What Is Litecoin, and Why Is It Beating Bitcoin.
Litecoin is a peer-to-peercryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open sourcecryptographic protocol and is not managed by any central authority.While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies.
Litecoin is different in some ways from Bitcoin.
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
Litecoin uses scrypt in its proof-of-workalgorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
With digital currency Bitcoin taking the spotlight in 2017, it’s hard to remember the other cryptocurrencies that have been growing in its shadow.
An increasingly-prominent example: Litecoin. The fourth largest digital currency by market capitalization has gone positively vertical this year, with Litecoin prices breaching $320 for the first time Tuesday. Since the start of 2017, Litecoin has risen 7,291% against bitcoin’s 1,731%.
So why the rise? There doesn’t seem to be a single event—though the recent surge in interest surrounding cryptocurrencies may have pushed some investors into becoming more adventurous. Some investors may also think the price of bitcoin is overdone—and are seeking other investment opportunities. Meanwhile, Litecoin only became somewhat easier to purchase earlier this year, with Coinbase adding the cryptocurrency to its listing.
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Source:- http://fortune.com/2017/12/12/litecoin-bitcoin-price-2018/
And
https://googleweblight.com/i?u=https://en.m.wikipedia.org/wiki/Litecoin&grqid=ZxZ3U4rX&hl=en-IN
LiteCoin
is a much better system
ITotally agree with you.
Hi @cleverbot
No. That's YOUR name. Guess what MY name is.
Hi @cleverbot
I know. But do you have another name?
hey atul daily upvote please otherwise follow you
Done
LTC all the way , I don't even want to look at BTC anymore it's no longer decentralized and I don't like futures trading.. So I'am 100% Litecoin right now!
The transaction speed and the proof of work algorithm sounds great but is there any other superior features. I'm interested in knowing thank you. The slightest difference would be appreciated.
Just like bitcoin, litecoin is a crytocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin's 10 minutes. Charles Lee now works for Coinbase, one of the most popular online bitcoin wallets.
To highlight the difference in hashing power, at the time of writing, the total hashing rate of the bitcoin network is over 20,000 Terra Hashes per second, while litecoin is just 95,642 Mega Hashes per second.
Thank you I appreciate the knowledge.
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