Everyone's asking about What Litecoin currency- Invest in Litecoin- How does it work?So in this article, we put together a comprehensive guide on What Litecoin currency- Invest in Litecoin- How does it work?
Litecoin encryption is a branch of bitcoin. It is a decentralized payment system, created on October 7, 2011, by Charlie Lee, a former Google and Coinbase employee. Litecoin is often considered Bitcoin's little brother, and that's for many reasons, and now I'm going to explain to you my dear reader What Litecoin currency- Invest in Litecoin- How does it work?
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| What Litecoin currency- Invest in Litecoin- How does it work? |
Litecoin in brief.
Litecoin (LTC) is an alternative cryptocurrency to Bitcoin (BTC) created on October 7, 2011 by Charlie Lee, who was then developer for Google. The source code of Litecoin is a software fork of the source code of Bitcoin, hence the fact that it is referred to as a fork of Bitcoin, even if they do not share the same history.
Litecoin is often considered digital silver (metal), just as Bitcoin is considered digital gold (“the silver to bitcoin’s gold”). This is due to the fact that Litecoin is 4 times less rare than Bitcoin: the amount of LTC in circulation is indeed limited to 84 million units, unlike Bitcoin which is limited to 21 million units.
If the essential of the functioning of Litecoin is modeled on Bitcoin. Litecoin is based on proof of work and newly generated LTC are distributed to minors as a reward for their participation in securing the distributed registry, which is a blockchain. As for Bitcoin, the issuance of new Litecoins is scheduled to undergo a halving every 4 years: from 50 LTC per mined block at its launch, it increased to 25 LTC in August 2015 and then to 12.5 LTC in August 2019.
There are, however, some differences between Litecoin and Bitcoin.
The production time for a Litecoin block is 2 minutes and 30 seconds, compared to 10 minutes for Bitcoin, which is 4 times faster, so the maximum number of LTC will be 84 million.
The proof-of-work algorithm is based on the scrypt (or S-Crypt) function, a memory-intensive key bypass function to discourage the development of specialized integrated circuits (ASIC) and favour mining by graphics processor (GPU) which is accessible to the general public. Nevertheless, ASICs could still be developed and LTC mining is no longer profitable for miners using graphics cards, The importance of that information had to be clarified What Litecoin currency- Invest in Litecoin- How does it work?
Past and future of Litecoin
Litecoin was born in October 2011, thanks to the initiative of Charlie Lee, a Google developer. The genesis block was built on October 7 and contained (on the same model as the Bitcoin genesis block) the title of a New York Times article of the 5 announcing the death of Steve Jobs. Charlie Lee announced Litecoin on the Bitcointalk forum on October 9, presenting it as “a lighter version of Bitcoin.” The network was launched during the night of October 12 to 13.
Litecoin used the scrypt mining algorithm, which was used in the Tenebrix cryptocurrency launched in September of the same year by ArtForz and Lolcust. The initial purpose of this algorithm was to oppose mining by GPU, FGPA and ASIC and to promote mining by CPU.
Litecoin has not been pre-allocated and all litecoins have been mined naturally. However, mining did not go well at first: due to a bug in the difficulty adjustment algorithm, over 500,000 LTC was generated in the first 24 hours instead of 28,800, 17.5 times faster than expected. This rapid mining was offset by the fact that the 500,000 LTC in question now represents only 0.8% of the money supply.
Litecoin experienced its first speculative craze at the end of 2013 during which its price went from $2.50 to $50 in a few days. After the bubble burst, Litecoin experienced as bitcoin a long period of stagnation.
In 2017, Litecoin benefited from renewed interest in cryptocurrencies. In April, Charlie Lee and a few others created the Litecoin Foundation, which was intended to fund the development and adoption of Litecoin.
On May 10, 2017, the SegWit upgrade was activated on Litecoin, 3 months before Bitcoin. One of the objectives of this upgrade was to facilitate the implementation of the Lightning network. Two hours later the same day, the first payment channel was opened by Blockstream’s Christian Decker between two Lightning nodes located respectively in San Franciso and Zurich. Several transactions were made including a payment of 1 litoshi (0.00000001 LTC) with no charges.
On December 20, 2017, Charlie Lee announced that he had sold part of his CTA and donated the rest in the previous days. It turns out he sold at the top of the bubble, which he was later accused of.
The early integration of SegWit and Lightning has led many to describe Litecoin as a “testing network for Bitcoin.” However, if this may have been true in the past, today everything seems to indicate that Litecoin will detach from Bitcoin by a less conservative evolution.
On October 20, 2019, the Litecoin Foundation proposed to integrate MimbleWimble, a process to add better transaction confidentiality to the protocol and thereby improve the fungibility of Litecoin. This process would be added in the form of a soft fork via extension blocks, hence the name of the proposal: MWEB or MimbleWimble via Extension Blocks. The MimbleWimble integration is in the development phase and a dedicated test network was set up in early October 2020.
