Best Litecoin / Bitcoin Exchange ( BTC / LTC )
Litecoin (LTC) is a decentralized peer-to-peer cryptocurrency and open source software project inspired by and technically nearly identical to Bitcoin (BTC).
Who Created Litecoin
Litecoin was released through an open-source client by Charlie Lee on October 7th, 2011 on GitHub. Charlie Lee is a former employee of Google. It presented a fork of the popular Bitcoin Core blockchain, and its main difference is that it has a reduced blockchain generation period of 2.5 minutes. It is also characterized by increased number of coins to the maximum, a different hashing algorithm (using the script in the place of SHA-256), and a GUI that is slightly modified. Encryption provides security to the network and empowers the participants to control their personal account activities.
Litecoin has high-speed confirmation of transactions and enhances the efficiency of storage than other encryption-based currencies. Litecoin perfectly complements the Bitcoin given its liquidity, trade volume and substantial support from the company. Litecoin is the 4th largest cryptocurrency when it comes to market capitalization after the Bitcoin, Ripple, and Etherium.
The aggregate Litecoin value experienced significant growth in the month of November 2013 which comprised of 100 percent leap within 24 hours. The currency recorded a one billion US dollar market cap in the month of November 2013. The network scaling implementations allowed the Litecoin to surge approximately $10 price level. You can read more about the November 2013 historical performance of the Litecoin cryptocurrency from http://www.coindesk.com/litecoin-spikes-200m-market-capitalization/
Why Was the Litecoin Created
The Litecoin was created because of its enhanced inherent efficiency. The Litecoin blockchain can handle the higher volumes of transactions in comparison to its counterpart – Bitcoin. The system can support higher transaction volumes with no need to change the software in the future due to its high efficiency in block generation. Traders get timely confirmations as a result of this technology.
How Does the Litecoin Work?
The Litecoin operates in an almost identical way like Bitcoin.
As a miner, you will get an award of 25 new Litecoins on each block. This amount is halved approximately every four years (every 840,000 blocks). Therefore, the Litecoin ecosystem is scheduled to generate 84m Litecoins which is four times the number of coins in the Bitcoin currency.