A hard fork of its forefather Bitcoin, Litecoin was launched with the aim of making the online transactions easy and transparent. Like other digital cryptocurrencies, it runs on a global peer-to-peer blockchain network and is based on open-source cryptography. This decentralized currency supports instant, near-zero transactions and negates the possibility of any third party interference. Individuals are in control of their funds as the Scrypt (Proof-of-Work) algorithm fortifies the network. It also brings with itself certain additional features that are lacking in Bitcoin. Increased trade volume and liquidity, combined with considerable support from industry experts makes Litecoin a recognized means of exchange that perfectly complements Bitcoin.
Litecoin was developed by ex-Googler Charles Lee and first launched on GitHub, an open-source platform on 7th October 2011. The system went live on 13th October 2011. By increasing the total supply, Litecoin makes way for increased transaction volume. Owing to faster block generation, Litecoin’s network easily allows room for high-volume transactions without any need to change the software design. Merchants and traders receive confirmation much faster, without having to wait in a queue.
Litecoin uses ‘Scrypt’ as its evidence of work (calculations done by the miners). It is based on the core Bitcoin blockchain, and comes with a reduced block generation time of 2.5 minutes (as compared to Bitcoin’s block time of 10 minutes), a different hash protocol (Scrypt, in place of SHA-256), a coin cap of 84 million (as compared to Bitcoin’s 21 million) and a somewhat modified GUI. It is a memory-hard algorithm that requires exponentially greater storing capacity, and because of this, FPGA and ASIC devices meant for Litecoin mining are more difficult to design and far more expensive to purchase.
In early May of 2017, Litecoin became the first of the best 5 digital currencies to receive the Segregated Witness approval. Later that month, the first of the Lightning Network bargain was initiated through Litecoin, exchanging 0.00000001 LTC from Zürich in Europe to San Francisco in USA in less than a second.
Litecoin mining is quite similar to that of Bitcoin, except the fact that GPU mining rigs are a more favourable option to go with, as opposed to Bitcoin’s ASIC setup. For every new block generated, Litecoin miners are rewarded with 25 new coins. This amount is halved in every 4 years, i.e., for every 840,000 blocks.
Dash is a new breed of cryptocurrency, which is a promising alternative coin (also called altcoin) to Bitcoin. In this article, we’ll deal with a br
Sia is a popular decentralized peer-to-peer network that is dedicated to buying and selling of computer storage space.
Mark Cuban June-05-2018
On 29th April 2018, UNICEF Australia proclaimed an initiative which allows a user to hand over his o
There was a time when 10,000 BTC coins would buy 2 pizzas. This was around 8 years back. Now, one
In its past reports, CCN made a note that the 8,200 USD resistance level seems to be a crucial st
Tony Scott May-16-2018
In a meeting with CNBC this Monday, i.e. 14th May, a top-rated policymaker of the US spoke in sup
Jeremy Liew May-08-2018
Sergey Brin, the co-founder of Google says Ethereum mining has assumed an important part in the curr
Tony Scott May-07-2018
The Bitcoin blockchain left its mark in April with the 17 millionth Bitcoin being mined. In case you
Tony Scott May-05-2018
Bitcoin and Ethereum are two world-renowned cryptocurrencies that have led the crypto market and sur
Jeremy Liew May-04-2018
Today, digital currencies are doing kind of things that investors and Wall Street have never seen be
After long, the world’s most popular cryptocurrency, Bitcoin seems to come back. The &lsquo