Steemit Crypto Academy | Season 2: Altcoins. Homework Post for [@yohan2on]/by @diegoomorilloo
Thank you very much to the teacher @yohan2on for this week's class, grateful to the entire steemit community for the opportunity to develop myself through this platform and nurture my knowledge in cryptocurrencies, this is my presentation of the class of the week number # 1 about Altcoins.
The Altcoin that I chose for this week's assignment and which I have come to share with you all is the Litecoin.
history of Litecoin
Litecoin is a cryptocurrency that seeks to establish itself as a good alternative to fiat money in regular use worldwide, such as the euro, the US dollar or the yen.
Litecoin was launched on October 17, 2011, its founder Charlie Lee was a former employee of Google, He worked for this company for many years and then decided to work as head of software development at Coinbase, one of the largest cryptocurrency exchanges internationally.
After a while Lee started the Litecoin foundation, in Singapore, where it provides financial support to volunteer developers to further improve the Litecoin protocol.
The goal of Litecoin
Litecoin was primarily conceived to be a complement to the Bitcoin , If we give an example and say that the Bitcoin it's kind of digital gold, Litecoin aims to look a lot like silver.
If we go into detail Litecoin it's a "Fork" of Bitcoin,since the software Bitcoin It is open source, and anyone is able to access it. So we say that aFork it consists of taking an existing protocol and building a new project based entirely on it by making changes to the code. So we can say thatLitecoin is a modified copy of the Bitcoin protocol ,which was launched as an independent projec.t
But Litecoin It's not the only one Fork what exists of Bitcoin, Bitcoin Cash and Bitcoin Gold are another 2 of the best known.Fork.
Similarities and differences of Litecoin and Bitcoin
Since the Litecoin protocol it is very similar in the technical aspect to Bitcoin, there are several similarities and differences between them, let's take a look at some of them:
Similarities:
- Both cryptocurrencies are open source projects, programmed in C++ language.
- Both Bitcoin and Litecoin can be divided into one hundred million smaller units, it is the same to divide a gold bar into coins, only that the minimum size in both is eight decimal places.
- Both currencies work thanks to a decentralized network and their transaction blocks must be encrypted, so that transactions carried out in the payment network are approved.
- Both Bitcoin and Litecoin must be mined.
Differences:
- Unlike Bitcoin whose creator remains unknown today, everyone knows that behind Litecoin is Charlie Lee and his team.
- Litecoin allows a confirmation of transfers much faster than Bitcoin.
- The inflation rate in both currencies has a lot of difference, while the maximum number Bitcoins of is limited to 21 million, the maximum number of Litecoins is 84 million
- Lee and his team wanted Litecoin to be much more decentralized than Bitcoin , being easier to mine it was believed that more small miners could have the opportunity to participate in the mining process.
¿How to buy Litecoin?
LitecoinIt is a really well-known cryptocurrency and one of the first that was created at the time that the cryptocurrency market was starting, due to its great fame it can be easily bought anywhere on the planet.
If you live in the United States you can easily buy it with a credit card or a bank account, but instead if you live in Latin America, Africa. or Asia, you must buy bitcoins and transform them through Changelly so it is a much more complicated process. currently Litecoin is priced at $ 25.17
Conclusion
then we can say that Litecoin was developed with the purpose of becoming an additional means of payment to Bitcoin, because it can be really complicated and expensive to transfer small sums of money using bitcoin, then litecoin wanted to establish itself as a much more feasible alternative to make these transactions .
Thank you very much to the Steemit community for the opportunity and to professor @yohan2on for carrying out this important initiative.
Let's hope that in the future Litecoin will become an alternative, which a large part of the countries will accept, in my opinion it will facilitate a large part of transactions of small to large sums of money ,and thus we can establish ourselves as a fully digital economy.
Hello @diegoomorilloo,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 5/10 rating, according to the following scale:
My review :
An accepted content in which you presented scattered information about Litecoin cryptocurrency. What your article lacks is the connection between ideas and their analysis, which allows you to add a critical dimension through which you can benefit the reader.
Thanks again for your effort, and we look forward to reading your next article.
Sincerely,@kouba01