Homework task: Write about any one of the following Altcoins: Litecoin

Special thanks to the @Steemitblog for once again giving us the opportunity to learn again from our awesome professors and also for giving us the privilege to write again in the Steemit Crypto Academy after the break and employment of new professors. I am also very grateful to Prof. @yohan2on for this course. I am submitting my assignment today on the topic Altcoins – Part1 "Looking beyond the Bitcoin"

Source

Professor - @yohan2on
Week - week 1 season 2
Altcoin chosen- Litecoin (LTC or Ł)

Before I begin writing about my choice Altcoin, let's see what Altcoin is all about. The acronym ALT stands for alternative and coins are cryptocurrency as our prof taught us in his course. We can say that Altcoin are cryptocurrencies created besides Bitcoin.

Altcoins refers to all digital cryptocurrency launched following the success of Bitcoin; hence the name, which means “alternative to Bitcoin”.

Altcoins first came into existence in 2011 two years after the invention of Bitcoin in 2009. Some school of thoughts has it that the reason for the invention of Altcoins was because the price of BTC became too outrageous because BTC became a widely accepted cryptocurrency.

Altcoins share the same characteristics with BTC because they are all cryptocurrencies. Some of the main types of altcoins include mining-based cryptocurrencies, stablecoins that is coin pecked to the price of a real time currency, security tokens, and utility tokens like BAT, Timicoin and others.

Litecoin

What is Litecoin

Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license.

Litecoin was a foremost altcoin that started in October 7, 2011 two years after bitcoin in 2009. It was launched as an open source client on GitHub by Charlie Lee as a forked out of Bitcoin. Technically, Litecoin is nearly identical to Bitcoin. The Litecoin network went live on October 13, 2011.

Actually the difference between Litecoin and Bitcoin is that it has a decreased block generation time (2.5 minutes), and increased number of coins. hat is to say that Litecoin uses 2.5 minutes to process a block while Bitcoin uses 10 minutes.

Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.

Now this is actually where Litecoin distinguishes itself from other coins, Litecoin can accommodate up to 84 million coins in terms of distribution.

The minning tools for Litecoin Field-programmable gate array(FPGA) and Application-specific integrated circuit (ASIC) devices are complicated to create and very expensive produce.

LTC is Litecoin ISO 4217 code.

Conclusion

Users of Litecoin should, therefore, have no worries purchasing low-priced goods or services, not minding of how high the general price of an undivided single Litecoin could be at the time.