Review on Litecoin by Sefa can Yüksel
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Litecoin is a Bitcoin-inspired and technically very similar cryptocurrency and open source project launched in 2017. The main idea of the project was to create a faster and cheaper alternative to Bitcoin. Although there are some similarities between BTC and LTC, Litecoin, instant and close to zero paid transactions, increasing the speed of adding blocks to the blockchain (it takes 10 minutes on the Bitcoin network and 2.5 minutes on Litecoin) and new blocks of standard PC users against ASIC miners. In order to make it easier to create, we cannot describe it without mentioning the differences such as using the script in the Proof of Labor process. Litecoin is also one of the first cryptocurrencies to use SegWit. Litecoin is ranked sixth on CoinMarketCap with a market cap of over $ 8 billion and is one of the most popular cryptocurrencies today.
Regardless of the bullish forecast, investors should keep in mind that if Litecoin falls below the 50% Fibonacci retracement level, Litecoin could be in a downward trend altogether. In addition, the continued threat of the Corona Virus has damaged the global economies, including the cryptocurrency market. Despite these concerns, Max Keizer, owner of the Keiser Report, predicts that Bitcoin will touch $ 100,000 this year.
Bitcoin mining has become very difficult for people who do not have expensive equipment. In Bitcoin mining, people use computing power to help confirm transactions on the network and earn extra Bitcoins as a reward.
Although invisible to the eye, this extra power solves quite difficult math problems. Supercomputers are used because there are problems that are too difficult to be solved by a human! This is why blockchain technology has such a secure and decentralized structure.
However, as more and more people use Bitcoin, the network is starting to grow. The number of computers that are mining Bitcoin is increasing, so the competition is heating up. The hardware and electricity costs required to become a successful miner are becoming much more expensive.
Litecoin solved this problem by changing the way the blockchain validates transactions. GPU (Graphics Processing Units) is used instead of expensive ASIC (Application-Specific Integrated Circuit) hardware in mining. GPUs are both cheaper and require less energy. In this way, Litecoin mining is placed in a position that anyone can do!
Pros
- transactions will be done faster and cheaper
- It takes about 10 minutes to confirm a Bitcoin transaction. In the real world, this time is pretty slow. The average transaction speed of Litecoin, the light version of Bitcoin, is 2.5 minutes!
- When Charlie Lee was creating Litecoin in 2011, he was aware that flood attacks were a threat and took measures to prevent this from happening to his blockchain! Litecoin planned to solve the scalability problems found in Bitcoin, allowing more transactions to be made on the network at the same time.
Cons
- Bitcoin comes out, it stays where it fell, it is a very passive coin
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Comments (1)
October 16, 2020
Transaction speed cannot be compared to bitcoin, I think such a coin is not where it deserves, but no one knows what will happen in the future, it should always be kept in the wallet. I believe you'll find the place it deserves
