Secure Hash Algorithm 2) which is considered to be relatively more complex, lite coin uses a memory-intensive algorithm referred to as a script.
Different proof-of-work algorithms mean different hardware, so the rig must meet the proper specifications before producing lite coin.
The Future of Litecoin
serves the same purpose of as digital cash, unlike other coins where digital cash is a secondary function. It is likely that in time and could become the gold and silver standards, not just for purchases but for all other coins and . In the future, when you need to purchase another type of coin or a physical product, you could just swap the coins you already have for what you need.
While it hasn’t received all of the press and hype of or , has all the ingredients to become one of the world’s standard currencies once become widely adopted in the future.
Want to learn more?
Read our Whitepaper here:
Official channels :
Official Website:
Official Twitter:
Official :
Official Facebook: World
Official Steemit:
Published at Mon, 22 Apr 2019 04:25:10 +0000
