Litecoin Cryptocurrency (LTC) – Everything You Need To Know
In 1998 Wei Dei introduced the world to the first cryptocurrency and from then on the world has watched with bathed breath the future of the digital currency.
Cryptocurrency has faced many criticisms some have dismissed it as a fad others have likened it to it is just like another pyramid scheme. Some have cited that traditional currencies have backing of gold, crypto-currencies do not have that backing. Blackrock CEO Larry Fink called it ‘index of money laundering.’ You can check this know more – What Do Leaders Think About Cryptocurrency
Whatever may be the case, like all new inventions, cryptocurrency is here to stay. It will be the currency of the future. Some governments have allowed it others are wary of approving, but in the years to come the world will accept the cryptocurrency and future trade and commerce will follow this medium of exchange.
Bitcoin was the first of its kind. It was created in 2009 by Satoshi Nakamoto and was the first decentralized cryptocurrency. There have been numerous cryptocurrencies since then called altcoins or alternative cryptocurrencies
There are many altcoins like Ethereum, Ripple, Dash, PIVX, Namecoin, Peercoin, Litecoin etc. Indeed today over 1000 cryptocurrencies exists.
Litecoin, released in Oct 2011, is a peer to peer cryptocurrency released under MIT/X11 license. It is the first to use Scrypt Algorithm as its hash function instead of SHA-256.
Litecoin is based on an entirely different protocol than Bitcoin. It is also open-sourced and decentralized. It is backed by cryptographic mats to make secure transactions. We do not know who Satoshi Nakamoto the inventor of Bitcoin is. Is he a male or a group of individuals? The identity has always been a mystery. No such mystery exists with regards to Litecoin. This cryptocurrency was created by Charlie Lee on 7th Oct. 2011, an ex-employee of Google.
Litecoin was created to complement Bitcoin not compete with it.
Special Features of Litecoin
Lee managed to reduce block confirmation timings to 2.5 minutes from the existing 10 minutes. With speed at 4 times compared to Bitcoin, a higher volume of transactions can be confirmed. Lee focused on achieving large-scale adoption of the currency and he did it by modifying the Bitcoin’s core code and the protocol.
SHA-256 the original core algorithm of Bitcoin was very memory consuming. Litecoin replaced this with Scrypt Algorithm which takes less memory and is at the same time extremely secure & impervious to hacking. Lee also slightly modified the graphical user interface (GUI).
LTC adopted Segregated Witness (aka SegWit) in May 2017 and was one the first top 5 cryptocurrencies to do so. SegWit is a Blockchain scaling solution. In simple word, it means separating witness signatures from the transactions
To improve transactions between cryptocurrencies, LTC adopted Atomic Swap for the first time in 20th Sept 17. The transaction was between DCR and LTC.
Atomic Swap is a barter exchange of cryptocurrencies. It is a way of exchanging two cryptocurrencies without any intermediary exchange or escrow.
Later in the same year, they transferred 0.00000001 from Zurich to San Francisco in under 1 second using Lightning Network 1