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

Hello Steemit Crypto Academy Community,

2nd season courses of the academy started. It looks like the new season's courses will be more organized. We are in continuous development, change and innovation. It will make the blockchain we are on even bigger. Professor @yohan2on has prepared a course article about altcoins in this course. He asked us to prepare an assignment about Litecoin, Binance Coin and Ripple. First I read the course article, then did my research, and now I'm writing my homework.

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As it is known, Bitcoin was named by Satoshi Nakamoto in 2008. It was created in 2009. At first, people were negative about Bitcoin. He thought it might be a fraud project. Later it became increasingly popular. People's prejudice towards Bitcoin has been broken. It started to be accepted as the most popular investment tool of the last period. When you look roughly, Bitcoin was only used for transfer transactions between peers. A decentralized technology was expected to work more. Therefore, besides Bitcoin, other cryptocurrency projects were also invented. According to Coinmarketcap data, there are 9212 crypto money projects. Cryptocurrencies invented after Bitcoin are called altcoins. The first altcoin is the namecoin. Namecoin has lost its previous popularity. It reached its highest price level in 2013 and after 8 years, it never reached that price again.

After the invention of Ethereum, the cryptocurrency world undertook another revolution. Developments in areas such as smart contracts, decentralized finance, and NFT have excited many people. We can describe the invention of Binance Coin in 2017 as another important development.

'If Bitcoin is Gold, Litecoin is Silver'

It was released in 2011 by Charlie Lee, a former google engineer. It is an open source project for transferring money from spouse to spouse. It has many similarities with Bitcoin because it is one of the Bitcoin forks. However, it is a much more developed version of Bitcoin. Its abbreviation is LTC. The developers of the project are making a silver look for Litecoin. We can say that the Litecoin logo is very similar in color to silver.

I don't know if you've made a transfer with Litecoin before, but a million-dollar transfer can be made to someone on the other side of the world.
You can send it in a very short time and at a very low cost. Transparently, without being bound by any authority. Litecoin developers state that this is their purpose.

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Litecoin price on Coinmarketcap data is $ 278.27 as of now. There has been a serious price increase, especially in recent days. There are currently 66,752,415 LTC in circulation. The total supply was planned to be 84,000,000. We can access Litecoin codes using the contract address "0xecb56cf772b5c9a6907fb7d32387da2fcbfb63b4".

Learning Litecoin Transfer Details

Let's say you send Litecoin to someone, or someone will send Litecoin to you. There are tools that show details such as at what stage the transfer is, how many confirmations the transfer is, how much the transfer fee is.

https://blockchair.com/litecoin

It is possible to access Litecoin transfer details using these tools.

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There are many tools that show Litecoin transfer details, but I usually use the "blockchair" web address. We write the Litecoin address or the transfer code we received from the exchange into the space I marked and you can reach us all the details about the transfer or Litecoin account. This shows that everything works in a transparent way.

Differences Between Litecoin and Bitcoin

I said that Litecoin is a bitcoin fork. There are both technically similar aspects to each other, as well as different aspects.

(1) Litecoin's total supply is 84,000,000 while Bitcoin's total supply is 21,000,000 million. In other words, 4 times more will be produced than Bitcoin.

(2) Block creation time in Litecoin network is 2.5 minutes on average, while block creation time in Bitcoin is 10 minutes on average. This may decrease to 8 minutes depending on the miner density.

(3) Transfers are faster and cheaper in Litecoin, while in Bitcoin, transfers occur later and are more expensive.

(4) The biggest technical difference between Litecoin and Bitcoin is the algorithm they use. While Litecoin uses the Scrypt algorithm, Bitcoin uses the SHA-256 algorithm. The algorithm used by Litecoin is easy to compute and lighter in terms of workload than the algorithm Bitcoin uses. As such, Litecoin transfers are confirmed faster. The downside of this is that it can lead to security weaknesses.

How Litecoin Is Made

Litecoin is produced by mining just like Bitcoin. Litecoin is mined through highly developed devices. It is difficult to mine Litecoin individually. Because it is not easy to compete with giant companies. The miner who solves a very complex math problem wins a prize.

Conclusion

When I read the professor's course article, I got new information. I knew something about Litecoin before, and I learned different things after doing research. Thanks to the professor for his course article. Thanks to him, I continue to learn new things.

Cc:
@steemitblog
@yohan2on
@kouba01
@steemcurator01
@steemcurator02