Litecoin is the second most valuable of all cryptocurrencies behind Bitcoin, and the next step in a revolution that began with Bitcoin. In short, it’s a digital currency or cryptocurrency designed to work just like money, but better.
Litecoin is a peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
- Advantages of Litecoin
Litecoin is a cryptocurrency that is built upon blockchain technology. It was created to provide fast and reliable transactions at a low cost. Its scalability enables it to process more transactions than most other cryptocurrencies, which also makes it easier for people to spend or transfer LTC.
Litecoin is designed to process transactions faster than Bitcoin, although it takes longer to confirm a transaction. While it takes 10 minutes to confirm a Bitcoin transaction, it takes just 2.5 minutes for Litecoin. Another advantage of Litecoin is that its total possible number of coins are four times higher as compared to Bitcoin’s 21 million coins, with 84 million coins maximum supply.
- The origin of Litecoin
The Litecoin system was created in 2011 by Charles Lee, an MIT graduate who worked for Google and Sun Microsystems before starting a career in cryptocurrency. The idea, according to Lee, was to create a more flexible version of bitcoin—one that would not be as susceptible to being hacked and that would offer more privacy to users. Unlike bitcoin, which is designed to replace conventional money as well as become a medium of exchange in its own right, litecoin is referred to as “silver” compared with bitcoin’s “gold.”
Charles Lee changing a few parameters to make transactions faster and cheaper for average users. One of those changes was the block creation scheme, which is different from Bitcoin’s. While Bitcoin creates blocks every 10 minutes, Litecoin creates them every 2.5 minutes—this, along with some other tweaks like larger memory requirements for miners and lower block rewards (25 LTC instead of 50 BTC), make it less profitable to mine but also faster to transact.
MegaMoon is launched on the Polygon blockchain, which is designed for fast transactions and low gas fees, similar to the Litecoin concept.
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