Review on Litecoin by Tam Pham Duy

Name: Litecoin
Item: Litecoin
Rating: 5

September 13, 2018

Litecoin is the first fork of Bitcoin. It was launched back in 2011. It uses…

Litecoin is the first fork of Bitcoin. It was launched back in 2011. It uses the Scrypt algorithm, which allows it to be more efficient in a number of ways than the original Bitcoin. Transactions in Litecoin run four times faster than those of BTC, and commissions in the system are almost nonexistent.
Litecoin has remained steady as the world’s seven most popular cryptocurrency (by market cap). 
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Pros

What is Litecoin (LTC)?, it is an open source peer-to-peer internet currency that allows for instant, near-zero cost payments. Litecoin is basically just like bitcoin but only takes 2.5 minutes to confirm transactions not 10 minutes. Litecoin uses a different method of securing transactions that makes it better for GPU mining. This means that it is harder to hack than bitcoin in some ways. This gives a point of difference.

Cons

LTC has examined and lived the Lightning Network transactions along with atomic swap into its own system. This itself is a remarkable revolution in the world of cryptocurrency. The Lightning Network is an off-chain L2 layer protocol via which the funds can be sent faster and at a lower fee with no wait for blockchain confirmation. As a result, this enhances the scalability to thousands and millions of transactions in a second, which is an appreciable element in the crypto market. In terms of the cross-chain atomic swap, this has been programmed and deployed to assist transactions across several blockchains and without involving any third-party or exchange platforms. This reduces the company’s overheads and also maximizes security. Litecoin has now incorporated Lightning Cross-chain Atomic Swaps. Today, the development team of this coin is concentrated around integrating confidential transactions onto their network. This coin is really looking great from a technical perspective. Founder of Litecoin Charles Lee is a computer scientist, best known as the creator of Litecoin. He serves as the chairman and managing director of the Litecoin Foundation. He also works for Coinbase.