Crypto Academy Season 2: Altcoins Homework Post for @yohan2on : Litecoin (LTC): 15/04/21

in SteemitCryptoAcademy3 years ago

Hello to all my fellow steemians.
I am here to gladly submit my homework for Prof. @yohan2on on his Altcoin lecture.

In this homework i chose to write about LITECOIN.

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WHAT IS LITECOIN
Litecoin (LTC) with the symbol Ł is the first alternative coin (altcoin) and it aims at correcting the speed of Bitcoin. It is alo a peer-to-peer open-source software project that run under the MIT/X11 lisence, this allows users to run, manipulate as well as copy and distribute the software. It was created in October 2011 by a Google employee. It is very similar to bitcoin.

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It is currently ranked 9th on cryptoslate with a market cap of $17.88B and currently priced $267.834.

WHY WAS LITECOIN CREATED
Charlie Lee , a former Google employee created Litecoin and released it with an open source client on October 13, 2011.
Every altcoin was created to correct some limitation of Bitcoin, the reason for Litecoin creation as an altcoin was to address the the speed of block creation by Bitcoin, otherwise it is very similar to Bitcoin. Bitcoin processes a block every 10 minutes which is slower compared to Litecoin's 2.5minutes. This means that transactions are confirmed faster on Litecoin.

It is compatible with most popular operating systems like linux, windows and mac os, and to improve upon its convenient use, a mobile version was made . It uses scrypt hashing algorithm as opposed to Bitcoin's proof-of-work algorithm, SHA256

DIFFERENCES BETWEEN LITECOIN AND BITCOIN
Litecoin and Bitcoin maybe similar but they also have their differences. Litecoin operates with srypt in its proof-of-work algorithm which is a better version of Bitcoins SHA256 and Equishash. Transactions in litecoin are much faster than Bitcoin. It takes 2.5minutes to create a block on Litecoin which is about 4 times fater than Bitcoin's 10minutes.

HOW LITECOIN IS GENERATED
Litecoin has a fixed number of its currency to be generayed and circulated. only 84million Litecoin will be available and not one more.

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At every 2.5 minutes a block is generayed in Litecoin, it is then verified by the mining software and made visible to miners, the next block enters the chain after the generated block has been approved by the miner.

HOW TO ACQUIRE LITECOIN

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Just like other cryptocurrencies, Litecoin can be bought or exchanged in the crypto exchange or digital market with either fiat currency or another cryptocurrency. First get a wallet to store the currency and buy or exchange from any crypto market.

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Second option to acquiring Litecoin is mining. Litecoin miners gain about Ł25 for every block mined. Mining here means solving th block verification problem using scrypt.

ADVANTAGES OF LITECOIN

  1. As mentioned earlier, Litecoin produces block faster with 2.5minutes per block as compared to Bitcoin's 10minutes.
  2. It is very convenient and simpler since it is compatible to most OS, users wouldnot need high capacity computers to operate on the network.
  3. The GUI on the network is also very impressive
  4. It has low transaction fees compared to other currencies.

DISADVANTAGES

  1. It has a low market cap as compared to Bitcoin, this does not attract investors.
  2. Another thing that sends away investors is the popularity of Litecoin on the dark web. According to a study published in 2018, Litecoin is the second most used on the dark web, with about 30% of groundwork vendors accepting Litecoin.

REFERENCES
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Thank you for reading.

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Hi @gentles

Thanks for your attendance and participation in the Steemit Crypto Academy

Feedback
Fairly done. More effort in your research and presentation of your work. You could do much better than this, just invest enough time in your background study about a particular subject, understand the concepts thoroughly then create your article in a detailed and better quality state.

Homework task
6

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