Guides to Cryptocurrencies
Litecoin cryptocurrency and blockchain

Founder: Charlie Lee

Prominent Developer Group: Litecoin Foundation

Protocol: Proof-of-Work (PoW)

Speed: Around 56 TPS (Reported by Coincola)

Chinese Name: 莱特币

Whitepaper: Litecoin has no whitepaper


7. Litecoin (LTC)

Overview

Litecoin (or LTC) is a peer-to-peer Proof of Work (PoW) cryptocurrency, forked from the Bitcoin Core blockchain and hence is nearly identical in technical details to Bitcoin. Litecoin differs slightly with Bitcoin 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 its founder, Charlie Lee, the goal of Litecoin is not to replace Bitcoin but to become an altcoin to complement it. Many supporters compared Litecoin to silver and compared bitcoin to gold.


Charlie Lee picture


SegWit and Lightning Development

LTC 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 Litecoins, claiming the conflict of interests of being the Litecoin founder influenced him to do so. LTC reached cryptocurrency market cap of more than $6.2 billion USD and a total coin circulating supply of around 61.9 million as of 25 May 2019.


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