The arrival of Bitcoin has created new expectations in the market for more than 12 years. Cutting-edge technology and its ubiquitous revolutions are revolutionizing the rise of financial markets and more cryptocurrencies.
But today we know that the success of cryptocurrencies depends on their applicability and the problems they solve. In this regard, one of the most popular crypto assets is Litecoin.
Litecoin is a very attractive cryptocurrency due to its market capitalization and adoption potential.
Every day more people are consulting Litecoin. It is true that each cryptocurrency has its own characteristics, but the main indicator to obtain them is the price behavior compared to other cryptocurrencies.
Litecoin is an affordable cryptocurrency that was created shortly after Bitcoin and is widely distributed in the world of cryptocurrencies. Discover the most relevant aspects of Litecoin in this article.
What is Litecoin?
Litecoin (LTC) is currently the second most encrypted digital currency in the world after Bitcoin. It is an electronically encrypted digital currency inspired by Bitcoin.
Posted on November 9, 2011 by former Google developer Charles Lee. Technically, Litecoin has the same implementation principles as Bitcoin, but the creation and transfer of Litecoin is based on an open source cryptographic protocol and is not controlled by central authorities.
Litecoin is a peer-to-peer cryptocurrency. An open source software project under the MIT / X11 license based on «peer-to-peer» technology.
Additionally, you can provide up to 2.5 minutes to process the entire transaction. This can provide a much faster transaction confirmation.
In other words, Litecoin has a faster transaction confirmation time, greater network transaction capacity, and higher efficiency than Bitcoin.
Furthermore, Litecoin has a total of 8 million coins (four times more than Bitcoin), and each coin is divided into 100 million small units identified by eight decimal places.
Litecoin can now be traded for most cryptocurrencies. And your trading is done through an online trading platform. Unlike Bitcoin, it is possible to mine Litecoin on commonly used computers, thanks to the Proof of Work algorithm.
Is this the cryptocurrency of the future?
Litecoin was born as a sister to Bitcoin. But I can assure you that it goes further. In just 10 years it has become one of the most famous and precious coins in the world.
It has many features and benefits that it defines as an alternative currency without a central government. As a fully decentralized and open source cryptocurrency, it enables instant payments to anyone in the world at almost zero cost.
This set of Litecoin features stimulates a lot of trust in the crypto community. Fans of these coins are increasingly emphasizing the popularity of Litecoin due to its speed and security.
Furthermore, the ease of trading Litecoin makes e-commerce one of the best environments for adoption. Every day more and more merchants, exchanges, wallets, and other infrastructures are integrating Litecoin into their operations.
What algorithm does Litecoin work with? The algorithm used in Litecoin is Proof to Work, which is very similar to the one used in Bitcoin.
However, while BTC uses SHA256, LTC uses an algorithm that uses the «scrypt» function created to replace the previous function due to the artificial complexity of the cryptographic operation. Select Select an option that resolves the encryption problem. Filling it with «noise».
These noises are covered numbers and are randomly generated by cryptographic algorithms, which can be time consuming.
If the encryption confirms the user’s password, the delay is almost invisible. However, Scrypt further complicates matters when criminals attempt to decipher the kernel through an extensive investigative process.
The assembly of all the operations takes a long time. Also, this algorithm consumes less energy than Bitcoin because it requires less energy to calculate. It requires more RAM than a networked computer to solve the problem.
In short, its main characteristics are:
This speed. Litecoin can process each block in 2.5 minutes, which is much faster than Bitcoin. Piracy is practically impossible, thanks to the speed
and the Scrypt algorithm.
The process is completely decentralized. Regulators cannot influence its operation. Reduce minor compensation every year. We also have 8 million long-term care units.[maxbutton id=»1″]
What are the benefits?
Some of the main benefits that can ben mention are:
High speed allows machining one block by piece. Confirmation of the transaction takes place in a quarter of the time it takes for the CTB. 2.5 minutes per transaction.
litecoin is inexpensive to use. Transaction fees are challenging for all cryptocurrencies.
Litecoin has had very low transaction fees since its launch.
It is a well-known «safe» cryptocurrency that many people use in decentralized operations.
litecoin is encrypted using an open source protocol, so you can make improvements over time.
It is not compatible with any type of central control that regulates its operation.
Anyone can mine litecoin because it is open source. There are four times more units than BTC. Thus, while BTC has only 21 million units, LTC realizes a limit of 8 million units.