One of the oldest (in a good way) and most respected cryptocurrencies in the world. The coin appeared back in 2011 (BTC in 2009). The first block was formed on October 12, 2011. If you are interested in more modern projects, it is better to consider the DAI coin price chart. Look for current publications about the project at letizo.com.
Also, like bitcoin, remains on the PoW consensus algorithm. The project is based on bitcoin’s open source code and is considered its fork. Litecoin is often called “digital silver” (as opposed to “digital gold,” which is bitcoin).
Litecoin is a peer-to-peer virtual currency that allows instant payments anywhere in the world with about zero fees. The project is positioning itself as a kind of supplement to BTC for use in commerce. This refers to faster confirmation of transactions and higher storage efficiency.
The network can pass a larger volume of transactions due to the more frequent generation of blocks. It also makes it possible to dispense with software changes in the future. That is, the interests of miners are better protected on this blockchain. A different hashing algorithm provides this speed.
Hashing algorithms encrypt transactions. The bitcoin network uses the more complex and slower SHA-256 algorithm for this purpose, while the Litecoin network uses the simpler and faster Scrypt algorithm.
Merchants using Litecoin get faster confirmation times without having to wait for multiple confirmations. The Litecoin network is extremely secure, running continuously all these years. No high-profile scandals or crashes have been recorded. That’s why you won’t see the volatility of the DAI coin price chart.
Mining
Miners get 12.5 LTC for each generated block. Halving is also applied here. The next halving will take place in the summer of 2023, after which miners will start mining 6.25 coins per block. After that, the price of Litecoin to USD will rise.
Litecoin’s halving is almost a year ahead of bitcoin. Anyone who is coming from an investment model that relies on halving could theoretically get X’s earlier than bitcoin. Blocks are mined every 2.5 minutes. Bitcoin, for example, has that rate of 10 minutes. Thus, Litecoin is 4 times faster than bitcoin. The maximum number of coins in the Litecoin network is about 84 million, which is four times the issuance of Bitcoin. The last coin will be mined in 2142.
Coin
The capitalization of the project is now about $5.5 billion. The coin is in the 13th place in the capitalization ranking. The closest two positions to the top 10 are within $500 million, and Litecoin needs to score $1.8 million (that’s how far behind Polygon) to be in the top 10.
Advantages:
- Bitcoin fork. It’s almost its twin brother, except for innovations from Charlie Lee, who tried to solve “big brother” problems (and, incidentally, in some respects, did).
- Faster transaction speed than bitcoin (4 times faster).
- Cheaper transactions.
- Faster and simpler encryption language is used (Scrypt instead of SHA-256).
- Good growth potential (as we said – about 7 X’s to ATN, but, in case of bitcoin rally – Litecoin can go to upgrade.
- Elite project, predictable Litecoin price charts, constant participant of top 20 cryptocurrencies for many years. Large community.
Litecoin coin news
And now about Litecoin coin news. The specially created organization Litecoin Foundation is responsible for Litecoin project development and development. The place of residence and registration is Singapore. It’s a non-profit organization, which accepts donations and invites volunteers to participate.
The project emphasizes that it does not offer to make money by providing liquidity. This way, in fact, exists (i.e., you can earn interest on staking or take cryptocurrencies in Litecoin), but all of them are provided, as a rule, by centralized services, which contradicts the logic of a completely decentralized currency. That is, of course, the risks involved if you entrust your assets to centralized organizations.