As a faster, cheaper version of Bitcoin, Litecoin is nearly technically identical to BTC, but with distinctive fundamental differences.
Litecoin strives to rival Bitcoin as a store of value while maintaining utility for everyday transactions.
Before Litecoin in the early 2010s, Bitcoin existed with its slow, costly transactions.
Slashing block creation time to 2.5 minutes and pumping supply to 84 million, Litecoin combined speed and security.
Introduced as "Silver to Bitcoin's gold", Litecoin didn't intend to annex Bitcoin.
In Lee's eyes, Bitcoin functioned as gold- ideal for substantial transactions and a long-term store of value-while Litecoin is for facilitating smaller, cheaper, everyday transactions.
On the mining front, Litecoin is a profitable endeavor, rewarding miners with 25 LTC per block.
Stemming from the algorithm of his previous effort, Tenebrix, Lee claimed that mining Litecoin could be done via a PC's CPU - but failed after Litecoin miners segued into using GPUs, until the introduction of ASIC miners.
No technical explanation of Litecoin can avoid mentioning Bitcoin, the inspiration for LTC mechanics.
In late 2017 new ASIC rigs were available to Litecoin miners.
Introduction to Litecoin
Veröffentlicht auf Jul 1, 2018
by Cryptoslate | Veröffentlicht auf Coinage
Coinage
Erwähnt in diesem Artikel
Neueste Nachrichten
Alle ansehen
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.