Litecoin, or LTC, is a cryptocurrency that is largely similar to Bitcoin, but is much more decentralized and more accessible to the general public than Bitcoin. Fundamentally, Litecoin is also a decentralized cryptocurrency, which utilizes a similar protocol to Bitcoin with a few parameter tweaks. Like Bitcoin, Litecoin relies on proof of consent and operates as a peer-to-peer network where users can transfer money among themselves without having to rely on a central authority.
Litecoin was founded in October 2011 by Charlie Lee as a spin-off of Bitcoin and is considered one of the earliest alternative cryptocurrencies. Litecoin aims to be the silver in Bitcoin’s own gold, taking the best innovations in Bitcoin while reach its noble goals.
Birth Of Litecoin
Litecoin ( LTC ) – a decentralized, peer – to – peer, decentralized digital currency that was mined on 7th of October 2011. Litecoin (LTC) is one of the 10 most important cryptocurrencies and is traded on over 300 exchanges that are integrated with CoinGecko. The most common trading pairs arebe the Litecoin / Bitcoin ( LTC ) and Litecoins / BTC ( BTC / LTR ).
Much as Bitcoin, Litecoin also does not have an exchange rate set from the start and its price is completely determined by the market’s perceived value, supply and demand. It’s also worth noting that the block reward on Litecoin follows the same halving schedule as on Bitcoin, going from 50 LTC in 4 years to 50 in a year. The next halving of Litecoin is expected in 2023, when the block reward will fall from 12.5 LTC to 6.25 LBTC per block.
What Makes Litecoin Unique
The Litecoin Network aims for a blocking time of 2.5 minutes, while the Bitcoin Network aims for a blocking time of 10 minutes.
Litecoin’s quicker block time and lower block time means the transactions can be confirmed faster compared to Bitcoin, and the network has a higher throughput. The Litecoin protocol states that there is a maximum of 84 million Litecoins, while Bitcoin has a minimum supply of 21 million Bitcoin and a max supply in the form of 1 million. Unlike Bitcoin, which uses a SHA-256 algorithm, Litecoin uses a various proof – of – work algorithm named Scrypt. Scrypt is an in – memory hard algorithm that was initially created to be ASIC – resistant, and is now used in Bitcoin.
All litecoin addresses will start with a Segwit – enabled address, with the exception of the Bitcoin Core Core and the Litecoin Core Classic. Bitcoin addresses with a “1” or “3” in the “BC1 “, and Bitcoin addresses that start with “L” for legacy, non – Segwit addresses and “M” and a number of other numbers.
Since its inception, Litecoin has closely closely been closely related to Bitcoin, and closely in line with Bitcoin’s history. Litecoin’s core protocol updates are based mostly on Bitcoin’s cores and protocol update, with a few minor tweaks to the Bitcoin network and a couple of minor changes to Bitcoin itself. During the top of the scale debate of 2017, Litecoinbeed the first to adopt Segwit in May 2017 which Bitcoin followed a couple of months later in August 2017. In 2019, Litecoin creator Charlie Lee announced for Litecoins to plan for a new version of the protocol with the mimblewimble protocol popularized by Grin Beam.
In 2019, it was announced that development is currently underway on the Mimblewimble protocol, with a testnet expected to be available some time in September 2020.
How To Mine Litecoin
How can Litecoin be mined, how can it be mining with the Litecoins mining pool, and how does it work with other cryptocurrencies?
Litecoin uses an in – memory hard algorithm initially designed to be a “integrated” version of the Bitcoin Core, the most popular Bitcoin protocol in the world. However, the Litecoin network became dominated by ASICs since manufacturers started making Scrypt ASIC’s powerful enough to overpower the CPU and GPU miners. Currently, mining Litecoin requires ASICs from manufacturers such as Innosilicon and other manufacturers of ASIC mining equipment. The profitability of mining can be estimated using sites such as WhatToMine and ASICMinerValue, as well as the cost of the mining equipment itself.
The Future Of Litecoin
Litecoin Derivatives arebe a good source of information on the current state of the market and the future of Litecoin. You can choose to trade Perpetual Swaps and Futures, and Litecoin is no exception, it’s one of the most popular and popular derivatives in the world.
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