General Overview - Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC). Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. 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.
*Refresh page if chart doesn't appear
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
*If chart doesnt appear, refresh page
- 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.
Due to Litecoin's use of the scrypt algorithm, FGPA 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.
“Litecoin is capable of testing and implementing technology faster than Bitcoin. For example, Litecoin pioneered the way for the technology called Segregated Witness by implementing it three months before Bitcoin. This technology is significant because it allows both Bitcoin and Litecoin to scale by making them faster and creates lower transaction fees.
With all that being said, it is important to note that Litecoin was created to complement, not replace, Bitcoin. In light of this, Charlie believes Bitcoin should be treated like gold; a store value. It should be used for larger purchases, such as houses or cars, because it is so expensive and takes longer to confirm. Litecoin, on the other hand, should be used for your everyday purchases such as groceries, meals, and gas. In this way, Charlie envisions Bitcoin and Litecoin co-existing together by serving different purchasing purposes.”
Board of Directors:
Charlie Lee - Creator of Litecoin, ex-Director of Engineering at Coinbase.
Xinxi Wang - Founder & CEO of coinut exchange. Founding member & Director of LTC Foundation. Dev of Litecoin Core.
Franklyn Richards - LTC Foundation Director & Lead Designer.
Roadmap Review: Litecoin's roadmap was released by the development team in July 2016 and May 2017, so one could assume the 2018 roadmap will be released some time in Q2.
- OpenBazaar currently allows payments in Litecoin and is looking to allow sellers to receive payment in Litecoin in the near future.
- LTC trading coming to IGcom-one of the worlds largest online leveraged trading providers.
Charliee Lee[LTC] 20 Dec, 2017
“The Litecoin team has been hard at work working with companies to support Litecoin. Nothing to announce yet, but here’s what’s in the works:
Popular online wallet
Goods trading platform
One huge unexpected surprise.
2018 will be a good year for Litecoin!”