Greetings everyone, I am much grateful for this wonderful lecture from our noble professor @yohan2on.

We have been tasked to write about one of the listed Altcoins.

INTRODUCTION

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An Altcoin is a cryptocurrency apart from Bitcoin, it shares some characteristics with Bitcoin even though they are different. The word Altcoin means Alternative coins. They are different from Bitcoin. They were created to find solutions to the limitations Bitcoin created in terms of their mining strategy. In March 2011, 40% of the total cryptocurrency was made up of Altcoins. The types of Altcoins include; cryptocurrencies, stablecoins, security tokens and utility tokens. In the nearby future, Altcoins may be possible to be made up of only mining based cryptocurrencies besides Bitcoin due to the development of our technology day in day out.

Altcoins share the same frame work with Bitcoin. The first Altcoin to be introduce was Namecoin, which was in 2011. The largest Altcoins as at March 2021 are Ethereum and Binance Coin in the market.

For this week, I will be writing on LITECOIN

LITECOIN

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Litecoin is an Altcoin that was created in October 2011 by Charles Lee. It is a branch of Bitcoin and it’s based on an open-source global payment. It is not controlled by any central authority. It’s been referred to as the Silver of Bitcoin’s gold. As a result of its structure been like Bitcoin, it served as an experimental agent for Bitcoin. According to Charles Lee, Litecoin was a fun side project.

Lets’ take a look at some differences between Bitcoin and Litecoin.

As sated above, Litecoin was created to find solutions to the issues with Bitcoin. So they share most characteristics together. But everything with similar features definitely has differences.

The Table shows the differences Between Litecoin and Bitcoin.

Comparison	Bitcoin	Litecoin
Founder	Satoshi Nakamoto	Charles Lee
Creation	2009	2011
Time for Block Creation	10 minutes	2.5 minutes
Coin Limit	21 million	84 million
Algorithm	SHA-256	Scrypt
Earlier Reward	50 Bitcoin	50 Litecoin
Current Reward	6.25 Bitcoin	12.5 Litecoin

LITECOIN MINIG

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Litecoin mining is simply the act of processing a block of transactions into the Lietcoin blockchain. This process involves the solving of algorithms in which the first user is given a token as a reward. Litecoin mining also involves the use of hardware like ASIC machine and the mining software. Miners are paid with Litecoin to mine a transaction block.

The process of Litecoin mining requires the addition of transaction information to blocks which are then added to the blockchain. There is record of all owners of Litecoin by the blockchain servers. Miners make adjustments to the blockchain by using computer hardware and software to solve algorithm problems. Once a miner discovers a solution, the individual is awarded with a Litecoin. Currently, Litecoin miners are being given 12.5 new Litecoin for a block they process, this will continue until August 2023.

ADVANTAGES OF LITECOIN OVER OTHER ALTCOIN

• With Litecoin, the fee charge for transactions is very low as compared to the others.
• Litecoin is having the capability to control huge sums of transactions within a period of time without any hindrance as a result of enhanced block production.
• Also, Litecoin has a very level of liquidity that is there is no difficulty when it comes to the conversion of Litecoin to any form.

These and many more facts about Litecoin has made me realized the need to trading more with Litecoin. Because I have personal encounter with Etheruem and Bitcoin but the fees for the transactions is very high. Also the conversion fee with regards to Etheruem when converting to FIAT that’s cash is very high to the extent that I sometimes feel like I am being cheated or something.

Below is a screenshot taken with my phone of the price of Litecoin as 13:15am GMT. The price was US$271.16 which has increased with a percentage of 1.76%.

CONCLUSION

Litecoin as an Altcoin has really caused more harm than good to the crypto world because of its characteristics .
In fact I must say I really enjoyed this week’s lecture on Altcoins by our noble professor @yohan2on. Also I am happy with presentation on Litecoin. I am looking forward for our next lecture.

I hope my solution for this week’s task will be considered.
Thank you