Review on Litecoin by Othere Obtentus
Bitcoin but faster and less popular
Litecoin is the world’s first altcoin, it has been creating its presence felt among the crypto marketplace for a long time. It is a digital currency that came into being as a fork of the Bitcoin to operate a quicker, lighter, and cheaper supplementary coin to the primary BTC.
Introduced by ex-employee of Google, Mr. Charlie Lee, in 2011, Litecoin has managed to hunt out an area of pride in each crypto investors issues. Litecoin is another crypto supported with the aim of simplifying & facilitating cross-border payments at an insignificant price.
Litecoin offers quicker confirmation & process times than Bitcoin. Litecoin is improbably identical to Bitcoin in the manner that it's well-mined, operated and run though there is an honest accord that it's visiting be additional economical. Anyone in the world who has access to the cyber web can store his cash in Litecoin, users will manage their funds themselves, without the management of banks and alternative financial institutions.
Litecoin can be a digital currency, that may facilitate you to receive & send transactions instantly and with a minimum commission. Litecoin uses scrypts in its proof-of-work algorithmic rule. A block is processed each 2.5 minutes with the Litecoin network as compared to Bitcoin that takes ten minutes. The foremost technical distinction between BTC and this coin is that the hashing algorithm where Bitcoin uses SHA-256, which depends on process power, Litecoin uses Scrypt, that uses memory (RAM, GPUs, etc.). Basically, this suggests there may even be additional individual miners to balance out huge corporations, creating a decentralized network.
Updated 5 years ago
Rating has not been changed
Litecoin (LTC) has relaunched its MimbleWimble testnet — a protocol designed to enhance privacy and obfuscate the traceability of distributed ledger transactions.
MimbleWimble is a modified implementation of the proof-of-work algorithm underpinning Bitcoin (BTC) in which blocks appear as a single large transaction, preventing the individual inputs and outputs relating to the transactions from being identified.
Pros
- Litecoin is faster that Bitcoin
- Litecoin is based on a peer to peer networks and a open source code
- The transaction fees are very low
- Complete anonymity of transactions
- Litecoin is built on scrypt algorithm
- High upper limit for total coins mined
Cons
- Its notoriously used for illegal activities
- the client code is not maintained properly and is based on an obsolete Bitcoin version
- Lacks in applications and scope
