Litecoin (LTC) is a peer-to-peer distributed network currency system, which can be used to conduct rapid transactions around the world, with almost no charge. Litecoin (LTC) was created in 2011 as a fork of Bitcoin. Although the release was inspired by Bitcoin, Litecoin (LTC) aims to improve Bitcoin, has the same implementation principle in technology, and is also not managed by any central authority.
Since Litecoin (LTC) is an open-source project, the strict cryptography protocol enables this network system to fully protect the financial security of every user. Compared with Bitcoin, it has faster transaction confirmation time, higher network transaction capacity and efficiency. Litecoin (LTC) has a complete industrial chain and sufficient liquidity to prove that it is a mature, safe and stable commercial financial system.
Litecoin (LTC) currency system is a free software project that follows the MIT / X11 license protocol. It allows you to run, modify and copy the software according to your needs. With a large number of industry support, transaction volume and liquidity, litecoin has become a proven commercial medium complementary to bitcoin and is widely popular in the crypto field.
In the latest upgrade, Litecoin (LTC) activated the privacy based upgrade - MimbleWimble, which made significant changes to the privacy function of Litecoin network, and also brought a series of regulatory compliance problems. There is still uncertainty about whether the solution is likely to be widely adopted. Although different methods have been adopted in technology, some blockchain projects may already explore the potential of implementing the design of MimbleWimble.
How does Litecoin (LTC) Work?
The stable operation of the Litecoin network involves the process of creating and transferring digital currency through open-source crypto protocol. The proof of work mechanism in the Litecoin network uses the scrypt encryption algorithm, which takes longer to calculate and requires more memory. This algorithm makes it difficult to concentrate the computing power, and the miners are more dispersed than Bitcoin, which is conducive to preventing 51% attacks.
Charlie Lee created Litecoin (LTC) using the Bitcoin code library, so the functions and features of the two currencies have many similarities. However, there are three significant differences in the actual operation process.
First, the Litecoin network can process a block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation.
Second, the Litecoin network is expected to generate 84 million Litecoin (LTC), four times the amount of money issued by the Bitcoin network.
Third, Litecoin (LTC) uses the scrypt encryption algorithm first proposed by Colin Percival in its proof of work algorithm, which makes it easier to mine Litecoin (LTC) on ordinary computers than Bitcoin. Based on this algorithm, each Litecoin (LTC) is divided into 100,000,000 smaller units, defined by eight decimal places.
But like Bitcoin, Litecoin (LTC) miners need to continuously dig new blocks. Miners need to solve difficult calculation problems to successfully validate the block. Mining rewards will only be granted after successful block validation.
The difference is that because the scrypt algorithm of Litecoin (LTC) is different from that of Bitcoin, the Bitcoin chip miner cannot be used to dig Litecoin (LTC), which allows Litecoin (LTC) to avoid such attacks and ensures the normal development of the Litecoin network.
What is Litecoin (LTC)?
LTC is a peer-to-peer cryptocurrency and the first cryptocurrency based on the scrypt algorithm. It was issued on November 9, 2011, with a maximum supply of 840,000,000 LTC. LTC is currently not regulated by the government or the central bank.
One of the purposes of creating LTC is to hedge the financial system. In view of the rapid trading speed and low trading cost, and the specific upper limit of the supply of LTC, it has formed a certain understanding with other cryptocurrencies in eliminating people's concern about the overproduction of this fiat currency.
Like Bitcoin, there are two main channels to obtain Litecoin (LTC) at present, namely, from the trading platform or mining. However, due to its decentralized, anonymous payment and public key features, the government will not be able to start the regulation. In addition, the privacy upgrade of mimblewimble is obviously an insurmountable obstacle on the road of LTC legalization, but it is also the preference of many people in the blockchain field.
Moreover, the Litecoin Foundation has been continuously improving the Litecoin network and supporting the development of projects on the Litecoin blockchain. We will spare no effort in promoting the adoption, education and development of LTC. In the Litecoin (LTC) store launched by the official community organization, users can freely buy everything from hats to hardware wallets.
Litecoin (LTC) is undoubtedly a popular pure cryptocurrency in the market. This achievement is largely due to its simplicity and obvious utility advantages. LTC has become one of the most widely accepted cryptocurrencies in the world, with more than 2000 merchants or stores accepting Litecoin (LTC) payment.
Litecoin (LTC) Crypto Wallet
In addition to placing LTC in the Gate.io exchange to facilitate trading, LTC can also be placed in a crypto wallet.
Litewallet is the official Litecoin wallet of the Litecoin Foundation. Litewallet focuses on security and user experience, making it easier to get started with LTC! Currently, Litewallet is seamlessly integrated with Unstoppable Domains and VISA!
When using litewallet, users have no restrictions on time, place and interaction objects, and enjoy a fast and safe experience in sending, receiving and holding. In addition Litewallet will be more stable and practical in each version through Litecoin Foundation members' continuous investment of time and skills to add functions to litewallet.
Litewallet code is open source, and the development team uses GitHub to maintain the code base. Moreover, unlike other wallet operations, Litewallet has a full-time team leader and a group of global volunteers. To help people interested in learning more about the field of Litecoin (LTC) to improve their understanding of cryptocurrency.