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Cryptocurrencies

What is $LTC Coin By Litecoin?

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. Litecoin (LTC) is decentralised money, free from censorship and open to all. It allows you to send low cost private, secure, borderless payments to anyone, anytime, anywhere. 

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Who Created the $LTC Coin?

Litecoin was launched in 2011 by Charlie Lee, former engineer at Google and Coinbase. Litecoin was created after Lee copied the codebase of Bitcoin and made alterations to it that increased the total supply of the coin and altered the speed of new block creation on the blockchain. As of January 2021, 66.245 million LTC have already been mined out of a total maximum supply of 84 million. Even the speed of new block creation is four times more than that of Bitcoin with every new block being created every 2.5 minutes.

How Litecoin Works?

Litecoin is a peer-to-peer virtual currency, which means it is not governed by a central authority. Litecoin’s network offers instant, near-zero cost payments that can be conducted by individuals or institutions across the globe. Bitcoin, Litecoin, and many other cryptocurrencies use the proof-of-work (PoW) algorithm in order to secure their networks. Basically, PoW requires that one party proves to all the other participating parties in the network that a required amount of computational effort has been expended.

Benefits of Litecoin

  • Distribution: Litecoin has a set a limit of 84 million coins, which is 4 times that of Bitcoin’s limit.
  • Transaction speed: Litecoin has a block speed of 2.5 minutes – that’s 4 times the speed of Bitcoin.
  • Simplified Mining Algorithm: LTC’s scrypt utilizes solutions that don’t require users to avail of modified hardware systems in order to join in the data mining process.
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