What Is Litecoin?

  • According to Wikipedia Indonesia, the definition of Litecoin is a cryptocurrency made in 2011 using open-source software under the MIT / X11 license. Mining can be done using a GPU graphics card with a Scrypt-based Proof-of-Work algorithm.

    Whereas according to the official website of Litecoin.org, Litecoin is a P2P (Peer-to-Peer) Internet currency that allows instant payment of fees close to zero to anyone in the world.

    Litecoin is Open-Source (open for general development) and is a global payment network that is fully decentralized without a central authority.

    Mathematical Complicating Algorithms secure networks and empower individuals to control their own finances. Litecoin has faster transaction confirmation times and better storage efficiency than other leading cryptographic currencies.

    With substantial industry support, trading volume and liquidity, Litecoin is a trading media that has been proven to complement each other with Bitcoin.

    So simply, Litecoin or known as LTC unit as a whole is almost the same as Bitcoin (BTC), which is a blockchain-based decentralized currency that can be used to conduct transactions worldwide by eliminating third parties (intermediaries), or commonly referred to as Peer-to-Peer (Individual-to-Individual), so that the transaction security guarantee can be obtained in full.

    History of Creation of Litecoin

    Litecoin was created and released by Charles Lee, someone who was once a Google employee, on October 7, 2011, through the Open-Source client on GitHub. Litecoin was created through Hardfork from a Bitcoin-Qt client, with a reduction in block discovery time, an increase in the maximum total of coins created (Max 84 Million Coins), a maximized GUI, and a different Hashing (PoW / Proof-of-Work) algorithm, using Script is neither SHA-256 nor Equishash like Bitcoin.

    In its development version, Litecoin has experienced a number of significant updates, starting from version released in November 2013, to version 0.14.2 that we can use to date.

    The objectives of the development also vary, from a drastic reduction in transaction costs, improved security codes, enhanced configurations, and Heartbleed security bug patches.

    Litecoin was created in such a way as for all general systems in the world, such as Microsoft Windows, Mac OS X, and Linux. Even the mobile version was created so users can feel comfortable doing transactions anywhere and anytime.

    Open-Source at Litecoin

    Quoted from Litecoin.org, Litecoin is an Open-Source software project released under the MIT / X11 license that gives developers access to run, modify, and copy software and distribute it as needed.

    Litecoin software is released in a transparent process that allows binary verification independently.

    So clearly said that Litecoin is an open platform that can be developed by anyone for their own purposes. For example, to create a blockchain-based shopping transaction application, with Litecoin as the transaction media.

    Difference between Litecoin and Bitcoin

    There are a number of prominent Litecoin and Bitcoin differences, namely:

    • The process of producing blocks faster. If on Bitcoin, the time needed to produce a block is 10 minutes, unlike the case with Litecoin which only takes about 2.5 minutes for each block created.

    • Faster Transaction Time. Because the process of generating blocks is created 4 times faster than Bitcoin, automatically the transaction verification speed is also 4 times faster.

    Litecoin advantages and disadvantages (LTC)

    Let's look at the advantages of litecoin first:

    • The main advantage of Litecoin cryptocurrency is the speed at which it works (if you compare it with Bitcoin, then the block closure speed is four times faster (10 minutes for BTC, 2.5 minutes for LTC).

    • It has open source code.

    • The basis of the work is the Scrypt algorithm.

    • Transactions have a minimum commission.

    The most striking disadvantage for Litecoin is its absolute anonymity, which creates a bad image for coins because it is often used for illegal things on DarkNet.

    What is the secret of Litecoin growth?

    Litecoin increases and other virtual currencies can be associated with Bitcoin too. Recently we witnessed the launch of Bitcoin futures at the Chicago Board Options Exchange. Faster transaction speeds and lower costs are a plus point, so it is very suitable to be applied in e-commerce systems and online payments.

    This encouragement among investors to trade at Litecoin can also occur because of the imminent explosion of Bitcoin bubbles, which makes them look for other options.

    Bitcoin In early 2017, Bitcoin traded at a price of around $ 932.00, then until November 2017, it reached an all-time high at $ 7,590.00.

    Bitcoin grew around 810% from January to November 2017.

    Litecoin Litecoin (LTC) in early 2017 traded at a price of around $ 3.52, then from 2017 until November, Litecoin's price had touched an all-time high of $ 98.28.

    From here we can calculate the percentage of Litecoin growth throughout 2017 is around 2.790%, equivalent to 27.9 times the price of the initial trading year.

    From the comparison above, we can see that Litecoin (LTC) growth is actually also very fantastic, but in general, people always see the growth of a currency seen from the exchange rate to other currencies