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Review on Litecoin by Greg Mentayor

Revainrating 4 out of 5

Litecoin (LTC) or popularly known as Bitcoin's silver was released on GitHub…

Litecoin (LTC) or popularly known as Bitcoin's silver was released on GitHub in October 2011 by Charlie Lee. It was given its name as Bitcoin's silver for a particular reason as Lee wants to go along with Bitcoin rather than against it. . only 84 million coins will ever be generated to counter deflation in price. It has an avg. block time of 2.5 minutes means it aims to process a block with this much time. It uses 'Scrypt' in its POW(Proof-of-work algorithm).



Pros
  • Litecoins transaction fees are cents compared to other payment instruments, such as credit card companies, banking, and so on. All events are logged in decentralized public accounts called Blockchain. The Simple Word Block is a registry that contains all the previous records or events that were executed within a specified time. That is why we can confirm an event at any time by using the chain. Immediate, saves time and no one can control it. Coins can be fully managed and can not be denied at any time. It does not work centrally because it works based on mathematical calculations.
Cons
  • Lots of projects provides more faster and cheaper transactions than litecoin..

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