Lately last year, Litecoin also partnered with Cred, a prominent crypto borrow and lending platform. Some of the notable collaborations are with UFC Octagon, in 2018, Miami Dolphins(NFL, USA), and NordVPN. LTC has had multiple partnerships on board over the years, aiming for the expansion and utility of its digital currency. The Platform is more accessible to the people than Bitcoin, hence known as the “silver” of the crypto world where Bitcoin is referred to as “gold” of the crypto world.
Litecoin was released via an open-source client on GitHub in the year 2011. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin is a peer-to-peer cryptocurrency developed by Charlie Lee, a former Google employee, in 2011.
LTC is tradable on popular exchange platforms like Coinbase pro, Binance, Kraken, and many more. Outside the frame, Litecoin acts as a medium of exchange and is proving to be a stable and inexpensive asset! It makes micro-transactions possibly quick and has a block time of just 2.5 minutes! Note that Bitcoin has a block time of 10 minutes.
LTC is the network’s native currency and is in use within the network for providing rewards or incentives to the miners. Also, on rare conditions where currencies may be looted, the network has a trace print which will make identifying the hacked currencies easy! Also, powering confidential transactions, Litecoin turned out to be the network that proved every participant can exchange currencies with zero cost!Įvery transaction made on the blockchain remains irreversible and gets stored there forever! Like conventional blockchain technology, literally, nobody has edit access to the data/transaction on the Litecoin blockchain, thereby ensuring security and transparency. But the platform involves complex computational algorithms to mine blocks that are then fastened to the blockchain of the network, which is a public ledger.įor mining, the platform uses the Scrypt protocol which helps in maintaining extra decentralization. Sharing similarities with Bitcoin, it works on a Proof-of-Work consensus mechanism.
0 kommentar(er)
