Review on Litecoin by Ambar Quintana
Review on Litecoin
It is an internet currency or cryptocurrency, which has the function of making instant payments; aside, it is an open source software project, that is, it is software that has a source code and other rights that are clearly exclusive to those users who own copyrights, and which are also published under an open source license , being in the public domain (in the case of Litecoin its license is MIT / x11), it should be noted that it has some similarities with respect to Bitcoin, if we talk about its technical aspect, since both platforms have the same and maximum code compatibility possible; Besides all the transactions, balances and issues of Litecoin are managed by a P2P network through Script, having a scheme similar to Bitcoin, however, there are always differences, and one of them is its blockchain, since that between both cryptocurrencies, Litecoin has a better ability to manage a greater volume of transactions unlike its BTC counterpart. However, it is subject to the assent of the peer-to-peer network. Now, if we inquire how much this cryptocurrency is fractioned, we go to 100,000,000 smaller units, since it was created for low-value transactions, being an alternative for Bitcoin. In addition to this, we find part of their trade, which is done through online exchange platforms; of which, they are traded for fiduciary money, Bitcoins or other cryptocurrencies. In summary, Litecoin, has great security, reliability, administration, and quick payments regarding its transactions, placing it as a substantial support in the industry, with great liquidity, and optimized storage
Pros
- Allows instant payments
- To find more help support for the user on this platform, there are various forums such as the: Reddit Litecoin Community, and the Litecoin forum
- As it is a free software project, it has the ability to modify, copy, execute and distribute the software at its discretion, to copies of it
- It has great security, due to the encryption of the electronic wallet
Cons
- I have nothing to say about it
