STEEMIT CRYPTO ACADEMY: SEASON2-WEEK1 HOMEWORK POST FOR PROFESSOR @yohan2on - ALTCOIN; LITECOIN (LTC).

Hello great steemit family, it is a great joy for me to witness the season-2 of our crypto academy, here is my homework post for @yohan2on.

LITECOIN (LTC).
Litecoin (LTC) is an Altcoin that is based on Bitcoin's original source code. It was mainly designed to be used for cheaper transactions and also to help improve the daily usage of Bitcoin. Litecoin is quite noted for its speed when it comes to transactions and it also has a faster mining process and a higher coin limit mark than Bitcoin itself.

Source

HOW DOES LITECOIN WORK?
Litecoin LTC uses an open source known as Cryptographic protocol to enable easy creation and transfer of digital coins directly between individuals or businesses and this process is free from any form of censorship as it has been decentralized.
Litecoin's blockchain technology operates as a shared ledger that is digital and it keeps the record of all the transactions done with it.
Transactions done with Litecoin are bundled into blocks by miners, thereafter, such blocks are being secured in a cryptographic manner before it is being linked to the already existing blockchain.

IMPORTANTS OF LITECOIN (LTC)
SPEED: Blocks are generated faster in Litecoin than in Bitcoin. Litecoin is also very fast in processing transactions and it can process multiple transactions at the same time.
AVAILABILITY: Litecoin has a whooping 84 million coins in circulation and this is very massive as compared to others, this makes it very available and easy to acquire.
CHEAP TRANSACTION: When you transact your digital coins with Litecoin, you only get charged a barely perceptible fee.

MINING OF LITECOIN
You can mine Litecoin just by verifying transactions and grouping them into a 'block' for it to be added to the existing blockchain. When this is done, the miner gets rewarded with litecoins. The number of coins given for such activity varies with time.

Source

PROBLEMS WITH LITECOIN.
Restricted coins in circulation; The number of litecoins in circulation is always being restricted by the creators and this is because they want to allayed people's fears of overproduction, but this does not go down well with some people.
Acceptability: Litecoin does not look like it has been accepted globally by many people, despite its improved services, they still have about 100,000 users.

CONCLUSION
Litecoin has the aim of processing transactions in a fast way, and this is one of the things you are rest assured when you are using it. Litecoin may not have millions of users, but it remains a very good Altcoin.
Thanks for your time,I hope my highlight on Litecoin as an Altcoin was helpful.