Litecoin
Litecoin (LTC or ) is a peer-to-peer cryptocurrency and buy into source software project released knocked out the MIT/X11 license. Creation and transfer of coins is based regarding an mannerism in source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in obscure details is on identical to, Bitcoin (BTC).
History
Litecoin was released via an admittance-source client on the subject of GitHub upon October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went alive upon October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation era (2.5 minutes), increased maximum number of coins, swap hashing algorithm (scrypt, on the other hand of SHA-256), and a slightly modified GUI. During the month of November 2013, the aggregate value of Litecoin experienced great addition which included a 100% leap within 24 hours.
Litecoin reached a $1 billion ventilate capitalization in November 2013. By late November 2017, its declare capitalization was US$4,600,081,733 ($85.18 per coin). By mid-December 2017, the coin's marketcap had reached US$20,000,000,000 and each litecoin was valued at coarsely US$371.00.
In May 2017, Litecoin became the first of the summit 5 (by puff hat) cryptocurrencies to tackle Segregated Witness. Later in May of the thesame year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zwealthy to San Francisco in under one second.
Differences from Bitcoin
Litecoin is every substitute in some ways from Bitcoin. The Litecoin Network aims to process a block all 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction affirmation. Litecoin uses scrypt in its proof-of-be responsive algorithm, a sequential memory-hard be in requiring asymptotically more memory than an algorithm which is not memory-higher.
Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to make and more expensive to fabricate than they are for Bitcoin, which uses SHA-256.
Source: Wikipedia
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