Litecoin

Litеcoin is a fork of Bitcoin. A coin with the same name is used inside the platform. The system supports Segwit technology, which solved the problem inherent in the original Bitcoin - processing no more than 7 transactions in one second.

History Development

The author of Litecoin is Charles Lee, a famous programmer born in San Francisco. The launch of the platform was carried out in 2011. Almost immediately after the release of cryptocurrency, there was a jump in its value, which made LTC one of the most popular coins on the market.

Coin Advantages

Litecoin — an open-source project. Due to the transparency of the release of new system versions, you can check the binary modules. The platform has many advantages, which you will learn about below.

Litecoin Blockchain

The number of blocks in the chain is sufficient for quick processing of transactions. The platform significantly outperforms the original Bitcoin in this matter. During the operation of the system, less time is required to confirm transactions.

LTC Wallet

User funds are securely protected. There will be no problems with viewing the balance in the wallet, but the system asks for a password every time to conduct any transactions. Thanks to this feature of the system, user funds are reliably protected from viruses aimed at stealing electronic money.

Mining features

A miner is given 25 LTC for the formation of a block in the chain. Every 4 years, the reward is reduced by 2 times. The maximum number of tokens in the system is 84 million. This is 4 times more than the emission of traditional Bitcoin.

Transaction speed

Litecoin is mined 4 times faster than Bitcoin. The block formation rate is 2.5 minutes. Thus, complete transaction testing is done in 15 minutes. To pay for services or goods, it is enough to go through just two blocks. As a result, the speed of operations decreases to 300 seconds.

LTC and «Time Warp» attack

Bitcoin and all its forks, including Litecoin, have one serious bug. Its essence lies in the fact that when making calculations of complexity, the last block is subjected to incorrect processing. Theoretically, this can be used for fraudulent purposes. If the attacker captures 51% of the power, they can start mining “quick” coins. However, the likelihood of such a situation is almost zero.

Advantages and disadvantages

The advantages of Litecoin include the following:

• Scrypt algorithm. Implementing more productive functionality allows the platform to interact with memory many times faster. Due to this, the speed of mining and the operation of the system as a whole significantly increase.
• Significant emissions. The total amount of coins in Litecoin is 4 times larger than that of Bitcoin. This advantage has attracted a huge number of miners to the cryptocurrency community.

LTC has some drawbacks. Quick generation of blocks can lead to the fact that the miners’ spendings no longer will be paid off. Against the background of Bitcoin, the platform has lower rates of currency turnover.

The LTC exchange rate is very unstable and volatile. Note that in the context of exchange trading, it is rather a plus than a minus. The cryptocurrency increased in price by 25 times in 2017. Many experts consider it to be quite promising.

Litecoin is sometimes called “digital silver”, which indicates the high value of the coin for the cryptocurrency community. LTC is used as a payment instrument, investment and financial instrument in trading. In general, the platform is quite popular and promising. It is among the ten most sought-after cryptocurrencies of the world.