Hello Steemians,

I hope you all are doing good great and safe in these pandemic times and hoping that everything comes to normal soon.

This post is homework on Litecoin(or, Altcoin), given by @yohan2on cryptoprofessor.

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ALTCOINS

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It is comination of two words ALT+COINS means alternate coins.It is group of virtual currencys other than BITCOIN and each currency it this group has its own rules. It is alternate to BITCOIN.

There is a limit of cryptocurrency, so, ALTCOIN is the way to overcome this limitation of bitcoins and making better currency than bitcoins.

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LITECOIN

image source: https://images.app.goo.gl/h7jRznSBcKDc4vce9

It is also a cryptocurrency which was developed to improve BITCOIN,S shortcomings.Litecoin is based on an open-source global payment network, is a peer to peer internet currency and it is also more secure than BITCOIN beacuse it does not involve any third party during transactions.

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Creation of LITECOIN

Litecoin is created by CHARLES LEE in october 2011 an alternative to bitcoins.
It is made for smaller,secure,faster transactions compared to bitcoins.

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Mining algorithm of Litecoin

Litecoin uses scrypt algorithm of mining and works on proof of work function.

Litecoin adopted Scrypt hash function instead of using bitcoin's SHA-256 function.

ASIC miners were superior to CPU's and GPU's. Scrypt function are made keeping in mind that ASIC miners do not have all things in their hand. It stores data in RAM. At present time, there are Scrypt capable ASICs , which can work on scrypt.

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Market cap of litecoin

SOURCE: https://coinmarketcap.com/currencies/litecoin/

the picture shows many things which are, market cap of litecoin , it's rank , highest amount and lowest amount reached in last 24 hrs in USD and percentage increase and decrease in the value of litecoin.

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Difference between bitcoin and Litecoin

LITECOIN

1. It has market capitalization of total $13.7 billion.

2. Litecoin can accommodate up to 84 million coins.

3. Speed of transaction is higher than bitcoin.

4. It is more secure than bitcoin.

5. Litecoin uses new algorithm known as Scrypt.

6. Transaction fee is less compared to bitcoin.

BITCOINS

1. It has market capitalization is around $1 trillion

2. Bitcoin network has approx. 21 million coins

3. Speed is less compared to litecoin.

4. It is less secure than litecoin.

5. Bitcoin works on SHA-256 algorithm.

6. Transaction fee is more compared to litecoin.

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Trading of litecoin

You can easily trade lite coins using cryptocurrency exchange and on platforms like Coinbase.You get your money in desired currency equivalent to litecoins you have just paying a small fees.

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Conclusion

I would just say that it is good alternative to bitcoin currency and has a bright future ahead.

Cc:
@steemitblog
@steemcurator01
@steemcurator02
@yohan2on