Top 12 Cryptocurrency Coins

Litecoin cryptocurrency and blockchain

Image 1: Litecoin cryptocurrency and blockchain.

7. Litecoin (LTC)

Chinese name: 莱特币

Founder: Charlie Lee


Overview

Litecoin (or LTC) is a peer-to-peer Proof of Work (PoW) cryptocurrency, forked from the Bitcoin Core cryptocurrency blockchain and hence is nearly identical in technical details to Bitcoin cryptocurrency. Litecoin cryptocurrency differs slightly with Bitcoin cryptocurrency in having a much higher maximum number of cryptocurrency tokens and decreased block generation time of 2.5 minutes.


Objective

Litecoin blockchain was founded and launched on 7 October 2011 by Charlie Lee. According to the Litecoin cryptocurrency founder, the goal of Litecoin blockchain is not to replace Bitcoin blockchain but to become a cryptocurrency altcoin to complement it. Many Litecoin supporters compared Litecoin cryptocurrency to silver and compared bitcoin cryptocurrency to gold.


Litecoin Founder Charlie Lee

Image 2: Charlie Lee is the founder of Litecoin cryptocurrency.

SegWit and Lightning Development

Litecoin became the first cryptocurrency among the top 5 cryptocurrencies by market cap to implement Segregated Witness (SegWit) and completed the first Lightning Network transaction on the Litecoin blockchain in May 2017.


Cryptocurrency Market Cap

On Dec 2017, Charlie Lee announced on reddit that he had sold or donated all of his Litecoin cryptocurrency tokens, claiming the conflict of interests of being the Litecoin founder influenced him to do so. Litecoin reached cryptocurrency market cap of more than $6.2 billion USD and a total cryptocurrency coin circulating supply of around 61.9 million as of 25 May 2019.


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