What is Litecoin?

And What Purpose Does It Serve?

Litecoin was launched in 2011 by former Google and Coinbase engineer, Charlie Lee. Looking to improve on Bitcoin’s functionality, the founder set out to create a new cryptocurrency that offered faster transaction speeds and an increased total supply. While Bitcoin has a maximum total supply of 21,000,000 BTC, Litecoin has a maximum supply 84,000,000 LTC. While the crypto was designed to improve some of Bitcoin’s practicalities, it was never designed to replace it. As one of the earlier altcoins, Litecoin is affectionately known as Digital Silver to Bitcoin’s Digital Gold

How are Litecoin transactions executed?

Much like its predecessor Bitcoin, Litecoin uses the same concept of verifying transactions. When sending LTC from one wallet to another, the transaction is entered into a mining pool where it will wait until the next block is ready to be created. Once picked up by a miner, the transaction will be verified by the miner, they will be paid the transaction fee, and the miner will confirm that the said funds are available. Once this is confirmed the transaction is verified and the movement of funds will occur as requested. As Litecoin utilises a shortened block generation time, transactions can take place more quickly.

How does Litecoin Mining Work?

An integral part in understanding what is Litecoin is understanding how the Litecoin mining process works. The altcoin holds a few similarities to Bitcoin, however it has implemented several key differences. Like Bitcoin, the cryptocurrency uses a decentralized network of miners to verify transactions and create new coins. However, the newer cryptocurrency uses a different mining algorithm called Scrypt which utilizes a more memory intensive process and offers a more even playing field for miners in terms of what equipment they can use. What Will Litecoin Be Worth In The Future? While no one can say with certainty what anything might be worth in the future, Litecoin certainly has a bright future ahead for it. Unlike Bitcoin, the network’s founder is an active member of the cryptocurrency network and community as a whole, and is able to advise, implement and innovate with the brilliant team of developers that work on the project. Some key features that the cryptocurrency is working on is incorporating confidential transactions, implementing Schnorr signatures and making multi-sig transactions more efficient with Merkelized Abstract Syntax Trees (MAST).

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