Steemitcryptoacademy Homework submission post for yohan2on

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Once again, I appreciate Steemit team for yet another opportunity on the steemit crypto academy Contest.

Professor - yohan2on
Week - week 1 season 2
Altcoin chosen- Litecoin (LTC)

From the studies earlier highlighted by the Professor, we see that Altcoin as the name implies are those alternative coins that were brought to existence after the successful running of Bitcoin. There are several Altcoins as per say such as ethereum, tron, litecoin, steemcoin, Leo coin, etc. but in this post, I will be writing on Litecoin

What is Litecoin (LTC)

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Litecoin is one amongst the known and recognized Altcoin besides Bitcoin which was the first type of cryptocurrency to have evolved. It is one of the leading cryptocurrency that is used for transactions and payments.

As known by many, Litecoin has its base origin from Bitcoin. It was brought forward and introduced into the cryptomarket in the year 2011 by Mr. Charlie Lee.
Litecoin was given birth to through the same seed of bitcoin as it has the same traced imprints and components of Bitcoin except with fewer minor improvement in the cases of high speed and less cost as compared to Bitcoin and this makes it a counteract to Bitcoin.

Why Litecoin?
Litecoin is a type of cryptocurrency designed with specific set of rules (algorithm) with safety and flexibility. It works by using the blockchain technology which has a decentralizing capacity. It uses the P2P (peer to peer) basis which allows the users to interact and communicate with each other via internet.

Using the P2P basis, there is no room for central servers which ensures safe transfers of files and thus with this basis, it is a faster process when it comes to transactions and payment. The inculcation of the P2P basis using the blockchain technology makes transaction cost of Litecoin minimal with a more instant and efficient manner.

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Litecoin has a faster transaction, payment and purchase time with is fixed at about 2.5 minutes as compared to Bitcoin.

Litecoin with the inculcation of Protocols which uses the fingerprint security system in their system makes their entire network safer, secure, reliable, effective and efficient.

The coin market cap of Litecoin

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Can Litecoin be mined?
Many people who are new to the crypto world may likely be disturbed with a question as such because they are unaware of the baseline in mining a coin. Litecoin can be mined, why? Because it is functioning through a blockchain. Talking about a blockchain, just as the name implies, it is a blockchain which is comprised of large numbers of blocks which are all connected together and each of this blocks are made of what we call nodes. Nodes are the storage path where technical processes in the system takes place.

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Before a coin could be mined, it has to pass through a blockchain which contains nodes, nodes are were mining process takes place. This is same for Litecoin which operates under a blockchain and so gives it the appropriate authority of being mined. There are great rewards that comes with mining all dependent on market value of the coin.

Although Litecoin is a little difficult when it comes to mining because of it scrypt set of rules (algorithm) making it difficult for the ASIC, mining softwares and hardwares to mine it but on the real case makes Litecoin a safer currency than others.

Thanks@yohan2on for reading through my post...I hope have been able to write about Litecoin as an Altcoin