Litecoin, on the other hand, has a limited supply of 84 million LTC. Bitcoin has a limited supply of 21 million BTC, where around 18.8 million BTC are already in circulation. Perhaps the biggest distinction between Litecoin and Bitcoin is in tokenomics. Mimblewimble is a system that obscures transaction information and makes it totally private, where the addresses are kept anonymous. This is why many businesses prefer Litecoin because it is better in micropayments.Īnother key feature that Litecoin has recently implemented is the Mimblewimble technology that is used by privacy coins. This feature makes Litecoin much more efficient in terms of conducting and verifying transactions. Moreover, the Litecoin network processes a block every 2.5 minutes, which is four times faster than Bitcoin’s 10 minutes per block. For instance, Bitcoin uses the Secure Hash Algorithm (SHA-256), while Litecoin uses the Scrypt algorithm. This network is specifically designed for conducting microtransactions that do not necessarily need to be verified by the nodes.ĭespite key similarities, there are also distinctions between Bitcoin and Litecoin. In addition to SegWit, both Bitcoin and Litecoin have also integrated the Lightning Network. This has made both Bitcoin and Litecoin more efficient. This technology gets rid of unnecessary data in the blocks, consequently increasing transactions per second. The next LTC halving is planned to occur in August of 2023, and the last LTC block is expected to be mined in the year 2142.īoth Bitcoin and Litecoin have integrated the SegWit technology. The current mining block reward of Bitcoin is 6.25 BTC, while the current mining block of Litecoin is 12.5 LTC. This also makes the mining process much more difficult, causing an increase in the price of the two since they become scarcer. Approximately every four years, the mining block reward is halved at both networks in order to promote an inflation-free price. The higher the computational power of the node, the higher the probability of successfully mining LTC tokens.Īnother similarity is the halving process that both Bitcoin and Litecoin have.
Lite coin price prediction free#
The node that is responsible for verifying the transaction is awarded free tokens as compensation for the energy costs required in this process, which is also known as mining. A PoW mechanism means that nodes in the network compete with one another to verify transactions conducted in the network. To illustrate, both Bitcoin and Litecoin use Proof-of-Work (PoW) as a consensus mechanism. How Does Litecoin Work?Īs suggested, Litecoin is very similar to Bitcoin in a lot of aspects because it has the fundamentals of Bitcoin’s technology. Besides Lee, the likes of Xinxi Wang, Alan Austin, and Zing Yang are other members of the Litecoin Foundation board. Today, he leads the Litecoin Foundation that co-works with Litecoin Core Development – the two entities behind Litecoin.
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He had enough expertise to create a sophisticated project such as Litecoin, and he is well respected by the crypto community. After that, he was involved in other projects such as Coinbase.
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However, as the name suggests, Litecoin would be a “light” version of Bitcoin.īefore his involvement on Litecoin, Lee was a software engineer for Google. Charlie Lee, a computer scientist who goes by the nickname of Chocobo, created Litecoin by using the fundamental technology of Bitcoin. Unlike Bitcoin, Litecoin’s creator is not anonymous. Initially released on GitHub in October of 2011, it got wide attention from crypto enthusiasts. Since Bitcoin was claimed to play the role of digital gold, Litecoin introduced itself as digital silver. Litecoin (LTC) is one of the first cryptocurrencies that has had success after Bitcoin. Let’s begin with some brief information about this altcoin. In this article, we are going to focus on the key features of Litecoin, its future, and much more.
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The latter has been by far one of the most successful cryptocurrencies up to date, entering the top 10 crypto market rankings several times.
![lite coin price prediction lite coin price prediction](https://stormgain.com/sites/default/files/inline-images/litecoin-5.jpg)
Since Bitcoin is usually referred to as digital gold, Litecoin is mostly viewed as digital silver. One of the first cryptocurrencies to succeed after Bitcoin is Litecoin (LTC), a Bitcoin-influenced cryptocurrency. The creation of Bitcoin (BTC) led to the creation of other blockchain-based cryptocurrencies that would bring new and improved features to this technology. LTC Price is expected to increase in the long run. 2021 has been an incredible year for Litecoin which reached an all-time high of $412 back on May 10. Update: Decem– Litecoin is one of the oldest cryptocurrencies to exist.