📃CryptoGuide📃#4^Litecoin by @atimk23
Hello dear Steemians, today I'm going to write a preview about Litecoin. I hope that you are enjoying reading my CryptoGuide, and most importantly that is helping you to understand cryptocurrency world.
Litecoin is a cryptocurrency created by Charlie Lee that is based off of Bitcoin. Launched in October 2011, many see Litecoin as the silver to Bitcoin's gold.
Litecoin is a decentralized online currency much like Bitcoin that was created by Charlie Lee.
Litecoin's code base is a fork of Bitcoin Core's code client and thus many users see Litecoin as the silver to Bitcoin's gold. Even Litecoin's is silver in color.
There still many features of Litecoin that make it different from Bitcoin.
These include:
1. Lower block generation time of 2.5 mins rather than 10 mins
2. Increased maximum number of 84 million coins
3. Different hashing algorithm called Scrypt
Litecoin has been generally been quick to adopt and test improvements to their code base. When the usefulness of SegWit was still heavy debated, Litecoin decided to implement it.
Bitcoin developers could see the effects of SegWit on Litecoin before fully adopting it for Bitcoins. The first ever Lightning transaction was also completed on Litecoin. Litecoin and Bitcoin share many of the same ideological beliefs such as open source software and decentralization.
Source: medium.comAt this moment, Litecoin value is:
Source: discordOn this picture you can see statistics of Litecoin in the last 7 days.
Source: BitScreenerSource: "Top 100 cryptocurrency" (Bill Lou&Dan Sangyoon Kim)
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Litecoin acts as a Bitcoin test net in many ways. Like with Segwit and Atomic Swaps, they are usually implimented on altcoins before they are BIPed to Bitcoin.