Presentation and definition of the crypto-currency Litecoin (LTC)
- Name of the crypto-currency : Litecoin
- Abbreviation : LTC
- Where to buy Litcoin ? Binance, Bitbay,
- Date of creation : 2011
- No white paper
- Web Site Litecoin
The Litecoin, what is that ?
The Litecoin is a crypto-currency peer-to-peer that is used for instant payments at a very low cost. It uses a decentralized system, with no central authority, and allows the users to manage their finances independently through open-source software.
A currency based on the protocol of Bitcoin
The Litecoin uses the same process as the Bitcoin, the blockchain, but proves to be more efficient. In fact, its blockchain generates more frequent blocks, and the system thus allows more transactions than Bitcoin. Transaction confirmations are also sent 2.5 times faster. Litecoin is therefore proposing a system that is more optimized than that of Bitcoin and enables faster transactions.
The system of blasting
The system of mining of Litecoin looks like substantially to that of Bitcoin : it returns to create a new block in the blockchain. To be validated, this block must meet certain conditions. We observe a number of differences between the mining of two virtual currencies, notably at the level of the algorithms they use. Litecoin uses an algorithm based on Script, which allows it to be mined by graphics cards.
The reward for mining
The Litecoin can be mined individually or through ” pools “. For a start, the miners are awarded 25 corners per block. Every four years, the corners will decrease by half, with the goal of getting up to the limit of 84 million units.