Crypto Academy Week 9 Homework Post Submitted Prof. @yohan2on
Litecoin
Source
Litecoin is a transparent, permissionless and open sourced remitting system that is completely decentralized. As a completely decentralized system that Litecoin is, that makes it a peer-to-peer smart currency.
Litecoin emerged in 2011 and was conceived by Charlie Lee, a google employee.
A lot of persons think of litecoin as Bitcoin silver as it has its origin traced to Bitcoin.
What Makes Litecoin Essential In The Coin Market.
Even though Litecoin has Bitcoin as its ancestors, it has features that varies from that of Bitcoin.
Litecoin transaction runs as fast exhausting about two and a half minutes before a transaction is completed with even shorter block types unlike Bitcoin that takes up to about ten minutes or more before a particular transaction is completed.
This therefore means that funds gets to its destination really quick with Litecoin than with Bitcoin.
Also, Litecoin transaction fee charges are really considerate. By considerate, I mean the fees are kept low unlike Bitcoin that has its transaction fee charge much higher than that of Litecoin.
Litecoin Algorithm
Litecoin uses algorithms known as script to enable mining.
With this, Litecoin runs about 56 transactions per second which is much more than Bitcoin which runs only 7 transactions per second.
Feature Of Litecoin.
Atomic Swap is one technology that Litecoin is strongly adopted to.
Atomic Swap enables users to change a particular crypto to another crypto without the need of any intermediary system.
What Atomic swap does is to remove a middleman completely from a transaction process. To the best of my knowledge, it is not ideal to depend on a centralized crypto exchange to trade an asset that is based on the decentralized blockchain. But Atomic swap manages the trade process and keeps everything transparent.
Litecoin In The Coin Market
Litecoin is ranked number 9 in the coin market with a current price of $273.04. The coin is actually really surging and in the nearest future, it is expected to surge more.
Here is a more elaborate details of the current rating of Litecoin from the coin market.
Thanks Prof. @yohan2on for this week's lecture.