Litecoin (signo sign, abbreviation LTC) is a cryptocurrency and open source software project published under the MIT license inspired and relatively technically identical to Bitcoin. Its creation and transfer is based on a cryptographic protocol not administered by any central authority based on the consensus of a peer-to-peer network.
Litecoin was launched through an open source client that is currently named Litecoin Core on Github on October 7, 2011. The current version of this client (released on May 6, 2019) is 0.17.1. Other open source projects like the Electrum Litecoin lightweight wallet (based on the original Electrum client, developed for the Bitcoin network) were also released. Occasionally, the Litecoin project has been covered by some media outlets as an alternative to Bitcoin with lower fees just like Dash and Bitcoin Cash.
On April 25, 2013, Litecoin's price changed was $ 3.86 or 0.03 BTC, making it the second-largest cryptocurrency by market cap. On November 25, 2017 the currency changed to € 70, thus growing from € 3 to 70 in a matter of 7 months. At the beginning of November 2019 its price is around 64 USD.
Litecoins are basically traders for fiat money, bitcoins, or other cryptocurrencies, mostly through online exchange platforms. As in the case of other cryptocurrencies, reversible means of payment (such as those made by credit cards) enjoy less confidence when accepting them to changes in litecoins, since transactions with Litecoin are irreversible, and therefore , there is a danger of fraudulent reversals by the buyer.
The development of Litecoin continues very close to the implementation of new features and patches of the Bitcoin network (BTC), being very frequent the adaptation of the same to its own network taking advantage of the innovation and the maximum possible code compatibility between these two projects.
Differences between Bitcoin and Litecoin Edit.
Despite being almost identical to Bitcoin (BTC) in technical aspects, the red Litecoin differs from it by changes in some variables such as: It processes a block every 2.5 minutes on average instead of every 10 minutes, allowing a shorter wait for confirmation of calculations. [one] It will produce approximately 4 times more units than the Bitcoin (BTC) network - around 84 million litecoins. It uses the scrypt function in its proof-of-work algorithm: a sequential hard memory function first conceived by Colin Percival, making mining easier, as it doesn't need sophisticated equipment like Bitcoin.
Mining and inflation.
Litecoin's transactions, balances and issues are managed by a red P2P via scrypt, and its proof-of-work scheme, much like Bitcoin. Litecoin's issuance rate is decreasing and tending towards zero, forming a geometric series. This rate is halved every 4 years on average (each, 840,000 blocks) reaching a final total of 84 million LTC.
The intensive nature of scrypt memory means that (a difference from Bitcoin) Litecoin's production is memory intensive, which makes it suitable for mining with GPUs and creating applications implemented with FPGA or ASIC.