STEEMCRYPTO-ACADEMY WEEK9, HOMEWORK POST FOR YOHAN2ON

Source> Shutterstock
Greetings professor @yohan2on , I am happy to participate in your class for the first time, nice lecture.
For this week assignment I will be talking about Litecoin.
History of Litecoin
let me give a quick history of litecoin, Litecoin was created in 2011 by developer and former Google employee Charlie Lee , it was the first altcoin to be created.

Source> https://en.m.wikipedia.org/wiki/Charlie_Lee_(computer_scientist)
WHAT LITECOIN IS
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities.
Source> https://LITECOIN.org
Litecoin was released under the MIT/X11 license . It was the first altcoin to be created so it nearly the same as Bitcoin but with a much faster supply of litecoin, it was programmed to supply 84 million litecoin in every 2.5 minutes unlike the Bitcoin that supplies 21 million in every 10 minutes. In addition Litecoins are created by a process called mining.
Litecoin has a market cap of over $20billion (this is not constant, but open to changes)

Source> https://currency.com

            Differences Between Bitcoin and Litecoin

Market Capitalization
If we are to talk about the differences between these two, one major difference is the huge difference in their market cap, the value of all bitcoins in circulation is around $1 trillion, while litecoin on the other hand has a value of $13.7 billion. That's really huge.
Block Generation
Another difference is the rate at which these two coins generate, like I said earlier Bitcoin has a Max supply of 21million per 10 minutes, while litecoin can generate 84 million litecoin per 2.5 minutes. I will like to state that this is one of the reasons why litecoin was made.
Transaction Speed
Another aspect is their transaction speed, remember I said earlier that litecoin was created with a goal of generating and supplying faster than Bitcoin. When you perform a transaction on both Bitcoin and litecoin, the transaction occurs immediately but the difference is the time required by the end party in confirming the transaction.
Algorithms
Another difference is the two different cryptographic algorithms that both coin use. While Litecoin make use of a less complex algorithms known as "Scrypt" Bitcoin make use of the SHA-256 which has been describe as complex.

                                   How to get Litecoin

There are two ways to get litecoin, namely,
Through Buying
first way is through buying from legit digital assets exchange online.
Through Mining
Another way one can get litecoin is through mining.
"Litecoin mining is the processing of a block of transactions into the litecoin blockchain, a distributed ledger of all transactions ever made on the network. Litecoin mining requires solving for algorithms; the first user to reach a solution is rewarded with tokens as payment."
Source> https://www.investopedia.com/tech/how-do-you-mine-litecoin/
reward for mining litecoin block reward is 25 LTC.
This process can be really stressful, I did prefer to buy.
Benefit of litecoin
I will like to quickly talk about the benefits of litecoin.
(1.) Like I said before litecoin has a fast processing and confirmation of transactions.
(2.) Transaction costs involved are low and manageable. It's doesn't require much transaction cost because it's a peer-2-peer network.
(3.) The Scrypt algorithm that is used in the Litecoin is less complex and safer than the other hashing algorithms.
CONCLUSION
Creation of Litecoin has been a success, it has been able to achieve the goals for it's creation, faster transaction speed, faster supply, low transaction cost.
If you are looking to invest in crypto currency, litecoin is definitely one of the coin you should look in to.
Cc:
@yohan2on