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DETROIT – Nine years ago, almost today, Litecoin was formed after a fork of the Bitcoin blockchain. Its original premise was to become the cryptocurrency of choice for daily shopping. The reason for this was Bitcoin’s lethargic processing times which threatened to make it irrelevant as it would have been an excessive burden to use for an ordinary purchase.
Charlie Lee, a former Google employee, came up with the idea of shelling out from the blockchain and creating a light currency that can handle faster transactions. It also created some innovations that the bitcoin blockchain was not capable of.
In this article, we’ll take a look back at Litecoin and the other coins it spawned to see how things are doing for the not-so-new coin.
Lack of development
Although Litecoin has kept its promise of speeding up processing, it has not yet been adopted by the masses. One reason is that the Litecoin community is becoming frustrated with the lack of developments. For example, there are few commitments on GitHub regarding Litecoin, so it seems the developers aren’t working on any innovations.
A quick look at the past year of LTC to BTC trends shows that the value is falling relative to bitcoin.
This is a shame as it was initially known for its innovative team of developers. They set up SegWit (Segregated Witness) which is what led to the speed of transactions. The signature data is removed from the block and processed separately, significantly speeding up the process.
Then, Atomic Swaps were implemented which allowed users to swap resources without having to log in so that anyone’s identity was compromised.
Unfortunately, these types of innovations don’t seem to be on the horizon for Litecoin.
The new coins he created
To fill the void that Litecoin was unable to make, other forks were made that created some new coins. Monacoin is one such coin that was created to be used primarily as a peer to peer payment system. It is very popular in Japan but has failed to take off in other parts of the world. As a result, its value has dropped to just over $ 1 at the time of this article.
A more successful fork was made to create Litecoin Cash. It also hoped to speed up transaction processing times by offering even lighter coin and simpler blocks. Not only that, but it has made Litecoin mining a lot faster and easier to do.
Cloakcoin is addressing the real reason why the cryptocurrency was created in the first place. Complete anonymity with payments and financing. It has a privacy protocol called enigma that combines an extra layer of encryption with other unique mixing systems.
Finally, Feathercoin was created just like Litecoin Cash to enhance the mining process to further speed up the process. Like the other coins, it hasn’t really taken off as an alternative to Litecoin.
* This article was provided on behalf of Paxful. However, the information provided in this document is not intended to be investment, financial or other advice.
