Litecoin LTC - supplies quicker transaction confirmations (2.5 minutes on average) and utilizes a memory-hard, scrypt-based mining proof-of-work algorithm to target the normal computers and GPUs most people already have - that is its most important differentials to Bitcoin. The Litecoin system is scheduled to make 84 million currency units with a halving in reward every four decades just like bitcoin. The coin was made by a Google employee, Charles Lee. Litecoin is in second place to Bitcoin and has spawned a lot of clones - however it's a good base of support and committed development team.
The Litecoin project is now maintained by a core set of 6 applications programmers, led by Charles Lee, with a huge community that's growing in support.
In May 2017, Litecoin became the first of the Top 5 (By Market Cap) cryptocurrencies to execute the SegWit scaling solution. Later in May of the same year, the initial Lightning Network transaction was completed through litecoin, moving 0.00000001 LTC from Zurich to San Francisco in under one second.
Litecoin is an open source software project released under the MIT/X11 license which gives you the capability to run, modify and copy the software and to distribute, at your choice, altered copies of the program. The program is published in a transparent process that allows for independent confirmation of binaries and their corresponding source code.
Miners are awarded with 25 new litecoins per cube, an amount which gets halved approximately every four years (each 840,000 blocks). The Litecoin system is therefore advised to make 84 million litecoins, which is 4 times as many money units as Bitcoin.
The Litecoin blockchain is capable of handling higher trade volume compared to its counterpart - Bitcoin. Due to more regular block generation, the system supports more trades with no need to modify the applications later on. Because of this, retailers get quicker confirmation times, while still having the ability to wait for more confirmations when purchasing larger ticket items.
- Faster trade confirmations (2.5 minutes on average)
- Scrypt-based mining proof-of-work algorithm
- 84 million litecoins
- Higher trade volume than Bitcoin
- MIT/X11 licenseVisit website open_in_new
|Price in BTC||0.01602900438517 BTC|
|Current Supply||56,655,924 LTC|
|Total Supply||84,000,000 LTC|
|24h Volume (coin)||309,250 LTC|
|24h Volume (currency)||$40,181,556|
|Last updated||2018-05-23 08:06:02 +01:00 BST|
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