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LITECOIN

This is one of the powerful, reliable and highly acceptable crypto currency in the world. It was first launched on October 7th, 2011 by former Google employee by name Charlie Lee and he serves as the CEO with other board of tech gurus.

The consensus mechanism for the litecoin is the proof-of-work and the project fork is that of Bitcoin and that's why it is also referred as the "identical twins" for the Bitcoin. The hash system is the scrypt type making it more safer and reliable. Hence, it is very difficult to hack into the platform.

Litecoin still remains one of the project whose have experienced massive aggregate value in price and worth. This massive growth including a 100@% leap within 24 hours that happened at May, 2013.

LITECOIN MINING

The mining of Litecoin is highly centralized which helps to regulate its supply and increase it's worth too.
The successful mining of Litecoin have reduced into halves of the reward after the 50 LTC received as a reward by the first miner.
The mining of Litecoin is done in C++ because that's the language of its protocols. It can be run on all platforms like Android, Linus etc.

THE UNIQUENESS OF LITECOIN

There are many digital coins that following the success stories of Bitcoin and make wonders too. Litecoin is one of those crypto currencies and it helps to correct any known disadvantages of the Bitcoin like in the terms of it's nature and the structure too. Let's talk about them one by one:

• The block generation time: the time spend to produces a single block of Bitcoin took the maximum of nine (9) minutes but the time to generate a block of litecoin took a maximum of 2.5 minutes which it is faster than Bitcoin.

• Unique Hashing algorithm: All other digital coins uses the SHA-256 as their Hashing algorithm. But, Litecoin modified it's Hashing algorithm to scrypt which is enhanced and better than the SHA-256 Hashing algorithm of others.

• Increased in the number of Coins: Due to new innovation of the generation of Litecoin. There's a tremendous increase in the number of Litecoin in circulation. In 2019, there is about 62,424,175 LTC in circulation with supply limit of 84,000,000 LTC.

• Lighting Technology: Litecoin is the first crypto currencies among the first of 5(In market cap) to adopt the segregated witness which later enhanced it into greater lighting technology which makes it very faster for example 0.00000001 LTC was send from Zurich to San Francisco in less than one second.

• Peer-to-Peer Cryptocurrency: Litecoin is a peer-to-peer crypto currency whose project is based on open-sourced model under the MIT/X11 Licenses making it the one of the fastest crypto currencies for trading and exchange.

• Decentralized platform: Litecoin is highly decentralized that it is very good for crypto currencies trading because there is no central server/Ledger to store or record its transactions. It is backed up with strong blockchain technology.

DEMERITS OF LITECOIN.

Litecoin have some challenges but will serious innovation going on in its protocols. there will be improvement and enhancement. These challenges involves:

• ANONYMITY: Due to its use in the Dark websites for numerous illegal activities, many well-known sites kept it on blacklist for their reputation and usage.
• LACK OF CENTRAL AUTHORITY: Litecoin lack central authority that whose responsibility is to guide it's transaction. so, if its lost, it can't be recovered or retrieved.
• CENTRALIZED GENERATION: the mining of Litecoin is centralized and it limits the skillful inputs of knowledge of many experienced miners.

CONCLUSION

Litecoin is a digital coin that many users loved because of it's volatility and liquidity. Litecoin is rated third after Ethereum and Bitcoin according to market capitalization.

Thanks to our cryptoprofessor @yohan02on and @steemcurator01, @steemcurator02 for this week lecture and motivation.