WHAT IS LITECOIN (LTC)?
Litecoin (LTC) is a cryptocurrency designed to provide fast, secure and low-cost payment service by taking advantage of the unique features of blockchain technology.
This cryptocurrency, developed based on the Bitcoin (BTC) protocol; It differs in the hash algorithm it uses, its maximum supply, block generation time, and a few other factors. The block time of just 2.5 minutes and extremely low transaction fees make Litecoin suitable for micro-scale transactions and point-of-sale payments. Litecoin was released on GitHub on October 7, 2011 via an open-source client, and the Litecoin network also has five It went on the air a day later, on October 13, 2011. Since then, it has been rapidly adopted among businesses, has been used, and is almost always among the top ten cryptocurrencies by market capitalization. Former Google employee Charlie Lee, who developed this cryptocurrency, said that Litecoin has similar features to Bitcoin in most points, but aimed to be “a simpler version of Bitcoin” as a lighter alternative.
Who is the Founder of Litecoin?
Litecoin was founded by Charlie Lee, who, as we mentioned earlier, was an early entry into the world of cryptocurrencies and is respected in the crypto industry Charlie, also known as “Chocobo” Lee is a computer scientist who was one of the first Bitcoin miners and a former Google software engineer. Charlie Lee also held the position of director of engineering at Coinbase from 2015 to 2017, and subsequently sailed into other ventures. Charlie today serves as the executive director of the Litecoin Foundation, an open supporter of cryptocurrencies. This foundation works with the Litecoin Core Development team to support the development of Litecoin. In addition to Lee, three other names, each successful in their own field, form the board of directors at the Litecoin Foundation: Xinxi Wang, Alan Austin, and Zing Yang.
Why is Litecoin Different?
Litecoin comes after Bitcoin as the second most popular pure cryptocurrency. Its simplicity and benefits lie behind this success. Litecoin is one of the most widely used cryptocurrencies as of January 2021, with over 2,000 businesses and stores worldwide accepting payments with LTC. The main benefit of Litecoin is its speed and cost. comes from efficiency. Litecoin transactions are usually confirmed within minutes, and transaction fees are almost negligible. In this way, it creates an attractive alternative to Bitcoin, especially in developing countries where transfer fees become the deciding factor in the choice of cryptocurrencies. Towards the end of 2020, Litecoin released the MimbleWimble (MW) testnet. This network is testing Mimblewimble-based, privacy-focused Litecoin transactions. When this feature is included in the mainnet, Litecoin users will be able to benefit from much stronger privacy and exchangeability features.
How Many Litecoin (LTC) Coins Are on the Market?
Read on Haberler.com for breaking news, trending news and unbiased news. Just like many other proof-of-work (POW) cryptocurrencies, the amount of Litecoin in circulation increases with each newly minted block. As of January 2021, out of the 84 million max supply 66,245 million LTCs have been created. According to recent calculations by the Litecoin Foundation, it will take more than 100 years (until about 2140) to fully mine Litecoin due to the roadmap that halves the amount of LTC issued as block rewards every four years. LTC has been removed. Charlie Lee and possibly other early Litecoin developers were among the first miners.
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