Today we answer the question: What is Litecoin? A brief overview of creation, function and trajectory.
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Hey everyone I’m Ben with BitNational and today we answer the question what is Litecoin? Litecoin was created in 2011 by founder Charlie Lee, former employee at Google. The aim of Litecoin was to improve on a few of Bitcoin’s properties.
Litecoin transactions are settled every 2.5 minutes versus Bitcoin’s 10 minutes. Effectively this means that transactions settle four times faster. It also means that the total number of coins ever issued on Litecoin will be four times as many: 84 million vs Bitcoin’s 21 million.
Coins are still issued through a process called mining. This is where people volunteer their computing power in order to check and verify transactions and are then rewarded with newly minted coins. However, changes have been made to how Litecoin is mined to help prevent centralization and large market players from creating monopolies This means that specialized computers called Asics to be used in Litecoin mining.
Despite these differences Liteoin is still very technologically similar to Bitcoin. So much so that a lot of Bitcoin developers really enjoy rolling out advancements on Litecoin first to test them in the real world before seeing them enabled on Bitcoin.
Litecoin continues to be viewed as the silver to Bitcoin’s gold and is the only other cryptocurrency of its age to have carved out a spot in the top ten and remained there since inception.
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