10 facts about Litecoin
Aug 21, 2017 Posted / 4138 Views
With the growing rate in cryptocurrencies, there are many options available instead of Bitcoin. These altcoins to bitcoins might be more efficient than Bitcoins, and are slowly making their mark in the world of cryptocurrencies. One such altcoin is Litecoin which is one of the leading Digital currencies in the market.
Litecoin, under the MIT/X11 license , is a open source software project and peer to peer cryptocurrency released. Transfer of coins and their creation is not managed by any central authority and is based on an open source cryptographic protocol.It has some technical enhancements over Bitcoin, and other major cryptocurrencies, such as the Lightning Network and adoption of Segregated Witness.
On October 7, 2011, it was released by way of an open source client on GitHub by Charlie Lee, who was a former Google Software engineer. Litecoin was a fork of the Bitcoin core client.
This altcoin makes use of the scrypt algorithm which was initially named as s-crypt, but was later pronounced as 'script'. The algorithm has the SHA-256 algorithm, but the calculations are more serialized than SHA-256 in bitcoin. Scrypt incorporates large number of high speed RAM, more willingly than raw processing power alone.Thus, scrypt is known as a 'memory hard problem'.
It is said that that if Bitcoin is gold, then Litecoin is Silver. Litecoin is designed to become more faster than that of Bitcoin, and to stop the centralization of mining which has been occurred in the Bitcoin network during the creation of Applications Specific Integrated Circuits(ASICs). Litecoin is mined on graphics cards which are extensively available.
ASICs are particular, expensive, hard to get. It thus led to a fewer distributed mining network, which is a troublesome trend.
It is designed in such away that a new block is discovered every 2.5 minutes while it is 10 minute blocks in bitcoins. Thus this increases the speed of transaction processing, and also increases the highest number of transactions per second.
The blockchain of Litecoin is able to handle higher transaction volume. The network is thus planned to produce 84 millions of litecoins, which are four times as many currency units as Bitcoin.The Wallet encryption enables you to protect your wallet, so that you can always have a look at your transactions. The open source feature gives you the power to modify, run, distribute, and copy the software at your option.
Around May of this year, Litecoin was successful in activating SegWit. SegWit has helped to make faster transaction with reliable speed where a lot of amount of blocks of data are transferred at a high speed.
Litecoins tremendous growth and surging of it prices has been the reason why it has been the better option for investment. The cryptocurrency is not affected much by the changing and fluctuations in the market. It has proven to be stable even in the inflation time.
The circulation of Litecoin are with faster speed, which is as much as four times faster than the bitcoin. Which refers that 84 millions of total Litecoin circulation in total which is much more than the bitcoin. The more the amount of blocks to be transferred, the smaller are the blocks mined, which are first undergone through a confirmation then it is transacted at a faster speed. It takes 2.5 minutes for the confirmation which is less than the bitcoin. Thus, it has a faster network.
The Litecoin is more secure and safe because of the scrypt algorithm used, and the mining of the Litecoin involves much difficult mathematical problems, which leads to a tough time to solve them. Which refers that, it is more difficult to mine but has its own perks if being safe and secure for the encryption and transaction.
Litecoin is cited to the silver of cryptocurrencies, as the founder Charlie Lee says that he wanted to design a silver to bitcoin because silver is easy to purchase because of its cheaper rates.
Litecoin has thus experienced a huge amount of trading volume in recent times and many business experts have also said that it can be a better investment option.
SegWit adoption in Litecoin has made it possible for the more transactions. Litecoins are four times more than the bitcoins that makes it more available in the market.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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