Crypto Academy Week 9 Season 2- Homework Post for @yohan2on

Hello everyone, accept greetings from Cameroon and warm welcome to all participating in the crypto academy homework task by our able professors.

From professor @yohan2on lecture , he made mentioned of Altcoins which i understood to be alternative coins apart from Bitcoin. Amongst these Altcoins, Litecoin is one of such coins. Today one could say there exist over 5000 Altcoins. Altcoins brought about competition within the network and some such as Litecoin have good features not available in Bitcoin.

Understanding Litecoin
Litecoin is a decentralised network whereby everyone, that is nodes or participants are involved in decision making in terms of transactions on the structure. This coin was created by Charlie Lee an employee from google in October 2011. The decentralised system makes Litecoin to have greater liquidity volume.

^Source

Aim of Litecoin
Litecoin as earlier mentioned is one of those Altcoins invented as a result of some setbacks on Bitcoin. Thus, the main aim of Litecoin was to improve on efficiency when it comes to transactions on the network. This has made Litecoin transactions faster than Bitcoin. The network is programmed to produce at least 1 block after 2.5 minutes. This is different from Bitcoin where 1 block is produced after 10minutes.

Advantages of Litecoin

1. Transactions on Litecoin are faster. Here large transactions are carriedout with the help of its enhanced block production.
2. It is cost effective, meaning that transaction fees are low.
3. It is more decentralised where everyone takes full control of your transactions, take decisions governing the system, and no central authority.
4. In terms of security, it is highly secured since it operates on a decentralised system. Meaning that data is stored on multiple servers, which is difficult to be hacked.
5. It is easy to buy and sell on Litecoin structure.

Disadvantages of Litecoin

1. Its main setback is the fact that transactions are recorded with anonymous naming. This has created a negative notion about the coin as it is being used in illegal trading within DarkNet.
2. There is no central authority where one can report in case of stolen funds.
3. Prices of Litecoin are highly volatile as it is based on speculation.
   Differences Between Litecoin to Bitcoin
   Though both coins are technically having similar aspects, they have some differences.

• When you look at the transaction time on litecoin, it is more faster than on Bitcoin. That is the Litecoin network is programmed to produce at least 1 block after a period of 2.5minutes. While Bitcoin used about 10minutes to produce 1 block.
• Transfer rates are cheaper in Litecoin while Bitcoin transfer rates are more expensive.
• Litecoin uses Scrypt algorithm while Bitcoin uses SHA-256 algorithm. The Scrypt algorithm makes workload lighter on litecoin. This makes transactions on Litecoin to be confirmed faster as compared to that of Bitcoin.

Exchange Rate of Litecoin
Litecoin can easily be exchanged with other crypto assets such as BTC, ETH, and USDT. This could be done on different exchange platforms such as Coinbase, Binance, and poloniex. This means that it is easy to swap your coin to other crypto assets.
According to marketcap, 1 Litecoin today is over $300 with a percentage of 14.43%. This means that within the day it can increase or decrease due to its volatile nature.
Also, it has a market cap of about $20billion, has a circulating supply of about $66million, maximum supply of about $84million. Litecoin equally has a 24hours trading volume of about $12billion.

Screenshots from phone

Screenshot from Phone
What to Consider Before Creating a Litecoin Wallet
Before thinking of creating a Litecoin wallet, it is advicable to first determine whether your investments are long term or short term investment.
In a case where one have determine to go in with long term investment, then it is good to create a cold wallet. However, in a situation of short term investments, that is if one intend to do many transactions per day, then it is good to create a hot wallet.
In sum, Litecoin as one of the Altcoin has created enormous impact based on its purpose to overcome setbacks of BTC.
Thanks for reading my post and kudos to our professor for the knowledge on Altcoin. While waiting for your positive feedback, remain blessed.

References
-https://coinmarketcap.com/
-https://unsplash.com/

CC:
@yohan2on
@steemcurator02