LiteBar (LTB) is the silver to Bitbar’s gold. LiteBar is a product that is electronic in nature. LiteBar is a derivative of Litecoin.
LiteBar (LTB) is an open source technology. LiteBar is similar to LiteCoin and uses peer to peer technology. This peer to peer technology of LiteBar functions without the control of any central authority.
LiteBar (LTB) uses Scrypt. Scrypt is on mechanism of Proof of Work (PoW). It is a digital commodity with the intention of to be used as a method to store wealth. This process is similar to BitBar.
The user can store LiteBar just as a precious metal. LiteBar can also be used like an international currency. It was especially developed to make its value can appreciate over time. This is absolutely opposite to the tendency of conventional currency.
LiteBar uses Scrypt as its algorithm and mechanism of PoW. LiteBar has a block time and block target of 180 seconds. LiteBar provides 4 confirmations as its confirmation. The difficulty is retargeted in LiteBar at each block using the Gravity well of Kimoto for its difficulties. The number of total LiteBars (LTB) those are rewarded are 1350000 (1.35 million) only. This makes this bar a rare bar. The type of design of LiteBar is production of designs that is linear, of LiteBar, of which rewards will half once only. It will keep on halving till it reaches to the minimum 1 LiteBar reward. The life span of LiteBar mining is that the process of LiteBar generation will be for the period of only 5 years, starting on year 2015 to the year 2019. It will be everlasting after this period of time.
No pre-mine for this LiteBar LTB is yet decided. The block rewards are for blocks in the beginning, a number of seven thousand two hundred blocks would fetch five LTB for each block for a fortnight. This block reward will be extended from 7200 blocks to 438000 blocks and will be 2 units per block, which will be halving for once. This block reward will be further extended from blocks 438000 to blocks 876000, which will be 1 unit per block.
LiteBar is a mineable crypto currency. The miners can mine LiteBar solo using her/his personal computer with the help of special mining hardware. The miner can also join mining pool to mine LiteBar.
LiteBar is a digital commodity designed for the purpose of storage as wealth. LiteBar is the silver of the future. The value of LiteBar will always appreciate, contrary to other conventional currencies. It has a great potential.
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