Litecoin team and partners.
Because we wanted to explain everything about Litecoin from the currency of What Litecoin currency- Invest in Litecoin- How does it work? Since the Litecoin project is open source, the developers of the project cannot be easily identified and quantified. However, since the project is supported by the Litecoin Foundation, some of its most prominent members are known.
The members of the Litecoin Foundation Board of Directors are:
- Charlie Lee: creator of Litecoin and co-director of the Foundation. Former software engineer at Coinbase and Google;
- Xinxi Wang: co-creator and co-director of the Litecoin Foundation, he is in parallel the CEO of COINUT, an exchange based in Singapore;
- Alan Austin: Co-Director of the Foundation. Over 20 years of experience in entrepreneurship and investment;
- Zing Yang: Co-Director of the Foundation, she is also a member of several think tanks and think tanks.
- Adrian Gallagher: Developer of Litecoin Core since July 2017. He is also Managing Director of THRASHER Corporation.
- Loshan T. : developer of Litecoin Core since 2013, he is also the creator of Litewallet.
And to write you comprehensive information about What Litecoin currency- Invest in Litecoin- How does it work? It was necessary to know Litecoin's partners.
Litecoin is one of the most collaborative projects in the world. The video game industry, filmmaking, payments processors, financial product suppliers, ATM, cashback systems, sports organizations and Litecoin have gained a position in most sectors of activity that may be related to encryption, so we are going to know What Litecoin currency, Invest in Litecoin, How does it work?
This is a list of Litecoin's main partnerships. Some only join the Litecoin Foundation, but are often associated with encryption:
- Atari, the legendary video game company. The LTC can be used for the purchase of the Atari VCS, a hybrid PC/console manufacturer;
- AMC, the world’s largest movie chain accepts LTC payments;
- NordVPN, the famous provider of virtual private networks, accepts LTC payments;
- Nefarious, the Litecoin Foundation sponsors this e-sport team through its entity Litecoin Gaming;
- MeconCash, a company that makes LTC available after 13,000 vending machines in South Korea;
- Cred, a platform that offers 10% annual interest to its users who hold LTC;
- BlockFi, a platform for borrowing and lending cryptocurrencies, which integrates the CTA into its products;
- Bitgo, a daycare service where the funds of the Litecoin Foundation are stored;
- BitcoinRewards, a service that reverses cashback in LTC and BTC when buying online;
- The Miami Dolphins, a professional football team;
- San Diego International Film Festival, where tickets can be purchased in LTC;
Strengths and weaknesses of Litecoin
Like other cryptocurrencies, Litecoin has its own strengths and weaknesses.
Among the advantages that make Litecoin a quality cryptocurrency are:
- Litecoin is one of the first alternative cryptocurrencies (“altcoin”), which gives it a major place in the history of cryptocurrencies;
- Litecoin therefore has a significant network effect: many portfolios, exchange platforms, payment processors, merchants and other services accept the LTC;
- Litecoin’s security is very reliable, in the sense that its code and consensus model by proof of work have existed for almost a decade;
- Litecoin is more suitable to serve in everyday transactions, its transactional capacity being now 4 times that of Bitcoin;
- The development of Litecoin, although less conservative than Bitcoin, is rather slow and meticulous: this makes the LTC a safe and stable value, like silver metal in the real world, and that’s why Litecoin has been in the top 10 cryptocurrency market capitalizations for years.
- By being very close to Bitcoin, Litecoin sometimes struggles to stand out from its big brother in the eyes of users and investors;
- Its development is, as has been said, quite slow, which makes it take a technical lag on other less conservative cryptocurrencies like Bitcoin Cash, Monero, Dash or Zcash;
- Litecoin has less transactional capacity than some other cryptocurrency systems, especially those based on a challenge proof model;
- Some blame Litecoin for relying too much on the personality of its creator, Charlie Lee, who has a certain weight in governance decisions.
How to buy Litecoin (LTC)?
And everyone's asking about What Litecoin currency- Invest in Litecoin- How does it work? so we need to figure out how to buy Litecoin.
You can buy Litecoin on the vast majority of cryptocurrency exchange platforms. The platform with the most volume traded and the most advantageous fees is Binance. The simplest method is therefore to buy LTC directly on Binance for euros.
Explanations for the Purchase of LTC on Binance Register on Binance;
- You will receive an email and will need to click on a link to verify your account;
- Deposit funds on the platform;
- Click on the Market menu and search for the LTC/USDT pair;
- All you have to do is buy LTC for the amount of your choice;
- Congratulations You are now in possession of LTC tokens!
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