• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home EUROPE

What is Litecoin? (LTC) | How does it work and what are its features

CB4U by CB4U
January 3, 2022
in EUROPE
0
What is Litecoin? (LTC) | How does it work and what are its features
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Commonly known as the first successful altcoin, Litecoin is one of the early spinoffs of Bitcoin, started in 2011 as an attempt to make a cryptocurrency more appropriate for use as digital cash.

Created by developer Charlee Lee, Litecoin has some advantages over its other cryptocurrency competitors. For instance, compared to Bitcoin, Litecoin offers much lower transaction fees. It is consistently ranked in the top five and top ten cryptocurrencies, holding ground with a stable market share of around 5% since its creation, even as other coins rise and fall in popularity.

Despite introducing new possibilities for the world of finance and technology, Bitcoin’s core came with significant usability and scalability shortcomings Litecoin (LTC) was created as an alternative solution to these problems.

Litecoin emerged out of a Bitcoin fork, proposed and developed by Charlie Lee, a renowned computer scientist. The project’s primary vision was to become the “silver to Bitcoin’s gold”, thereby widening people’s access to cryptocurrencies. Prior to incepting the Litecoin Foundation in 2017—a non-profit backing the Litecoin project—Lee worked at Google and Coinbase, among other firms.


Distinguishing Features: How Does Litecoin Work?

In general, Litecoin’s primary ‘competitor’ is Bitcoin, although the two networks complement each other in several regards. For one, Litecoin inherited Bitcoin’s code, enhancing the same with many novel implementations.

On the other hand, Litecoin pioneered technologies like the Lightning Network and Segregated Witness (SegWit), which have eventually been adopted by Bitcoin.

Scrypt for Speed

In terms of transaction settlement, Litecoin is nearly four times faster than Bitcoin. To achieve this, Litecoin implements a modified version of Bitcoin’s Proof-of-Work (PoW) consensus mechanism, namely Scrypt.

The implementation aligns with Litecoin’s agenda of addressing concerns related to ASIC-based mining, in which it has been partially successful. Instead of using highly expensive ASIC hardware, Litecoin miners can work with more affordable Graphics Processing Units (GPUs).

Thanks to Scrypt, Litecoin successfully reduced the block confirmation time, the time taken to finalise new blocks, to 2.5 minutes, as compared to Bitcoin’s 10 minutes. As a result, while Bitcoin settles roughly 7 transactions per second, Litecoin completes around 56 transactions per second.

SegWit for Scalability

Technology blockchain abstract background Premium Photo

Blockchain-based transactions are cryptographically encrypted, meaning that they include ‘signatures’ of the sender and/or receiver to ensure authenticity and so on. In the original Bitcoin Core, these signatures were included in the transaction, so to say, thus increasing the size of each transaction.

In 2017, Litecoin implemented Segregated Witness or SegWit, a solution proposed by Blockstream co-founder, Pieter Wuille. To put it simply, SegWit separates signatures from transactions, putting them into the associated input rather than in the transaction.

This effectively reduces the transaction’s size, and consequently, more transactions can be added to each block. Combined with Scrypt, SegWit imparts a heightened scalability to Litecoin, which in turn, makes the network more relevant for large-scale usage.

The LTC Token: Litecoin’s Native Cryptocurrency

Similar to Bitcoin, Litecoin is an open-source, peer-to-peer digital currency, based on the network’s native cryptocurrency, namely the LTC token. It can be used for a range of financial purposes and has a maximum supply of 84 million.

Litecoin’s fully decentralised payment network supports near ‘zero fee’ for transactions in LTC. Moreover, the token’s code architecture facilitates optimum efficiency in terms of storage. It also provides greater security against malware, viruses, and hacks.

Finance and money transaction technology concept Premium Photo

Rewarding miners to incentivise desirable behaviour is one of LTC’s primary internal functions within the Litecoin network. Initially, the block reward was 50 LTC. However, the algorithm halves the amount every 4 year (roughly, after every 840,000 blocks). At the time of writing, in early 2021, miners receive 12.5 LTC tokens for each block.

Backed by the network’s functionalities and inherent value, LTC’s market performance has progressed steadily over time. To know more about Litecoin, as well as to buy, sell, and trade LTC, join bitFlyer and follow our blog.





Disclaimer:

The information contained in this article is for general information purposes only. bitFlyer EUROPE S.A. is in no way affiliated with any of the companies mentioned herein. Neither does bitFlyer assume any responsibility nor provide any guarantee for the accuracy, relevance, timeliness or completeness of any information provided for by these external companies.

You accept that you are responsible for carrying out your own due diligence when investing. bitFlyer shall in no way be responsible for any acts taken on account of this article nor does bitFlyer provide any investment advice for its users.


Advertisement Banner
Previous Post

ICO PR Stunt Turns Sour as Tragedy Unfolds

Next Post

BITCOIN ALTCOINS VISION CRYPTO 2022 LONG TERME

CB4U

CB4U

Next Post
BITCOIN ALTCOINS VISION CRYPTO 2022 LONG TERME

BITCOIN ALTCOINS VISION CRYPTO 2022 LONG TERME

Discussion about this post

RECOMMENDED

Ethereum Price Prediction: Face Upside Risk of 20% From Key Support Level, Downside Remains Capped Near $2,500

Ethereum Price Prediction: ETH Price Aims $4,000 Next Above 200-EMA

10 months ago
US Treasury Sanctions First Crypto Mixer

US Treasury Sanctions First Crypto Mixer

9 months ago

DON'T MISS

Risk Reversals Show Bullish Shift

Risk Reversals Show Bullish Shift

January 27, 2023
Mango Markets Files Lawsuit Against Avraham Eisenberg

Mango Markets Files Lawsuit Against Avraham Eisenberg

January 27, 2023
State senator pushes bill to make Bitcoin legal tender in Arizona

State senator pushes bill to make Bitcoin legal tender in Arizona

January 27, 2023
Top 5 NFTs Under 1 ETH To Buy In February 2023

Top 5 NFTs Under 1 ETH To Buy In February 2023

January 27, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

Risk Reversals Show Bullish Shift

Risk Reversals Show Bullish Shift

January 27, 2023
Mango Markets Files Lawsuit Against Avraham Eisenberg

Mango Markets Files Lawsuit Against Avraham Eisenberg

January 27, 2023
State senator pushes bill to make Bitcoin legal tender in Arizona

State senator pushes bill to make Bitcoin legal tender in Arizona

January 27, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
en English
en Englishja Japaneseko Koreantl Filipinovi Vietnamesehi Hindibn Bengalita Tamilzu Zulusw Swahilide Germanfr Frenches Spanishpt Portugueseru Russian