STEEMCRYPTO-ACADEMY WEEK9, HOMEWORK POST FOR YOHAN2ON
Hello everyone, welcome to my first post on #steemcryptoAcademy. I'm really excited to be part of this lesson and to participate in the given homework.
I will be writing on Litecoin(LTC)
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What is Litecoin
Litecoin (which has a ticker symnol as LTC) is a peer to peer cryptocurrency and open source software project released under the MIT/XII license. It was an early altcoin which was released in October, 2011 by Charlie Lee, an employee at Google who later became an engineering director at coinbase and this release occurred two years after the release of Bitcoin.
It can be said to be the third largest cryptocurrency after BTC and XRP. At the most basic level, LTC is a decentralised cryptocurrency that is not subject to a centralised authority but only relies on the cryptographic integrity of the network itself.
Litecoin was designed to be used for cheaper transactions and be more useful daily. It has a high coin limit market cap and the mining process is very quick. This simply means that transactions are faster and cheaper although smaller in size. Like BTC, Litecoin is a form of digital money that can be used to transfer funds directly between individuals or businesses while utilising block chain technology.
How does Litecoin work?
LTC involves the creation and transfer of digital money through an open source cryptographic protocol and uses blockchain technology to record decentralised public ledgers of all transactions.
Transaction speed
Litecoin was founded with the goal of prioritizing transaction speed. LTC requires more sophisticated technology to mine, it also processes financial transactions a lot more quicker than BTC and more with a block time of 2.5minutes.
Distribution/Number of coins
Litecoin has a finite number of coins in circulation which it will not exceed. As at now, LTC has about 84million available coins.
Market cap
Litecoin can be said to have a relatively small market cap but is still one of the most traded cryptocurrencies.
Algorithm
Litecoin uses a mining algorithm known as Scrypt being it's hash function. Scrypt was designed to be less susceptible to the kinds of custom hardware solution employed in ASIC-based mining.
Mining Litecoin
In Litecoin, mining is the process by which the blockchain -a distributed ledger of all transactions made on the network is maintained. It requires solving algorithms and the first user to reach a solution is rewarded with tokens as payments.
Thank you for reading through, I really do appreciate.
To our amiable professor @yohan2on, you made the topic really simple, well done!
Cc:@yohan2on
Unfortunately @chiomy, your article contains plagiarized content
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Source- https://www.cmcmarkets.com/en/learn-cryptocurrencies/what-is-litecoin
The Steemit Crypto Academy community does not allow these practices. On the contrary, our goal is to encourage you to publish writing based on your own experience (or as per the mission requirements). Any spam/plagiarism /spun action reduces PoB's idea of rewarding good content.
Thank you.
Cc: -@endingplagiarism @yohan2on @the-gorilla @sapwood
Alright, thank you for the correction.
I must have over lifted some statements while researching and trying to express myself, i sincerely apologise and will be more cautious next time.
Furthermore, i want to make an appeal if suggestions for a good plagiarism checker can be made for me because i checked the plagiarism after writing and it said 0%, hence o was confident to post.
My sincere apologies though, thanks! @yohan2on @kouba01