Litecoin is a peer-to-peer payment system and is one of the alternative cryptocurrency that appeared as a fork of Bitcoin.The coin was established in 2011. The creator of Litecoin said that the peculiarity of his cryptocurrency is the openness of the source code, which will allow anyone to change or copy it. Litecoin, like Bitcoin, has the status of a decentralized currency, that is, it does not belong to a specific bank, and the person who obtains the coin by mining or converting another currency into it becomes its owner. The current litecoin exchange rate varies between $200-$220 with the all time high of 415$.
Litecoin is essentially a fork of Bitcoin which is solving the issue of the speed of the transactions within the blockchain. Both systems use the Proof-of-Work (PoW, proof of work) consensus algorithm, but Bitcoin uses the SHA-256 hashing algorithm, while Litecoin uses Scrypt, which requires more RAM but is easier to configure.
Bitcoin emission limit is 21 million coins, and litecoin - 84 million coins. Each bitcoin address has 26-35 characters with numbers 1 or 3 at the beginning of the line, and the litecoin address consists of 33 characters, is generated based on the public key using SHA-256 hashing and starts with the letter L or number 3 (after activating SegWit in 2017, this second type of address began with the letter M).
Every 2016 blocks (every 4 days) in the Litecoin network, a parameter is automatically adjusted, reflecting the number of computational processes required to find a new block, that is, the difficulty of mining a coin. This is necessary in order to save the time for creating a new block within about 2.5 minutes against the background of changes in mining capacities which makes litecoin live price very strong against other currency commissions.
At first, all the work related to the development of the current litecoin network was carried out by its creator, Charlie Lee. At the same time, he worked at Google, and since 2013 on the American cryptocurrency exchange Coinbase and fully devoted himself to the project only since the summer of 2017.
In the same year, he created a non-profit organization Litecoin Foundation in Singapore and became its managing director, sharing board seats with developer and crypto investor Xinxi Wang, British developer Franklin Richards and project manager Zing Yang. This foundation supports This foundation provides funding for the Litecoin project developers and several specialists from the organization.
As a result, the block size in the network has doubled, and in addition, according to some experts, the update contributed to a better adaptation of Litecoin compared to Bitcoin and prepared LTC for the implementation of the Lightning Network technology, which allows sending coins without paying commissions. As Charlie Lee later said, his project actually helped bitcoin test SegWit.
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