Hello Read.cash Community, today with a new content about the Crypto World, this time it's Litecoin's turn, in the previous presentations we showed: Blockchain Generalities, What is Bitcoin? and What is Ethereum?, you can click on the links if you want to review any of them.
What is an Alcoin?: Any cryptocurrency alternative to Bitcoin.
Photo by: Cointelegraph
Litecoin (LTC), is one of the most recognized Alcoin in the world, it is the oldest in existence, it was launched on October 17, 2011, its creator was Charlie Lee, who left his job at Google to dedicate himself to Litecoin, he was also working as head of development of coinbase until 2017. Hence the many controversies he has had, it was said that he was manipulating the price of the tokens, until he decided to sell all the tokens he had and thus eliminate all rumors.
Like the other alcoins, the Litecoin Foundation was also created as a non-profit organization based in Singapore, which is responsible for the development of Litecoin for social purposes.
Litecoin is a Bitcoin Fork with a slightly modernized blockchain code.
Fork: Bitcoin software is open source, so it can be accessed, what is done is to take the existing protocol and create a new project based on it, making changes in the code, i.e. Litecoin could be said to be a copy of the modification of the bitcoin protocol, made as an independent project. Bitcoin has other forks Bitcoin Cash and Bitcoin Gold.
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The time to generate a new block is a quarter of the time it takes Bitcoin to generate a new block, i.e. Bitcoin takes 10 minutes while Litecoin takes 2.5 minutes. Therefore the cost of transactions is significantly reduced.
Litecoin achieved its greatest success in 2013, when it reached a market capitalization of $1 billion, which is why it came to be seen as the cryptocurrency that could replace Bitcoin.
Bitcoin's maximum supply is 21 million and Litecoin's is 84 million, its consensus mechanism in the same Proof of Work (P.O.W), which we had mentioned before. The last Halving was on August 5, 2019. This caused the block reward for miners to decrease from 25 LTC to 12.5 LTC and the next Halving will be on August 6, 2023.
Verified transactions per second
Bitcoin 7
Ethereum 15
Litecoin 56
In September 2017 the coin added support, the first for the Lighthing Network technology, which improved the stability of the network, which made it possible to send LTC without paying any fees and transactions on the spot, a few months earlier there was another light fork called Segwit which doubled the block size. The second one was Atomic swap, which made it possible to exchange one cryptocurrency for a different one between users, without using exchange sites.
Photo by: Tynmagazine
In its beginnings LTC could be mined from our computers using the power of the CPU, there was not much competition, but when bitcoin prices began to rise, also increased the competition to get to mine a block. Therefore it was necessary to use more mining power, that is where GPU (Graphics Processing Unit) come in. It is still possible to mine LTC from CPUs, but not much can be achieved.
Litecoin is trying to establish itself as an alternative cryptocurrency to fiat money like Bitcoin but with lower transaction costs, it can be used as a bridge to exchange other cryptocurrencies.
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Sunday, October 17, 2021
References:
Portada Photo by: https://cryptoslate.com/analyzing-charlie-lees-legendary-litecoin-price-predictions/
https://academy.bit2me.com/que-es-litecoin-ltc-criptomoneda/
I have some LTC from my faucets times. But I don't have any interest in it now.