Litecoin, created in 2011, is meant to be the lighter variant of Bitcoin to allow quick and affordable payments. It's almost four times as fast as Bitcoin in terms of payment processing. Litecoin is built to ensure enhanced scalability for quicker growth. In many ways, Litecoin is also identical to bitcoin, and that's precisely why a silver coin often denotes it as opposed to Bitcoin's gold. The primary objective of Litecoin is to establish a global payment system so that people can receive and send funds anywhere they want without any involvement of intermediaries.Litecoin has a native token which is denoted by the abbreviation LTC, and at the time of writing, LTC is priced at $47.87 with a market ca of just over $3.1 billion.
Coin difficulty: 16369081.72758267
Coin algorithm: Scrypt
Coin network hashrate(H/s): 484300000000000
|Max Supply||Network H/s||Algorithm||BlockNo.||Proof Type||Start Date|
|Website||DifficultyAdj.||Mkt. Cap. Penalty||Current Supply||Block Reward|
As we previously touched on, Litecoin was founded by Charlie Lee, an early cryptocurrency adopter and a name held in high regard in the cryptocurrency industry.
Charlie Lee, also known as “Chocobo,” is an early Bitcoin miner and computer scientist, who was a former software engineer for Google. In addition, Charlie Lee held the role of director of engineering at Coinbase between 2015 and 2017 before moving on to other ventures.
Today, Charlie Lee is an outspoken advocate of cryptocurrencies and is the managing director of the Litecoin Foundation—a non-profit organization that works alongside the Litecoin Core Development team to help advance Litecoin.
Besides Lee, the Litecoin Foundation also includes three other individuals on the board of directors: Xinxi Wang, Alan Austin and Zing Yang — all of which are accomplished in their own right.
Litecoin Blockchain Vs Bitcoin Blockchain
As LTC is essentially a fork of bitcoin core (BTC), they are in most regards technically nearly identical. With substantial industry support, trade volume and liquidity, litecoin is commonly referred to as a proven medium of commerce complementary to bitcoin. However, litecoin does have some technical differences compared to bitcoin:
● the litecoin blockchain aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes, which allows for faster transaction confirmation of almost four times.
● the litecoin network has a target of 84 million Litecoins, whereas bitcoin’s target is 21 million BTC.
● litecoin miners use a diiferent proof of work hashing algorithm –scrypt- whereas bitcoin uses the SHA-256 hashing algorithm. Scrypt requires more resources and it’s therefore generally accepted to be the best deterrent for malicious, brute force attacks on a network; but, mining hardware for scrypt is also more expensive. For those interested Litecoins 'Top Hashers', see how many Litecoins they can earn per day.
● the litecoin blockchain also uses a slightly modified graphical user interface (GUI) compared to bitcoin.
Because the LTC blockchain is capable of handling higher transaction volume than its counterpart bitcoin, merchants get faster confirmation times.
And, due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. Litecoin’s wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins; this provides protection from wallet-stealing viruses and trojans. In May 2017, Litecoin became the first of the top cryptocurrencies to adopt Segregated Witness (SegWit). Also during May 2017, history was made when the first Lightning Network transaction –which uses off-blockchain SegWit protocols- was completed through the litecoin network; transferring 0.00000001 LTC from Zurich to San Francisco in under one second.
Introduction to Coin Mining
● A block is mined within 2.5 minutes and the current reward per block is 12.5 LTC. This will half in four years.
● Can be mined with Easy Miner, MultiMiner, GUIMiner Scrypt, CPUminer, CGminer Litecoin, and Awesome Miner. These allow you to switch to GPU mining from CPU mining.
● For ASIC miners, the software will most likely be pre-installed in the hardware. Otherwise, you can use the free ASIC/FPGA miner or other software.
● Litecoin mining pools include Litecoinpool, MinerGate, LTC.top, Antpool. F2pool, and ViaBTC.