Blockchains 101: Litecoin

Bitcoin’s light brother

Introduction

Litecoin network is exclusively dedicated to support its LTC peer-to-peer cryptocurrency and is an open-source software project released under the MIT/X11 license.

Litecoin is sometimes referred to as “Digital Silver”.

Litecoin Artwork

Description

Litecoin has been the first to successfully implement the lightning network in 2017 by transferring a micro-transaction from Zurich to SF in under one second.

Privacy:

Mining:

The Scrypt algorithm allows GPU mining of Litecoin, something that is not possible anymore for Bitcoin, requiring specialized hardware (ASICS).

The initial block reward of Litecoin was of 50 LTC per block. It halved a first time in 2015 at 25 LTC per block and a second in August 2019 (12.5 LTC per block).

The Litecoin core client (software wallet)

Storage and wallets:

Keeping cryptocurrencies on centralized crypto exchanges and other selling platforms being considered the riskiest since the large volumes of bitcoin stored may attract hackers’ interest.

Official LTC core wallet: https://litecoin.com/en/individuals/wallet/desktop/litecoin-core

Technical specificities:

  • Type: Native Coin
  • Total Supply: 84,000,000
  • Subunit: 10–9 (Litoshi)
  • Consensus: Proof of Work (PoW)
  • Encryption algorithm: Script
  • Privacy: Pseudonymous (Low)
  • Smart contracts: no
  • Blocktime: 2.5 minutes
  • Coding languages: C++ / Go (Java, Python)
  • Open source: Yes
  • Current version: 0.17.1
  • Previous versions: 0.17.0

Documentation:

TradingBull.io

TradingBull.io

Telegram community: https://t.me/TradingBull_DA

Twitter: @_Digital_Assets

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