Global market trends are shifting towards the digital assets as a medium of exchange for transactions. With already established cryptocurrencies ruling the digital front already, some amazing platforms are emerging to stake a claim in this sensational field of digital marketing. Litecoin was inspired by the technicality of the Bitcoin protocol, although basically using a different algorithm. It is one of the best-emerging cryptocurrencies that is revolutionalizing digital transactions.
Inspiration Behind Litecoin
Litecoin is a math-based currency that empowers users, secures their transactions and hands the power to have control of their finances. It is a peer to peer electronic cash system that uses memory inter scrypt proof of work mining algorithm which allows consumer grade hardware to mine coins. Institutional investors are using low valuations to invest and enter the crypto space, and Litecoin has identified this need and is designed to solve this problem.
Origin Of Litecoin
Although currently still under development, Litecoin has been in existence since October 2011. The original creator was Charlie Lee, an Ivorian born US based open source client and an ex-google employee who at the time of Litecoin inception, was working with Bitcoin. He aspired to create a lighter version of Bitcoin, creating a currency that would be used on a day to day basis at cheaper transaction fees and at faster speeds.
Although it works concurrently with Bitcoin as its complimentary, Litecoin has a different operating platform and algorithm altogether, allowing it to handle a larger transaction volume without the need to modify the platform.
Litecoin is written in C++, and its operating systems include Windows, OS X, Linux and Android with Litecoin Core Development Team as its developer. It is an open source global payment software,on a blockchain based technology platform.
Differences Between Litecoin And Bitcoin
Although Litecoin operates concurrently with Bitcoin, there are a number of factors making it a totally different platform. Litecoin has the following advantages over Bitcoin;
• Its available on-demand, making it more efficient and easy to access
• Has almost zero transaction cost
• Faster speeds with the mean block time of 2.5 minutes compared to Bitcoin’s 10 minutes.
• Crypt usage based on proof of work
• Has adopted segwit, a new tech that has led to improved efficiency.
• Coin limit of 84 million compared to bitcoins 21 million
• Uses scrypt as its hashing algorithm while bitcoin uses SHA-256 and a modified GUI
• Offers mining rewards capped at 25 new Litecoins per year
Litecoin’s Market Value
Litecoin reached the $1 billion mark market capitation in november 2013. Its value has remained quite steady compared to other curriencies despite the instability of the digital market. It is currently trading at a modest $48.
Litecoin is a remarkable cryptocurrency that allows for a faster transaction on its platform, providing quicker transaction confirmation and is able to handle larger transactions compared to other platforms. Although still under development, it already has a big share of the digital market.