Coin of the Week: LTC
Litecoin (LTC) leverages the unique properties of blockchain technology in order to provide fast, secure, and low-cost payments.
Bitcoin (BTC) was the basis for the cryptocurrency, but there are some differences in the hashing algorithm, the hard cap, block transaction times, and other factors. With a block time of 2.5 minutes and extremely low transaction fees, Litecoin is ideal for microtransactions and point-of-sale payments.
On Oct. 7, 2011, Litecoin was released via an open-source client on GitHub, and five days later, Litecoin Network went live. For most of its existence, it has ranked among the top ten cryptocurrencies by market capitalization by both usage and acceptance among merchants.
Litecoin was created by Charlie Lee, a former Google employee, as a lightweight version of Bitcoin, featuring many of the same properties as Bitcoin.
Litecoin Founders: Who Are They?
As we have discussed previously, Litecoin was founded by Charlie Lee, a prominent cryptocurrency adopter.
In addition to being a Bitcoin miner, Charlie Lee is also a computer scientist, who was a former software engineer for Google. Between 2015 and 2017, Charlie Lee served as director of engineering at Coinbase before moving on to other projects.
Charley Lee is an outspoken supporter and managing director of the Litecoin Foundation, a non-profit organization that assists in the advancement of Litecoin.
In addition to Lee, there are three other individuals on the Litecoin Foundation's board of directors: Xinxi Wang, Alan Austin, and Zing Yang. All three of them are accomplished individuals in their own right.
Litecoin: What Makes It Unique?
In terms of popularity, Litecoin is the second most popular cryptocurrency behind Bitcoin. The simpleness and clear utility benefits are largely responsible for this success.
Over 2,000 merchants and stores now accept LTC around the world, making Litecoin one of the most widely accepted cryptocurrencies as of January 2021.
Speed and cost-effectiveness are its main advantages. The confirmation of Litecoin transactions takes just a few minutes, and transaction fees are very low. As a result, it makes for a viable alternative to Bitcoin in developing countries where transaction fees may be the deciding factor between cryptocurrencies.
Later in 2020, Litecoin was also released the MimbleWimble (MW) testnet, which was used for testing Mimblewimble-based confidential transactions on Litecoin. Litecoin users will also greatly benefit from enhanced privacy and fungibility once this feature becomes available on the mainnet.
Circulating Litecoin (LTC) coins: How many are there?
Litecoin's supply gradually increases with each newly mined block, as is the case with most proof-of-work (POW) cryptocurrencies.
The total supply of 84 million LTC has already been mined as of January 2021, which is 66.245 million LTC. As part of the halving of block rewards every four years, the Litecoin Foundation estimates it will take well over 100 years for Litecoin to reach full dilution (around the year 2140).
After the LTC genesis block was mined, around 500,000 LTC were added to the network on day one, likely by Charlie Lee and other early Litecoin developers.
However, because Litecoin is a fairly distributed asset, neither the Litecoin developers nor Charlie Lee earns any direct profits from its operation - beyond any earnings they may make from mining it.
The Litecoin price hit $0.30 in 2011 when it was listed on several exchanges. Between November and December 2013, Litecoin went on a massive bull run, reaching a high of $44.73. Following the bear market and the Mt. Gox hack in 2014, Litecoin prices crashed, and prices stayed in the $2 to $4 range for several years. A crypto bull market propelled Litecoin's price over 500% to $358.34 in November and December 2017. It reached an all-time high of $386.45 on May 9, 2021, during the latest crypto bull run.
How Is the Litecoin Network Secured?
Due to Litecoin's blockchain-based security features, it is practically impossible to crack.
The PoW consensus algorithm used by Litecoin and several other cryptocurrencies ensures transactions are confirmed quickly and without errors. Litecoin's mining network is strong enough to prevent double-spends and a variety of other attacks while ensuring 100% uptime.
Where Can You Buy Litecoin (LTC)?
By Warren Manuel
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*Curated from different sources.