Litecoin is abbreviated LTC. It’s a cryptocurrency created in 2011 by a former Google employee, Charlie Lee. Charlie Lee graduated from the Massachusetts Institute of Technology (MIT) in 2000. With a master’s degree in computer science, he began working at Google. He stayed there for over 10 years until his interest in Bitcoins grew. He realized that there was room for another cryptocurrency besides Bitcoin. It went pretty fast for him to develop and create Litecoins. What he did was basically copy Bitcoin’s source code, which is available to everyone, and made some changes. His goal was to get a cryptocurrency that was faster and easier to use than Bitcoins.
The Litecoin network went online on October 13, 2011.
When new changes are created for Bitcoin, they are usually first tested on Litecoin.
Litecoin is very similar to Bitcoin, they have many similarities. Litecoin is based on Bitcoin’s original source code. Litecoin is like a lighter version of Bitcoin. Sometimes it is said that Bitcoin is gold and Litecoin is silver in the cryptocurrency world.
When Litecoin was created, it was because an everyday currency was needed that could be used in smaller transfers. Bitcoin is often used to make large transactions.
Litecoin’s mining goes much faster than Bitcoins mining does. This means that transactions with Litecoins go faster, are cheaper and possible with smaller amounts.
Litecoin is a digital currency that uses blockchains. It can be used by both individuals and companies.
All transactions are saved in a general ledger and makes it possible to transfer currency without any interference from the state or banks.
Litecoin is bought on cryptocurrency exchanges and they are usually bought in US dollars. So it is US dollars that are sold to be able to buy Litecoins. When the price of Litecoins goes up, they can then be sold at a higher US dollar value than they had when they were bought. If the price falls instead, a loss is made if they are sold then.
Litecoin is one of the oldest and most popular cryptocurrencies in the world.
Maintenance and mining
There are about 65 million Litecoins in circulation in the world. It is possible to produce at its most 84 million.
Litcoin’s maintenance work for blockchains is done with physical miners. For each block, a miner is awarded 12.5 new Litecoins. The amount of new Litecoins per block is halved approximately every four years, every 840,000 blocks.
The fact that the reward is halved means that fewer and fewer new Litecoins are issued every four years. The halving is a function that is programmed inside the blockchain.
The halving is there to prevent inflation and ensure that all Litecoins remain stable.
Litecoin’s blockchain is maintained by miners. In Litecoin’s blockchain, mining is a validation of transactions. The miners who do so get a smaller reward in the form of new Litecoins.
For Litecoin’s network, mining is very important, without miners the network does not work.
Litecoin foundation is a non-profit organization that invests in developing Litecoin all the time. Its mission is primarily to market its product and ensure that it reaches everyone in the world.
The founder of Litecoins, Charlie Lee, now works full time at the Litecoin Foundation.