Litecoin is described as a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
The litecoin code is LTC and is usually shown against a fiat currency, namely USD, however it can be shown against any fiat or cryptocurrency.
The litecoin address lookup on the Internet is litecoin.org. Here you can find Litecoins very own wallet, however due to its size, Litecoin wallets are very easy to get your hands on.
How litecoin works
Litecoin is an open source, global payment network that is fully decentralized without any central authorities; it is released under the MIT/X11 license.
Litecoin Blockchain Vs Bitcoin Blockchain
As litecoin 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 LTC coins, 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 litecoin 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.
The primary use of litecoin is as a digital currency that can be exchanged instantly between transacting parties and at almost no cost.
But, litecoin is also exchangeable in the open market.
Importantly, it is not litecoin stock. Litecoin is virtual money, tradeable on cryptocurrency exchanges under the litecoin symbol LTC.
Currently, litecoin is in the top ten of all crypto coins by market capitalization.
The litecoin founder is Charlie Lee, a former Google employee.
He released the litecoin blockchain via an open-source client on GitHub on 7 October 2011 and it went live shortly thereafter on the 13th.
“Litecoin hit a record high of $64.2 on Monday and has rallied 1,400 percent since the start of the year.” – CNBC
“Probably the only cryptocurrency with a recognizable brand name besides Bitcoin. AKA the Bitcoin reserve currency. PROS: -Scales better than bitcoin. -Fast confirmation time. -Active development -Bitcoin and Litecoin are the only cryptocurrencies with a recognizable brandname. CONS: -The creator could use more energy on parading his own cryptocurrency and interacting with the community.” – Revex
“Differences between bitcoin include speed of transactions, size of supply, and use case.” – CNBC
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