The price Litecoin today is 120.38 USD, and the trading volume in 24 hours - 1,411,531,949 USD. The crypto asset has grown by -14.51% over the day. Currently, the coin’s market capitalization is 8,361,864,814 USD, and has 69,464,707 coins in circulation with the max supply of 84,000,000 coins LTC.
What is Litecoin? (LTC)
The 2011 release of Litecoin, widely considered the first successful "alternative cryptocurrency", inspired a wave of developers to try to expand the cryptocurrency's user base by changing the Bitcoin code and using It to launch new types of networks.
Thus, while Litecoin was not the first cryptocurrency to copy the BTC code and change its functions, it is one of the most historically significant, creating a stable market over time, even though it has sometimes faced criticism for its lack of a clear value proposition.
For example, Litecoin will first allocate its technology, reducing the time it takes to add new transaction blocks to its block chain. The idea was that this could prove attractive to sellers, who sometimes had to wait 6 confirmations (about an hour) before it was safe to consider the BTC payments final.
However, as traders' interest in the cryptocurrency waned in the mid-2010s, Litecoin began to take a more aggressive approach to development, introducing new features such as the Lightning Network and Segregated Witness.
Rather than igniting competition between the networks, the market has mostly viewed these efforts as consistent with Litecoin's values. The project differs from many other cryptocurrencies in that it has always been positioned as an addition to Bitcoin.
Marketing efforts for the project went so far as to portray Litecoin as "silver versus Bitcoin gold", and this slogan continues to attract potential buyers to this day.
Who created Litecoin?
Since 2011, Litecoin has been closely associated with its founder and Creator Charlie Lee, a computer scientist and graduate of the Massachusetts Institute of technology.
Lee went on to pursue a career in technology before creating Litecoin while working for Internet giant Google. He later joined cryptocurrency exchange Coinbase as CTO in 2013.
After joining the startup, Lee largely put off developing Litecoin, saying in 2017 that he considered His most important goal at the time to help people "own and hold cryptocurrencies."
In late 2017, Lee left Coinbase to pursue full-time Litecoin development. Lee is now the managing Director of the Litecoin Foundation, a non-profit organization dedicated to The project.
How does Litecoin work?
Litecoin is a modification of the Bitcoin code and has many similar features. So, if you know how Bitcoin works, it will probably be easy for you to understand Litecoin.
Litecoin uses cryptography to secure ownership and exchange of its cryptocurrency, LTC, and its software sets a hard limit on the amount of LTC that can ever be created, at 84 million.
Like Bitcoin, Litecoin also uses a form of Proof-of-Work mining to allow anyone who allocates computing hardware to add new blocks to its block chain and earn the new Litecoins it creates.
The two main differences are that Litecoin aims to complete transactions faster and uses a different mining algorithm. In Litecoin, new blocks are added to the block chain approximately every 2.5 minutes (as opposed to 10 minutes in BTC).
The Litecoin mining algorithm was initially aimed at reducing the efficiency of specialized mining equipment, but this was later unsuccessful. Today, you can mine LTC with the help of equipment for Amateurs, although its market is dominated by large miners.
Since then, Litecoin has proven to be a valuable testing ground for more experimental cryptocurrency features.
In 2017, Litecoin introduced "Segregated Witness" technology, which helps cryptocurrencies add more transactions to each block. Later that year, the first Lightning transaction on Litecoin was completed, a development that demonstrated how a multi-layered network structure could be used.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.