What is Litecoin? (LTC) – A bitFlyer Academy Guide for Beginners

Commonly known as the first successful altcoin, Litecoin is one of the early spinoffs of Bitcoin, started in 2011 as an attempt to make a cryptocurrency more appropriate for use as digital cash.Created by developer Charlee Lee, Litecoin has some advantages over its other cryptocurrency competitors. For instance, compared to Bitcoin, Litecoin offers much lower transaction fees. It is consistently ranked in the top five and top ten cryptocurrencies, holding ground with a stable market share of around 5% since its creation, even as other coins rise and fall in popularity.Despite introducing new possibilities for the world of finance and technology, Bitcoin’s core came with significant usability and scalability shortcomings Litecoin (LTC) was created as an alternative solution to these problems.Litecoin emerged out of a Bitcoin fork, proposed and developed by Charlie Lee, a renowned computer scientist. The project’s primary vision was to become the “silver to Bitcoin’s gold”, thereby widening people’s access to cryptocurrencies. Prior to incepting the Litecoin Foundation in 2017—a non-profit backing the Litecoin project—Lee worked at Google and Coinbase, among other firms.Interested in buying Litecoin? Register now!Distinguishing Features: How Does Litecoin Work?In general, Litecoin’s primary ‘competitor’ is Bitcoin, although the two networks complement each other in several regards. For one, Litecoin inherited Bitcoin’s code, enhancing the same with many novel implementations.On the other hand, Litecoin pioneered technologies like the Lightning Network and Segregated Witness (SegWit), which have eventually been adopted by Bitcoin.Scrypt for SpeedIn terms of transaction settlement, Litecoin is nearly four times faster than Bitcoin. To achieve this, Litecoin implements a modified version of Bitcoin’s Proof-of-Work (PoW) consensus mechanism, namely Scrypt.The implementation aligns with Litecoin’s agenda of addressing concerns related to ASIC-based mining, in which it has been partially successful. Instead of using highly expensive ASIC hardware, Litecoin miners can work with more affordable Graphics Processing Units (GPUs).Thanks to Scrypt, Litecoin successfully reduced the block confirmation time, the time taken to finalise new blocks, to 2.5 minutes, as compared to Bitcoin’s 10 minutes. As a result, while Bitcoin settles roughly 7 transactions per second, Litecoin completes around 56 transactions per second.SegWit for ScalabilityBlockchain-based transactions are…

Source: What is Litecoin? (LTC) – A bitFlyer Academy Guide for Beginners

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