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Litecoin 101: Open-source decentralized digital currency

Litecoin (LTC) never falls from being on the top of everyone’s watch list every year. It is known as the cryptocurrency silver if Bitcoin is gold. Simply put, LTC has all of the features of Bitcoin but it is faster, cheaper, and easier to work with. Despite its conveniences, it is not likely to replace Bitcoin as the top crypto any time soon but their economies thrive together. Here’s everything you need to know about Litecoin.

Origins

Litecoin was developed by Charlie Lee and it launched in 2011. It is a fork of Bitcoin with the full intention of becoming a lighter version of the top crypto. It aimed to compete by becoming cheaper, faster, and more accessible for developers. It found a different role in the crypto space, however, as a stepping stone for developers and investors to gain easier access to Bitcoin.

Features

As a fork, Litecoin bears many resemblances to Bitcoin. It can be found in many online services such as Luckyslots or other gambling websites. In other cases, it successfully replaced Bitcoin as the standard payment method for stores in many cities around the world. Its blockchain structure is similar to Bitcoin’s but its transactions can be completed in 2.5 minutes compared to its counterpart’s 10 minutes. What’s more, a money transfer in LTC only amounts to cents whereas BTC can generate a fee more expensive than a cup of coffee.

Nowadays, Litecoin is the most ideal crypto for grocery shopping amongst altcoins developed as modes of payment. It can also be volatile enough to be a store of value but its market trends are directly affected by Bitcoin’s trends.

Litecoin’s network is maintained by miners and it uses a proof-of-work (PoW) algorithm to reward them as well as manage its priorities. In 2021, this is slowly being replaced by proof-of-stake (PoS) among investors but it remains a preferred system by miners and developers. It is easier to maintain and it has reliable performances.

Software developers use the Litecoin network as a testing ground for their projects on Bitcoin because it has a similar albeit more stable structure. It also helps that it is an open-source software project released under the MIT/X11 license, giving everyone the power to run, modify, and copy its contents.

Perhaps the best feature of the Litecoin network is that its founder is also its full-time developer. Charlie Lee left Coinbase to focus on Litecoin and its involvement in the ever-growing crypto economy. Although, users and businesses like Luckyslots don’t need to ask his permission to join the LTC space as it is still a decentralized network.

Charlie Lee is active on social media platforms, mostly on Instagram and Twitter. Investors and traders are encouraged to follow him for updates on Litecoin or cryptocurrency in general.

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