Review on Litecoin by Orlymar Córdova
litecoin, a bitcoin-based cryptocurrency with some significant advancements
Litecoin (LTC) is one of the first alternative cryptocurrencies to Bitcoin. It was launched in October 2011 through an open source protocol and, although the initial idea of the project was to be a complement to Bitcoin, today Litecoin has other advantages, which make it a much more manageable cryptocurrency. Among these advantages are the possibility of carrying out transactions at very low cost, much faster and a network planned to handle 84 million Litecoin, that is, 4 times more than Bitcoin.
Litecoin is a completely decentralized network, without a central authority that allows users to control their own finances. Litecoin transactions are managed by a P2P network using the Scrypt cryptographic function, designed to make Litecoin mining lighter in energy consumption, but guaranteeing security. All the benefits that Litecoin currently offers have made it a very popular cryptocurrency with wide acceptance worldwide.
Pros
- Litecoin allows you to carry out almost zero cost transactions.
- It has greater speed in transactions with respect to Bitcoin (2.5 minutes against 10 in the Bitcoin Network).
- Using the scrypt function makes mining easier.
- Its network is planned to handle 84 million units, that is, 4 times more than Bitcoin (predicted for 21 million).
- Litecoin is a cryptocurrency based on the P2P network, which allows any type of authority to regulate the currency.
- It’s an anonymous network that maintains the confidentiality of users
Cons
- Nothing negative to add
