What Is Litecoin?
The emergence of different cryptocurrencies has been embraced by numerous sets of people who are now beginning to get broader knowledge about it. Through these different cryptocurrencies, people are showing more interest in investment opportunities.
So, What Exactly Is Litecoin About?
Following close trends and price range, Litecoin has grown considerably in value and use since its creation. The creator of LTC, Charlie Lee, created LTC with the aim of creating a lighter version of Bitcoin.
Presently, Bitcoin is being viewed as the gold which holds investment and value for the long run. However, Charlie Lee presented a cryptocurrency that will be used as an investment opportunity and a means of cheaper transaction. This relationship has been described by him as the gold and silver relationship.
Litecoin has been actively used since October 2011 and is basically a fork of bitcoin’s core client. With no doubt in mind, LTC is a clone version of bitcoin.
Litecoin uses Proof of work consensus technique for their mining activities. The miners on the platform use the computational machine they own to solve hard cryptographic puzzles. These cryptographic puzzles are extremely hard to get through. This is due to the fact that the reserved cryptocurrencies as payment will be completely taken if it was that easy.
In proof of work mechanism, solving the puzzles and arriving at the right solution is already hard enough. Checking the solution to see if its correct is not that tough. LTC uses Scrypt algorithm for its mining purposes.
Key Features Of Litecoin
Litecoin perfectly functions with blockchain technology in handling a large amount of transaction volume. The coin is infused with features which include frequent generations of blocks for transactions, a segregated witness in support of large volume of transaction and so on. Also, LTC is well utilized for merchants and customers who are in need of instant transaction at a lower cost for these transactions.
Developed through the forking of bitcoin cryptocurrency, the similar characteristics of the Litecoin and blockchain cryptocurrency facilitates its seamless integration for industrial use.
The team from LTC is actively participating in the world of digital asset and received tons of support from its extremely loyal community full of users. Numerous developers and customers alike are key players in making use of Litecoin currency for their various transactions.
For the mining of Litecoin, Scrypt algorithm is the script involved in determining the mining process for the Litecoin token.
The scrypt algorithm’s major function is to facilitate parallel processing methods. This allows more accessibility to new miners without worrying about AISIC based hardware for mining purposes.
Benefits Of Litecoin
Some of the well-known independent benefits of LTC includes:
- Quick processing and verification of transactions.
- Lower transaction costs fostering more transactions at a more effective rate
- A larger number of coins in existence, about 84 billion Litecoins are in existence
- The flexibility of purchase as it is supported by various cryptocurrency exchange
Aside from bitcoin and Ethereum, Litecoin is ranked as one of the pacesetters when it comes to the cryptocurrency world in general. Following the forking in 2011, Litecoin has been applied to various sectors and industries for its diverse uses.