Litecoin | crypto currencies | Litecoin cryptocurrency explained | new cryptocurrency

As  we discussed about the crypto currency in the recent post i.e., only about one type of crytocurrency BITCOIN...
here the recent post link>>>> about Bitcoin in detail

today in this post we see in detail about 
the currencies inspired by the BITCOIN collectively called the altcoins...


 LITECOIN
Image result for litecoin
Litecoin, launched in the year 2011, was among the initial cryptocurrencies following bitcoin and was often referred to as ‘silver to Bitcoin’s gold.’ It was created by Charlie Lee, a MIT graduate and former Google engineer. Litecoin is based on an open source global payment network that is not controlled by any central authority and uses "scrypt" as a proof of work, which can be decoded with the help of CPUs of consumer grade. Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation. Other than developers, there are a growing number of merchants who accept Litecoin.

DEFINITION of 'Litecoin'

Launched in the year 2011, Litecoin is an alternative cryptocurrency based on the model of Bitcoin. Charlie Lee, a MIT graduate and former Google engineer, is Litecoin's creator. Litecoin is based on an open source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoins in aspects like faster block generation rate and use of scrypt as a proof of work scheme. 

BREAKING DOWN 'Litecoin'

Litecoins were launched with the aim of being the "silver" to Bitcoin's "gold," and have gained much popularity since the time of inception. Litecoin is a peer-to-peer internet currency. It is a fully decentralized open source, global payment network. Litecoin was developed with the aim to improve on Bitcoin's shortcomings, and has earned industry support along with high trade volume and liquidity over the years. The broader differences between the two cryptocurrencies are listed in the table below.


Bitcoin
Litecoin
Creation
2009
2011
Creator
Satoshi Nakamoto
Charles Lee
Coin Limit
21 Million
84 Million
Block Generation Time
10 Minutes
2.5 Minutes
Algorithm
SHA-256
Scrypt
Initial Reward
50 BTC
50 BTC
Current Block Reward (as of June 2014)
25 BTC
50 BTC
Rewards
Halved every 210,000 blocks
Halved every 840,000 blocks
Difficulty Retarget
2016 Block
2016 Block
Litecoin is designed to produce more coins (Four times that of Bitcoin) and at a faster rate (1/4th of the time of Bitcoin). Overall, Litecoin is seen as second to Bitcoins in value, but Litecoins are more easily obtainable and transactional.



this is the todays price chart of LITECOIN i.e, 27/12/2017...


todays price in india is 21,150 approx....
HERE,ONE OF THE CRYPTO CURRENCY TRADING SITE




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