Litecoin. Often referred to as "Bitcoin's little brother", or "The Silver of Bitcoin". Why, you might ask? There are many different answers to that question. Litecoin is largely similar to Bitcoin in many ways. It's a Proof-Of-Work concept that operates on a decentralized peer-to-peer network. More often than not, if some code is added to Bitcoin, it's also added to Litecoin, and vice versa The price of Litecoin moves very similar to Bitcoin, even though it's obviously not the case all the time.
Founded in 2011 by Charlie Lee, it is the oldest surviving crypto in the top 100 aside from Bitcoin. Over the years Litecoin has been very popular to use for transactions, due to its cheap transaction fees and the fact that it's 4 times faster than Bitcoin. There hasn't been any bigger network congestions either like Bitcoin & Ethereum struggle with from time to time. If any at all.
Some may say that time has stand still for Litecoin, and there hasn't been any development on the project. This consensus is about to change drastically. At the moment, there is very much going on with Litecoin. Things that will change the coin's infrastructure and use case to the core.
Privacy. Litecoin has been working on implementing additional privacy to its features. The underlying tech for this is MimbleWimble. A man named David Burkett is working full-time on this, and it has been very successful. The test net went up just a few months ago, in 2020. This progress can be followed on the LitecoinTalk forum and David Burkett's Twitter for example, ill share links below;
https://litecointalk.io/t/mimblewimble-progress-update-thread/26678
https://twitter.com/DavidBurkett38/status/1345226659092377600
Some of you, probably a lot of you, have heard or read about the news of the work between Flare Finance/Flare Networks & Ripple (XRP). Most of the talk is about the airdrop of the Flare tokens to XRP holders. Flare Networks has decided to do the same work with Litecoin. So the people that hold Litecoin can look forward to an airdrop as well. But the most interesting is the technical upgrades this will bring.
As if that wasn't enough, there has been talk of some kind of collaboration with Cardano and Litecoin for some time now. The word is that Charlie Hoskinson, the founder of Cardano (ADA) has reached out to Charlie Lee, to talk about smart-contracts on Litecoin. The name "VelvetFork" has been out & talked about in some places regarding this. Who knows what has been said, I guess we are yet to find out.
Litecoin has rallied quite a bit the last 30 days, with a high of $185 USD dollars. Even if the whole market has been crazy, my guess is that there have been good reasons for the price of Litecoin to move higher. Who knows, this might just be the beginning of a new era for Litecoin. As well as tech-wise, and price-wise. One thing is for sure, it's exciting times waiting for Litecoin and all Litecoin enthusiasts.
Thanks for reading, this is my first post at Read.Cash. I hope you enjoy it.
