Hello, my steemit lover friend
@cbkkeken is very happy to be able to take part in the crypto Academy assignment which is directly guided by professor
@yohan2on and other professors as well
In this homework assignment, I have chosen one of the assignments from professor
@yohan2on, which is about Litecoin (LTC)
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source
apa itu Litecoin (LTC)
Litecoin (LTC) is a cryptocurrency created in 2011 which is open source software under the MIT / X11 license. Litecoin is a cryptocurrency derivative of Bitcoin Core QT, which means that everything on Litecoin is not that different from Bitcoin. Litecoin makes its own distinction, which is cheap, fast and practical because mining for Litecoin can use Windows, Linux, MacOS and other operating systems.
Litecoin with its LTC currency is the seventh major cryptocurrency, with a market cap of more than $ 12 billion or in ltc to idr terms around Rp. 172 Trillion. So what exactly is the result that these popular Litecoin miners are so popular with?
Who created Litecoin (LTC) and when was it first launched?
Charles Lee
source As a former Google employee, Charlie Lee created Litecoin in 2011. Just like Bitcoin, Litecoin also has its digital cryptocurrency. It is developed on the same blockchain as Bitcoin and can be used to make payments. The big advantage that Litecoin offers compared to Bitcoin is - speed. The fact is that Litecoin is called "Lite" coin because it is almost four times faster than Bitcoin. Imagine if you wanted to buy your next coffee using Bitcoin - imagine how long you have to wait? About 10 minutes! This is because 10 minutes is the minimum time required to confirm a bitcoin transaction, Now, imagine that you are paying with Litecoin - and surprise! It only takes 2.5 minutes to confirm a Litecoin transaction. So, an LTC transaction only takes 2.5 minutes until you sip your favorite coffee.
Litecoin was released on October 7, 2011 via the Open-Source client on GitHub. Litecoin was created via the Hard Fork of the Bitcoin-Qt client, with a decrease in block discovery time, an increase in the maximum total coins created (Max 84 Million coins), a maximized GUI, as well as a different Hashing (PoW / Proof-of-Work) algorithm, namely using Scrypt instead of SHA-256 or Equishash as in Bitcoin.Litecoin was created for all common systems in the world, such as Microsoft Windows, Mac OS x and Linux. Even the mobile version was created so that users can feel comfortable making transactions anywhere and anytime.
Difference between Litecoin and Bitcoin?
There are several prominent differences between Litecoin and Bitcoin, namely:
The process of generating blocks is faster. The time it takes to generate blocks in Bitcoin is 10 minutes, while Litecoin only takes about 2.5 minutes for each block created.
Faster transaction verification speed. Because the process of generating blocks is created faster than Bitcoin, automatically the speed of verification of transactions is also faster.
Different algorithms. The Proof-of-Work algorithm for Bitcoin is SHA256 and Equishash (in Bitcoin Gold / BTG), in contrast to the algorithm used by Litecoin, namely Scrypt, where GPU mining is more specialized. Actually Scrypt here is a modification of the SHA256 algorithm, but with a more specific calculation.
How to Get Litecoin (LTC)?
In general, there are two ways to get Litecoin, namely:
The first way is by mining (mining).
Mining in this case is Solving the algorithm (block verification problem) with a PoW (Proof-of-Work) formula called Scrypt. The Scrypt algorithm can be solved using the GBP / VGA / Graphics Card that we usually encounter. So the point is that Litecoin mining here is a trade-off from Litecoin to the tools that Litcoin needs to operate 24 hours non-stop in verifying every transaction on any particular block, as well as in the creation of new blocks. Miners will be rewarded with around 25 LTC pieces for every new block found. Litecoin is scheduled to produce only about 84 million coins. This amount is four times the maximum amount of Bitcoin coins.
The second way is to buy Litecoin. Members can get Litecoin by buying it on the digital asset exchange.
Pros and Cons of Litecoin (LTC)
(Advantages)
Litecoin is also here to try to improve Bitcoin, one of the things that has been improved is related to the generation time of the blocks that are compiled. Litecoin averages 2.5 minutes, while Bitcoin averages 10 minutes. The mining algorithm is indeed designed to be simpler, making the miner not have to do it with a super high specification computer. Litecoin has also activated a Segregated Witness, which is claimed to make coin transactions faster and provide lower fees. The Swap Atom feature was also added to make it easier for other crypto coin owners to transact with Litecoin without a special platform
(Deficiency)
Litecoin risk is predicted to occur if the market is not interested. The mining process is relatively easy, this allows for a buildup of Litecoin stocks. In the long term, if it is not able to grow convincingly, the bubble will burst. So that inflation has decreased drastically.
That's all from my explanation of my Litecoin(LTC)
@cbkkeken saying goodbye to my success greetings to all of us
Cc:
@yohan2on
Hi @cbkkeken
Thanks for your attendance and participation in the Steemit Crypto Academy.
Feedback
This is good work. Well done with your research study on Litecoin.
Homework task
8
thanks you professor @yohan2on