Steemit Crypto Academy | Season 2: Altcoins – Part1. Homework Task by @yohan2on @silencewan
I would like to say thank you to professor @yohan2on for the wonderful class and resources give. This is my first time participating in the Homework Task but from hoping to give the best out.
Today's discussion is going to be about Litecoin. But before we proceed we have to know a little about Litecoin.
About and the History of Litecoin
Let's see from various sources how Litecoin is being defined and how it came into existence
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011.[2] In technical details, Litecoin is nearly identical to Bitcoin.
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Also, Litecoin by another group of people is defined us
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world
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These are some definitions of what Litecoin is, it is believed that Litecoin was created and released by Charlie Lee based on the open-source user on GitHub in the year 2011, October 7. Charlie Lee was a Google employee who later became Engineering Director at Coinbase. This gives us a brief knowledge about Litecoin and the brain behind Litecoin.
Unlike other coins, Litecoin is different from Bitcoin, according to research, the Litecoin Network wishes to process blocks every 2.5 minutes, unlike Bitcoin that does process blocks every 10 minutes. This will aid Litecoin to process transitions faster than Bitcoin.
What we need to know also about Litecoin is that Litecoin works with the script in its proof-of-work algorithm.
Let's talk about what a scrypt.
Scrypt plays its cards by creating plenty of fake numbers that would be forced to store in the RAM of the computer. This allows only the computers that have higher memory power to participate in mining. It reduces the hashing power of the device, thus reducing the number of Bitcoin miners in the network.
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Advantages of Scrypt Miner
- Using RAM instead of power makes scrypt Miners more user-friendly
- Scrypt ASIC miner has made Litecoin mining much more efficient and faster as compared to the CPUs and the GPUs
There are more advantages of Scrypt but we consider just this two for now. Below is a link giving you more advantages you would like to know about Scrypt. Scrypt advantages.
What should also know about Scrypt is it has a calculator that aids you to know the amount of profit you can generate in a mine that you are using. What you should know is, the calculator does not show a profit but there are fields given you to fill in to get your findings. These fields are; Difficulty factor, Hardware cost, Hash rate, LTC/USD exchange rate, LTC/Block reward, Pool fees, Power, Power cost, these are the fields you need to fill in to get the findings you want.
The Litecoin talk Forum, a link a provided for you to join the forum to see and also participate in the forum. link
Where you can buy Litecoins (Giottus)link
There so many sites or apps where you can trade Litecoin, but I will take you through the giottus. There many, below is the Moonpay but it's not available in my jurisdiction which is why I am using the giottus.
The lines show the current trends of the Litecoin
But before you will need to sign in or create an account before making any form of transactions.
The transaction history where you can track all form of transactions made
How The Litecoin Works
Litecoin Current details
| Block time | 2.5 minutes |
|---|---|
| Block explorer | ltc.bitaps.com explorer.litecoin.net chainz.cryptoid.info blockchair.com |
| Circulating supply | 62,424,175 LTC (26 June 2019) |
| Supply limit | 84,000,000 LTC |
LITECOIN: BETTER Than Ethereum & Bitcoin in 2021! Massive Potential for Huge Gains!!
Litecoin Cryptocurrency Price Prediction in 2021!!! (How It EXPLODES to $2,740!!) | MUST WATCH
Conclusion
Looking at the structure of trading with regards to Litecoin its future seems brighter
Thank you for reading
professor @yohan2on
Hi @silencewan
Thanks for your attendance and participation in the Steemit Crypto Academy.
Feedback
You have done average work. It's okay to borrow work from other sources provided you clearly reference it and you did well on that part. though you need to regulate that. You have used so many links in your article. I suggest that you work towards being more original in your articles. Otherwise thanks for your effort.
Homework task
5
Thanks to you for the corrections at professor @yohan2on.
I will do as you say to better my work in the coming homework task