Litecoin? What is that?
Litecoin is a peer-to-peer cryptocurrency and open source software project .Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Inspired by Bitcoin (BTC), the Litecoin’s technical details is nearly identical.
Litecoin’s exact amount is never defined. Though the target is estimated roughly 84,000,000LTC. It’s current value is $12.7 billion USD (Till January 2018).
A former google employee , Charlie Lee released Litecoin via an open-source client on GitHub on October 7,2011. The latter network activated on October 13, 2011. It was forked from the Bitcoin Core Client. Differing primarily by having a decreased block generation time (2.5 mins), increased maximum number of coins, different hashing algorithm and a slightly modified GUI.
In November 2013, Litecoin’s worth rocketed upwards, resulting a 100% leap within 24 hrs. It has reached a $1,000,000,000 (one billion) market capitalization in November 2013. Within November 2017, it turned into $4,600,081,733. That year in December, in 2017, the coin marketcap had reached US$20,000,000,000 and each coin was valued at approximately US$371.00.
Litecoin’s luck was so good that it became the first of the top 5 cryptocurrencies in May 2017. Later in May of the year, the first Lightning Network transaction was completed through the latter, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.
Designed to produce more coins (Four times that of Bitcoin) and at a faster rate (1/4th of the time of Bitcoin), the Litecoin it is seen as second to Bitcoins in value, rather are more easily obtainable and transactional.