Litecoin. June'18 overview
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Here on Cryptoindex blog, we would like to tell you more each coin selected by our powerful Cryptoindex AI-based algorithm. We’ll be posting one article about one coin from the portfolio with #cix100coinreview hashtag. You can find our previous reviews here cryptoindex.ai
Today we would like to write about Litecoin.
Litecoin (LTC Review)
Litecoin (LTC) is currently one of the most popular and successful cryptocurrencies available on the market as of June 2018. It holds the sixth position in the top by the total market capitalization, falling short by around 30 percent compared to EOS. Litecoin is a permutation of one of the earlier versions of Bitcoin.
The cryptocurrency was officially launched in October 2011 by the Google company member Charles Lee. He took the Bitcoin’s original code and applied modifications to it. The system is written in C++ language. Currently, the LTC developer team consists of 6 people. The full LTC code is released and is readily available on Github.
Why choose Litecoin?
It is essential to compare BTC to LTC because they are both successful and very similar to each other. Litecoin’s modifications of Bitcoin’s original code allow the coin to be more practical than Bitcoin. For example, LTC transactions happen four times quicker compared to BTC. That is because the blocks are generated four times faster. This particular characteristic is significant, because when talking about the general cryptocurrencies disadvantages people say, that the speed transactions is very slow. Such an improvement makes a big step forward towards the full integration of cryptocurrencies into casual life.
Litecoin uses MIT / X11 license, which means that any user has the right to run, modify and copy the code. Such structure can help other users to write the code, which in the end can be more effective than Litecoin’s. This allows the general market to develop. This behavior of the creators can be viewed as altruistic because by granting the full access to the code, they will potentially lose money. LTC’s modifications, in theory, can be more effective, than its predecessor, which will force the users to switch to the alternative. Based on this actions, you can tell, that you can trust the developer's team, as the projects aim is not only to earn money but to develop the general market as well.
Just like any high currency, Litecoins can be encoded to make sure, that they are secured.
LTC team has released a particular software, which allows the user to make and track transactions, check you LTC balance.
As it was said before, the Litecoin is handier than Bitcoin. That is because LTC allows four times more coins to be stored per block. The developer team claims that 84 million Litecoins are going to be released. In fact, this is also four times more than the total amount of Bitcoins.
Litecoin in numbers
Market Cap: 5 332 272 704 USD or 841 571 BTC
First transaction: May 2017 by Lightning Network from Zurich to San-Francisco in less than 1 second
December 12, 2017: 1 LTC is equal to 400 USD
Current LTC/USD is 94.11 as of July 13, 2018
Latest LTC news
From now on NBA fans can buy tickets using LTC
LTC’s price has dropped by 75 percent from its maximum (December 2017)
June 8, 2018: BTC/LTC atomic swap went perfectly. There is no record of that on the blockchain, which proves the cryptocurrencies’ safety.
Nasdaq, one of the most significant exchange markets, now supports three cryptocurrencies including LTC. Litecoin was marked as one of the most prospectus currencies on the market.
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