Homework task 2 week 1 by professor @yohan2on litecoin

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During the lecture, I was able to understand that altcoin was referred to as an alternative coin created to improve on the Bitcoin blockchain, and bitcoin is known as the mother coin of other cryptocurrencies thanks to professor @yohan2on for sharing his ideas about altcoin.

Here I will be writing my homework task on #litecoin.

Background

No doubt, Bitcoin was considered as the first cryptocurrency before other alternative coins begin to unveil in other subsequent years. unlike Bitcoin, the creator of litecoin is known as Charlie Lee who is a cryptography expert, who has worked with Google and coinbase.
The idea for creating the litecoin was to provide users with much faster transaction processing time and less fee for and speed of processing transaction than Bitcoin itself it was created in 2011.

How it works

Litecoin is an open-source blockchain network. it uses scrypts in its proof-of-work algorithm, it is also referred to as a bitcoin fork.
Litecoin works similarly to Bitcoin but it's an improved version of Bitcoin in terms of transactions it is considered to be faster than bitcoin which means lesser time is required to process block transactions on the litecoin blockchain.
In terms of making choices for traders, they choose litecoin since it also provides less fee for processing transactions there is no doubt litecoin blockchain is an improved version of bitcoin.

Mining

Like bitcoin litecoin can also be mined it's known that the appropriate processing time for mining Bitcoin could be 10mins while litecoin takes lesser time about 2.5mins for the mining process this has to make it more convenient for miners to use less sophisticated devices to mine litecoin such as GPU (graphical processing units) whereas using bitcoin to mine requires more expensive and sophisticated device.
With litecoin inception there has been pricing competition since traders and investors would prefer to spend less fee when making a transaction this has made litecoin to be adopted and embraced by more investors ans traders with also less power consumption for mining the coin.

Advantages

1. litecoin is considered to be four times faster than Bitcoin as it takes 2.5mins to process a block transaction.

2. It's an open-source decentralized blockchain which means it can be used by anyone to make an instant transaction.

3. it has less fee for making transactions.

4. making transaction using litecoin require no third party users.

Disadvantages

1. One drawback about altcoin is an anonymity use case which is quite common for every cryptocurrency which sometimes provides illegal means of conducting transactions.

Conclusion

It is seen litecoin has been an improved version of Bitcoin in terms of transaction speed and fee for making payments. it is also listed in multiple exchange platform which as increases it use-value and adoption by traders and investors multiple wallets are created to conveniently store litecoin today.

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