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Litecoin

Discussion in 'Digital Currencies' started by Goldhedge, Aug 8, 2017.



  1. Goldhedge

    Goldhedge Moderator Site Mgr Site Supporter

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    Litecoin
    From Wikipedia, the free encyclopedia

    Litecoin
    [​IMG]
    Official Litecoin logo
    Denominations
    Subunit
     0.001
    mLTC (millicoin)
     0.000001 µLTC (microcoin)
     0.00000001 Litoshi
    Plural Litecoin, Litecoins, LTCs
    Symbol LTC, Ł
    Demographics
    Date of introduction
    7 October 2011; 5 years ago
    User(s) International
    Valuation
    Inflation
    Limited release (geometric series, rate halves every 4 years reaching a final total of 84 million LTC)
     Method Increasing difficulty per every 2016 blocks produced.
    [​IMG]
    Litecoin (LTC or Ł[1]) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license.[2] Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.[2][3] While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical improvements over Bitcoin, and most other major cryptocurrencies, such as the adoption of Segregated Witness, and the Lightning Network.[4] These effectively allow a greater number of transactions to be processed by the network in a given time, reducing potential bottlenecks, as seen with Bitcoin.[5] Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.[6]

    History[edit]
    Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.[7]

    During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours.[8]

    Litecoin reached a $1 billion marketcap in November 2013.[9] As of May 9, 2017, its market capitalization is US$1,542,657,077 at around $30 per coin.[10][11]

    In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness.[12] Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.[13]

    Development[edit]
    Litecoin version 0.8.5.1 was released in November 2013. The release included fixes for vulnerabilities and added enhanced security to the Litecoin network.

    The Litecoin developer team released version 0.8.6.1 in early December 2013. The new version offered a 20x reduction in transaction fees, along with other security and performance improvements in the client and network. The source code and binaries were released early to people in the "#litecoin" IRC channel, on the official Litecoin forums, and on Reddit, with information for power users to add a Litecoin supernode to the configuration file, while the main site was to be updated after enough of the network was running the new version. This release method was used to ensure that the low fee transactions from version 0.8.6.1 clients would not be delayed by clients running older versions.

    In April 2014, a new version of Litecoin was released, version 0.8.7.1, which fixed some minor issues along with an important fix related to the Heartbleedsecurity bug.

    Differences from Bitcoin[edit]
    Litecoin offers three key differences from Bitcoin.

    • The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes, which its developers claim allows for faster transaction confirmation.[2][14] Advantages can include greater resistance to a double spending attack over the same period as Bitcoin.
    • Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.[15]
    • The Litecoin Network will produce 84 million Litecoins, or four times as many currency units as will be issued by the Bitcoin Network.
    The original intended purpose of using Scrypt was to allow miners to mine both Bitcoin and Litecoin at the same time. The choice to use scrypt was also partially to avoid giving advantage to video card (GPU), FPGA and ASIC miners over CPU miners.

    Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.[16] This is widely due to the Scrypt hashing scheme being more memory intensive; increasing memory requirements for ASICs and FPGAs.
     
    Gun Ban Extremist likes this.
  2. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    It's time to go heavy on litecoin. Don't be a dim bulb -- go overweight LTC and let your portfolio shine bright.

    Other coins are stealing the show for now, but people have short attention spans, as we've seen so many times in the past. The current "hot" coin becomes chopped liver as a new entrant rises into the stratosphere.
     

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