No surprise that the Litecoin has conquered the world in the last years of its introduction into the world of cryptocurrencies.
Speaking of the reason for this new introduction in the world of cryptocurrencies, the creator of Litecoin Charlie Lee claims that no matter what, Bitcoin is the big dad in cryptocurrency, but people look out from Bitcoin for investment too and that's how annoying to create a lighter version of Bitcoin it lit up, and now the Litecoin has entered the flow of popular choice.
Aspects that lead to the birth of Litecoin:
- Cryptocurrency has become increasingly similar to traditional and reliable choice.
- Coinbase started selling litecoin.
- Litecoin activated Segwit.
It is a fact that litecoin was conceived as a bitcoin's younger brother in the cryptocurrency community, but its purpose has grown much more than that. While Bitcoin is seen as "gold" and as a reserve of value for long-term objectives, Litecoin is seen as silver and as a means of cheaper transactions and daily uses. More than its dramatic rise what this cryptocurrency represents is much more valuable.
Origin of Litecoin
Charlie Lee, a former Google employee and former Coinbase technical director, released the lighter version of Bitcoin, Litecoin, which is a peer-to-peer cryptocurrency via an open-source MIT / X11-based client on gitHub on October 7th. 2011. However, Litecoin became operational on October 13, 2011; it was a fork of the Bitcoin Core client. In technical details the Litecoin is almost identical to Bitcoin, while it differs mainly from the time of generation of the reduced block, from the hashing algorithm called scrypt, from the maximum number of coins increased and from a slightly modified GUI.
Insights on Litecoin
Bitcoin processes a block every 10 minutes, the Litecoin network aims to process a block every 2.5 minutes. The creator states that this allows the Litecoin to have transactions faster than the big dad, Bitcoin.
Litecoin uses the scrypt algorithm, a sequential memory function that requires asymptotically more memory than an algorithm that is not hard-memory. Because of its use, the ASIC and FGPA devices made for Litecoin mining are more complicated to create and expensive to produce than Bitcoin using SHA-256.
History of Litecoin
While the identity of the creator of Bitcoin is shrouded in mystery, the creator of Litecoin Charlie Lee is seen very active on social media updating the growth and future events of Litecoin.
Already in November 2013, the aggregate value of Litecoin saw a massive growth that resulted in a 100% jump within 24 hours. The currency has reached a market capitalization of $ 1 billion in this year.
Although the Litecoin has tasted massive growth, the journey has not been completely regular; the coin has experienced both ridges and depressions during its journey since its introduction.
This peer-to-peer cryptocurrency was the first to implement the Segwit and has also successfully tested atomic swaps. In addition to atomic segwit and swap, they were actively trying to incorporate the lightning network into their system.
Last year in May 2017, Litecoin became the first of the first 5 (by market capitalization) of cryptocurrencies that adopted Segregated Witness. Later, in the same month of the same year, the Lightning Network transaction was carried out through Litecoin, transferring 0.00000001 LTC in less than a second from Zurich to San Francisco.
The Litecoin price from the beginning of 2017 increased by 7.291% while Bitcoin increased only by 1731%.
Over the past year, Litecoin has repeatedly taken the risks necessary to show the masses the potential and scope of cryptocurrencies, and now Litecoin seems a popular choice as more and more people have started to embrace the cryptocurrency.
The Litecoin price today has gained much more value than started. Today the Litecoin price is USD $ 24.
The road to go for Litecoin
In the remote possibility that something, the Litecoin with a long history of continuous expansion and braking cycles indicates that something good is coming.
Litecoin will be seen to surprise us even in the coming decades; the only way is to look ahead and be optimistic.