Crypto Academy Season 2 Week 1 Homework Post for (yohan2on) - Looking beyond the Bitcoin - Litecoin

Good day everyone, hope you guys are doing great.
Everyone is very excited as the crypto academy class is back again few weeks of break.
The academy is back with some new goodies, new professors and new rules..

Today I will be attending to the task of professor @yohan2on, he discussed about Altcoin.

What are Altcoins

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All digital cryptocurrencies launched after the success of Bitcoin are referred to as altcoins; hence the term, which means "alternative to Bitcoin." After Bitcoin, more than 900 altcoin currencies have been developed.

Altcoin share certain characteristics with Bitcoin, but they vary in other respects. Some altcoins, for example, generate blocks or validate transactions using a different consensus mechanism. Or they set themselves apart from Bitcoin by offering new or enhanced features, such as smart contracts or low price volatility.

What is Litecoin and how does it works

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Litecoin is one of those alternative coin that compete with Bitcoin.

Litecoin is the third-largest cryptocurrency after bitcoin and XRP measured by market market capitalization (or the amount of currency on the market).

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In several ways, Litecoin, like its contemporaries, acts as an online payment system. Users can send money to one another using it in the same way they can through PayPal or a bank's online network. Instead of using US dollars, litecoin transactions are conducted in litecoin units.

How Litecoin Is Made

Litecoin, like all cryptocurrencies, is not issued by a government, which has traditionally been the only institution that society has trusted to issue currency. Rather than being controlled by the Federal Reserve and printed by the Bureau of Engraving and Printing, litecoins are made through a complex process known as mining that entails going through a list of litecoin transactions. The supply of litecoins is set, unlike conventional currencies. There will be just 84 million litecoins in circulation at the end of the year, and no more. The litecoin network creates a block – a ledger entry of recent litecoin transactions all over the world – every 2.5 minutes (as compared to 10 minutes for bitcoin), The litecoin network creates a block, which is essentially a ledger entry of recent litecoin transactions all over the world. This is where litecoin's intrinsic value comes from. The block is tested by mining software and rendered available to every “miner” who wants to see it. If a miner verifies it, the next block joins the chain, which is a record of any litecoin transaction ever made.

Litecoin Mining

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The first miner to successfully validate a block receives 50 litecoins as a reward for their efforts. Over time, the amount of litecoins rewarded for completing such a task decreases. It was halved in October 2015, and it will continue to be halved at regular intervals until the 84,000,000th litecoin is mined.
Mining cryptocurrency at a profitable pace necessitates unfathomable computing power and advanced hardware. The central processing unit in your Dell Inspiron isn't quick enough to mine most cryptocurrencies. Which takes us to another point of distinction for litecoins: unlike other cryptocurrencies, they can be mined with ordinary off-the-shelf computers. And the greater a machine's mining ability, the more likely it is to earn anything useful for a miner.

Advantage of Litecoin

• Litecoin is a network currency based on "peer-to-peer" technology and an open-source software project under the MIT/X11 license that allows users to send money to anyone in the world instantly.

• Litecoin is created and transaction is made using an open-source encryption protocol and is not governed by any central authority.

• Litecoin is very fast (when compared to Bitcoin, the block closing speed is four times faster (10 minutes for BTC, 2.5 minutes for LTC)

• Litecoin has open-source technology, the Scrypt algorithm is at the heart of its operation, and transactions have a low commission.

• Litecoin has a low transaction cost, making it a better cryptocurrency to use and implement. The quicker transaction processing makes the system less vulnerable to attacks, as hackers only have a short time span to try a double-spending assault.

• Litecoin transactions are less costly than many other cryptocurrencies, such as Bitcoin, since they can be done without the use of a middleman. It can also be directly traded with other cryptocurrencies on the blockchain utilizing the ‘Atomic Swap.'

Disadvantages of Litecoin

• Litecoin is known for its complete anonymity, which has given it a poor reputation due to its use in the DarkNet for illegal activities.

• Mining Litecoin is centralized. Since the launch of the Litecoin skilled mining machine at the start of last year, it has been stated that in the presence of mines, computing power has surpassed 50% of total network computing power, resulting in an unequal distribution.

• Since Litecoins are not regulated by a central authority, you can feel hesitant to use them. If your coin is stolen or lost, the money is gone and there is nothing you can do about it.

Conclusion.

I want to appreciate those that took their time to read my post. I thank all the professors for all their continuous hardwork May God bless you all.

Thank you all !!!

Cc: @yohan2on

Cc: @steemcurator01

Cc: @steemcurator02