Litecoin is the 4th most popular cryptocurrency after Bitcoin, Ethereum, and Ripple. Cryptocurrency has gained much popularity as blockchain technology is gaining public recognition. Here is the complete review of Litecoin cryptocurrency.
Litecoin is a cryptocurrency that works in the same way as Bitcoin or Ethereum. As a form of digital to peer-to-peer digital currency, it allows instant payments to people around the world at a lower cost. Significantly, Litecoin was founded a few years after Bitcoin and is intended to ensure the security of all transactions is guaranteed. It also manages to provide a platform for sending and receiving payments at the lowest possible cost.
The cryptocurrency was discovered by Charlie Lee, a former Google employee with a strong interest in Blockchain technology. Like Bitcoin, Litecoin is secure using statistics that enable people to manage their finances without relying on conventional banking infrastructure. Lee has always emphasized that the blockchain does not intend to compete with other Blockchains such as Bitcoin and Ethereum. Instead, you see it as a compatible network.
Although Litecoin was founded in 2011, it was not until 2013 that it received much publicity. In November 2013, the value of Litecoin grew by more than 100%. Litecoin had capped $ 41 billion by the end of 2013. This market fund has been raised to the current target of more than $ 2 billion in 2017. The current price of the Litecoin token is between $ 30 and $ 40.
To get started using Litecoin cryptocurrency, you first register on their website and then download the Litecoin wallet. Litecoins are created with mines that cover multiple transactions. Unlike fiat currencies regulated by central authorities that determine print prices, Litecoin offerings are fixed.
Every 2.5 minutes, the Litecoin system generates ledger entry (block) worldwide. The new block is then validated by mining software that is visible to all miners on the network. After the verification process, the block enters a series that records and stores all transactions.
Users in the network are rewarded for being the first to confirm what was done after the release. The first miner who confirmed the transaction was rewarded with 50 Litecoins (when cryptocurrency started) equivalent to about USD 100. Note that Litecoins awarded with such guarantees are constantly declining until all the coins have been mined.
After noticing common errors in some cryptocurrencies, Lee went ahead and applied the Scrypt algorithm to the Litecoin Proof-of-Work model to improve the data mining process. Scrypt makes it possible to mine blockchain mining even with other currencies to increase the number of mines and attract more users. This has increased the popularity of Litecoin which does not show any signs of slowing down.
Although Litecoin cryptocurrency struggled in its early years, it proved its worth by supporting the system and delivering the main goal of zero payments. Its design also proves to be a unique power to consider because of its immense power. As cryptocurrencies are widely accepted, Litecoin is likely to emerge as a popular currency and surpass even current leaders.
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