Litecoin ( LTC ) is a peer-to-peer Internet currency that enables instant, near-zero cost payments and almost identical to Bitcoin. Litecoin is an open source, decentralised global payment network and was released on GitHub on 7 October 2011 by Charlie Lee, who at the time, was a Google employee. Litecoin network went live a few days later, 3 October.
LATEST LITECOIN NEWS
Key takeaways from the Litecoin report and token analysis include:
About the founder
Charlie Lee decided to sell all of his holdings late 2017 and at the time, Litecoin was the fifth largest crypto in marketcap (over $17 Billion). Lee said in an interview with Golden Finance, that it took him a while to decide to sell his Litecoin and when he did, it gave him instant relief.
- The Litecoin Foundation needed a bank.
- The partnership opens up the potential to offer banking services to other crypto-related companies.
- Also opens up the potential to offer products such as Litecoin debit cards and a reliable fiat source for merchant processing.
- TokenPay previously had a deal to purchase the bank and partnered with the Litecoin Foundation for part of this deal.
- Litecoin Foundation can help TokenPay with tech like the Lightning Network.
Get your business in front of a global audience that’s looking to #PayWithLitecoin. Set up is free and easy. Learn more at https://t.co/t6bUVAXJxo. #Cryptocurrency #Blockchain pic.twitter.com/bZ5XS7oN2d
— Litecoin Foundation (@LTCFoundation) July 26, 2018
Back to the beginning and a Bitcoin Fork…
Litecoin was a fork of the Bitcoin Core client and the main differences are the increased block generation time of 2,5 minutes, increased maximum number of coins to 84,000,000 and a different hashing algorithm, Scrypt.
The Litecoin blockchain can process high transaction volume which results in fast confirmation times.
Litecoin implements SegWit 10 May 2017
At the beginning of 2017, Charlie Lee wrote his vision for Litecoin, SegWit, and the Lightning Network after which he had to convince and gain consensus among miners to implement SegWit. This resulted in a Litecoin Roundtable and agreement to move forward in soft-forking SegWit onto Litecoin on 10 May 2017.
After SegWit, other technologies such as Lightning Network, which could boost Litecoin transactions by as much as a million times, can be implemented.
Miners are currently awarded 25 new Litecoins per block, an amount which gets halved roughly every 4 years after every 840,000 blocks – Reward-Drop ETA date for the next halving is Aug 2019.
Live Halving countdown – click here
Source code for Litecoin Core and related projects are available on GitHub.
Trade Litecoin – Click here
Join the Litecoin Community here
- Litecoin Forums
- Litecoin Telegram
- Reddit Litecoin
- Search for Users on Twitter
- IRC FreeNode network channels #litecoin (for general users) and #litecoin-dev (for developers).
Get your copy of What is Bitcoin
This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.
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