What is Litecoin in what his difference from Bitcoin and as this currency can change the cryptoindustry?

According to the official site, Litecoin — "peer-to-peer Internet currency which includes, payments, almost zero at cost, in any point of the world. Litecoin is an open source code, a wide payment area network which is completely decentral and has no monitoring from any central authorities".

If you heard about Bitcoin (BTC), then this determination will seem to you familiar. The matter is that Litecoin the but with some technological differences is based on the same open source code, as Bitcoin. Litecoin was created not to replace Bitcoin and to become additional means of payment, some kind of silver. This instruction will help to understand in what a difference between two cryptocurrencies.

                                   Comparing Litecoin  to Bitcoin

One of the principal advantages of the projects created on the basis of the open code such as Bitcoin-networks, is that anyone can use a basis of the source code to add those options which are necessary to it. The cost of each cryptocurrency is determined by community of users of system who by mutual consent use this currency.

Though for today the highest capitalization among cryptocurrencies at bitcoin, it doesn't mean that there is no place for other cryptocurrencies which can coexist with bitcoins or be used for some special purposes of community.

The developer of the Litecoin network Charlie Lie decided to improve system of bitcoins. Abbreviation of time which was required for confirmation of new transaction, and also change of an algorithm of a mining of Bitcoins that all participants of system could participate in production was its main task.

On confirmation of transaction 10 minutes while on a Litecoin-network it is enough of 2,5 go to the Bitcoin networks. Also thanks to speed of confirmation of transaction in Litecoin it is possible to make the bigger number of operations.

For Bitcoin mining, the SHA-256 algorithm is used, using the processor, while the Litecoin is done using the scrypt algorithm, which requires large amounts of memory. Previously, the Bitcoins could be produced on conventional computers (CPUs), and then on more powerful GPUs. 

 Now, because of the increased competition, the mining process has become much more complicated, and to benefit from bitcoin mining (taking into account the cost of electricity and the cost of equipment for mining), users need to buy devices with integrated circuits for special purposes (ASIC-miners).    

 This is an expensive equipment that can only be used for mining and for nothing more. Since ASIC-miners can not afford much, Charlie Lee wanted the production of Litecoins to be conducted using a different technology. Therefore, the algorithm for mining Litecoins is based on the use of memory, and anybody can obtain Litecoins even in the absence of ASIC-miners.  

Does Litecoin have a future?

Speaking about the Litecoin, it is important to mean that the creator of this cryptocurrency Charlie Li is a public figure and takes active part in further development of the project. Nakamoto Satoshi, the anonymous developer of Bitcoin, has disappeared from radars long ago and doesn't control what happens to his child. Presence of the real creator plays a large role that people have an understanding as it is arranged Litecoin and what he aspires to.

Currently, Charlie Lee actively encourages the community of miners to use the Segregated Witness (SegWit) protocol, which will improve the work of peer-to-peer payment systems. SegWit is, in effect, a change in the format of the transaction, which allows you to use less storage space.  

This protocol will allow the introduction of other innovative scaling technologies, for example,  Lightning  Networks (LN), which will make it possible to quickly conduct transactions outside of the block, that is not all transactions will pass through the distributed registry. This technology will be available for both Bitcoin and Litecoin.

However, in the Bitcoin network, 95% of the miners are required to activate the SegWit protocol, while the Litecoin network requires 75%. The smaller threshold of agreement and the active position of the founder mean that it will be easier to press these changes into Litecoin. 

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