Of all the cryptocurrencies, Litecoin is undoubtedly one of the most interesting. Charlie Lee, the founder of LTC is a former employee of Google and Coinbase, so he had a good understanding of the crypto market. This allowed LTC to quickly become one of the top cryptocurrencies in the world.
However, it was created thinking first, and above all, about complementing Bitcoin's operations. This has marked its development, which has not substantially differentiated from BTC. Just as you have determined the functions of the currency.
Litecoin aims to provide a solution to three major problems (according to them) in Bitcoin programming. The first of these is the available offer of cryptocurrency in the market, which restricts liquidity and therefore the possibilities of the currency.
Therefore, while Bitcoin has a maximum offer of 21 million BTC, Litecoin provides a liquidity cap of 84 million LTC. What in addition to representing a different dynamic in the Using the currency, it also changes the reward of the miners. Currently it is located at 12.5 coins per block after the last halving.
In the case of Litecoin, it is tried to solve by decreasing the processing time of a mined block. While on the BTC Blockchain this process can take up to 10 minutes, in the LTC chain a full block can be fixed in just 2.5 minutes.
Finally, Litecoin tries to facilitate the mining of its cryptocurrency. Thus, it differs from Bitcoin, where due to the size of the network, mining today can only be done with equipment specialized. Meanwhile, in Litecoin the average user can mine LTC without any problem.
Litecoin has established itself worldwide as one of the main cryptocurrencies in the market. Thus, his name is generally recognized ,which allows its use by users of the crypto community, which is, after all, its objective.
Likewise, thanks to the functions in the programming of Litecoin, it has reached a speed of operations greater than that of BTC. At the same time, it has dramatically reduced the technical requirements for the installation of a node.