Litecoin (LTC) is a peer-to-peer cryptocurrency that uses the Scrypt Proof-of-Work algorithm with the goal of improving transaction speed and lower fees compared to Bitcoin.
Litecoin operates on a decentralized blockchain, allowing users to transact directly without intermediaries, while also serving as a testing ground for new technologies such as SegWit and the Lightning Network.
MAIN CONTENT
Litecoin is a faster and cheaper upgrade version of Bitcoin, with a total supply of 84 million LTC.
LTC Token is used for trading and paying gas fees on the Litecoin network.
The Litecoin development team consists of renowned blockchain experts, and Litecoin collaborates with many major partners in the industry.
What is Litecoin?
Litecoin is a P2P cryptocurrency developed on the Scrypt PoW algorithm, created to improve transaction speed and costs compared to Bitcoin. The structural similarities of Blockchain make Litecoin often used as a testing ground for new technologies for Bitcoin like SegWit and Lightning Network.
The standout feature of Litecoin is its block creation time, which is 4 times faster, and its high-performance PoW mining technology, allowing the network to process transactions optimally and transparently in terms of security.
What are the outstanding features of Litecoin?
According to reports from the Litecoin Foundation, LTC has the advantage of a block creation time of only 2 minutes and 25 seconds, significantly faster than Bitcoin's 11 minutes and 6 seconds. LTC has a total supply of up to 84 million coins, four times that of Bitcoin, enhancing liquidity and transaction capability.
Description Bitcoin (BTC) Litecoin (LTC) Symbol BTC LTC Total Supply 21 million BTC 84 million LTC Smallest Unit Satoshi Litoshi Founder Satoshi Nakamoto Charlie Lee Launch Date 2008 2011 Block Creation Time 11 minutes 6 seconds 2 minutes 25 seconds Algorithm SHA-256 Scrypt Consensus Mechanism Proof of Work (PoW) Proof of Work (PoW)
Litecoin emerged to address Bitcoin's transaction delays with lower costs, providing a more efficient payment option for users globally.
Charlie Lee – Founder of Litecoin, 2022
Overview of LTC Token and tokenomics
Token Data
Litecoin uses the LTC Token operating on the Lightning Network with a Proof-of-Work consensus mechanism, Scrypt algorithm, capable of processing about 1.3 transactions per second with an average block creation time of 2 minutes and 25 seconds. The total supply reaches 84 million LTC, of which more than 71 million LTC are currently in circulation.
What is the utility of the Litecoin Token?
LTC supports direct payment transactions similar to Bitcoin.
LTC Token is also used as gas fees to maintain the fast and secure network operations.
Storage wallets and LTC exchanges
LTC Storage Wallet
LTC can be securely stored on various types of wallets, including cold wallets like Ledger, hot wallets like Exodus, Litecoin Core, as well as exchange wallets like Binance, Coinbase, Kucoin, providing diverse options for users.
LTC Exchange
LTC is currently listed and widely traded on major exchanges such as Binance, Kucoin, and Huobi, providing high liquidity and supporting various trading pairs.
Who is on the Litecoin development team?
Litecoin Foundation, based in Singapore, is a non-profit organization leading the development of LTC with the participation of many industry experts.
Charlie Lee – Founder, former Technical Director at Coinbase.
Alan Austin – CEO, experienced in business and finance.
Xinxi Wang – Director, PhD in Computer Science with expertise in algorithmic trading and angel investing.
Zing Yang – Director, co-founder of Interstellar Group and advisor on decentralized economics.
We are committed to developing Litecoin into a fast, secure, and accessible payment network globally.
Charlie Lee – Founder of Litecoin Foundation, 2023
Who are the investors and strategic partners of Litecoin?
Litecoin collaborates with many major partners such as Atari®, Ternio, and Centercoin (CENT). The project also sponsors NASCAR races and integrates LTC as a payment method on many e-commerce platforms, expanding the practical use of the Token.
What are the similar projects to Litecoin?
Similar coins include Bitcoin Cash, Bitcoin, Ripple, and Dogecoin, all of which are Altcoins aimed at improving blockchain technology or expanding its applications.
Insights on LTC
Litecoin is often viewed as 'silver in the cryptocurrency world' alongside 'gold' which is Bitcoin. The halving events of LTC also positively affect the market, driving price trends similar to Bitcoin in the past.
Frequently asked questions about Litecoin
Is LTC classified as an Altcoin?
With its technical features and role since 2011, LTC is recognized as one of the representative Altcoins, despite sharing many similarities with Bitcoin.
Is Litecoin the 'silver' in the cryptocurrency world?
Previously, LTC was often referred to as 'silver' while Bitcoin was considered 'gold'. However, the emergence of many new coins has changed this status.
How much are transaction fees on Litecoin?
Transaction fees on the Litecoin network currently range from about 0.1 to 1 USD, much lower than Bitcoin transaction fees.
Who is the founder of Litecoin?
Charlie Lee – an experienced software engineer who previously worked at Google and Coinbase, is the founder of Litecoin.
How long is the block creation time for Litecoin?
The average time to create each block on the Litecoin blockchain is about 2 minutes and 25 seconds, significantly faster than Bitcoin.
Source: https://tintucbitcoin.com/litecoin-ltc-la-gi/
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