Crypto Acadamy Season 2 Week 1//Homework for @yohan2on//Litecoin(LTC).
Hello everyone in Steemit community,
Welcome to my post.
Professor @yohan2on has given us alot of lectures about Altcoin and I am going to writ about the home work on litecoin (LTC)
ABOUT LITECOIN
Litecoin is a crypto currency that has to do with a peer to peer system and was built by Charlie Lee in 2011.
He developed litecoin from Bitcoin so there some slight similarities between them.
Litecoin is cheaper to use for any transaction.
As there are a lot of digital currency available, litecoin is one of the digital currency and it uses blockchain technology.
It is possible to transfer funds among each other or businesses without going through banks or any financial institution.
FEW SIMILARITIES IN LITECOIN AND BITCOIN
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Both litecoin and Bitcoin are decentralized crypto currencies.
Again, litecoin's features are similar to that of Bitcoin but other parts need to be improved by the developers.
The developers of litecoin developed litecoin as silver to Bitcoin gold.
REASONS FOR LITECOIN INVENTION
Charlie Lee who founded litecoin, initially when he saw the potential in bitcoin, he recognized that bitcoin was slow to transfer and expensive to use for transactions so he thought it wise to develop litecoin.
The litecoin was developed to produce more blocks than Bitcoin so that it's supply becomes more.
As a result litecoin will be faster and more available than Bitcoin.
HOW DOES LITECOIN WORK
Litecoin have a block time of 2.5minutes.
It's faster than Bitcoin in transactions and uses about 10minutes.
Litecoin was built on similar fundamentals as the Bitcoin and can be mined.
During mining orphaned blocks can result.
It also uses Atomic swaps technology enabling exchange of crypto currencies without going through any exchange.
SOME IMPORTANCE OF LITECOIN
Litecoin offer faster transactions on an average around 2.5minutes which is about 10minutes.
The cost of litecoin is cheaper as compared to Bitcoin and it's easy for any transaction.
It's block generation is faster , that's every 2.5minutes coin generated as at may 2020.
Litecoin's offer interoperable which uses the atomic Swap technology that makes exchange to other currencies without going through an exchange.
CONCLUSION
Litecoin is a very important crypto currency that is faster in transactions.
Looking at the concept about litecoin, the similarities in litecoin and Bitcoin, how litecoin works, importance of litecoin I will recommend highly the use of litecoin as compared to other crypto currencies.