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
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.
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
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....
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