What is that interesting about a Litecoin?
David Passionate supporters of Bitcoin always call it the “Cryptocurrency Gold” or the “New Gold”. If Bitcoin is Gold then Litecoin easily fits into the crown of cryptocurrency “Silver”. Bitcoin and Litecoin are two early starters in the field of cryptocurrencies and their huge contribution to popularize cryptocurrencies cannot be estimated by any means. So, lets understand what is Litecoin and read some interesting facts to learn about this awesome cryptocurrency.
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Interesting Facts About Litecoin
1. Litecoin was created by Charlie Lee in 2011 who is currently the Managing Director of Litecoin Foundation. Lee was a former Google employee and also worked as Director of Engineering at Coinbase.
2. Litecoin is an open source, peer to peer decentralized cryptocurrency based on blockchain technology that enables instant, near-zero cost payments to anyone in the world. To know further click Litecoin and checkout on their official website.
3. Litecoin is one of the earliest Bitcoin derivative cryptocurrency as it was a fork of the core Bitcoin source code with some improvements which were lacking in Bitcoin.
4. Litecoins are created by the process of mining, so you can mine Litecoin.
5. Unlike SHA256 protocol used by Bitcoin, Litecoin hashing protocol uses a Scrypt-based algorithm which utilizes Proof-of-work concept.
6. Scrypt algorithm makes it difficult for ASIC and specially designed hardware to mine Litecoin as compared to Bitcoin which is mostly mined by ASIC farms. On top of that Scrypt algorithm also makes Litecoin safer than Bitcoin.
7. Litecoin algorithm will allow only 84 million LTC to be created which is exactly 4 times the maximum supply of Bitcoin (21 million).
8. Litecoin price hit a maximum of $375.29 USD on Dec 19, 2017 with a total marketcap of $19.52 billion. Currently, Litecoin ranks #5 on coin marketcap charts.
9. Compared to Bitcoin’s 10 minute transaction time, Litecoin transaction time is fixed at 2.5 minutes which makes it 4 times faster than Bitcoin. Therefore, Litecoin is envisaged as the perfect cryptocurrency for internet transactions and online shopping.
10. In September, 2017 Litecoin and Vertcoin performed an on-chain atomic swap which basically means you can exchange Litecoin to Vertcoin on the blockchain without using a third party exchange system. Since then Litecoin has successfully tested atomic swaps with Bitcoin, Decred which is a breakthrough idea for cryptocurrencies future.