Review on Litecoin by evita parra
LITECOIN A RELIABLE AND FAST ELECTRONIC COMMERCE PLATFORM
Litecoin works in a peer-to-peer or P2P mode where there is no regulation of digital currency by any government entity. It is the nodes of the platform who manage the transactions and validate everything that is related to the cryptocurrency.
Litecoin is a platform that allows the operation of a digital, decentralized and open source payment system; that guarantees fast and secure transactions under a chain of blocks formed by a digital ledger that stores immutable information on each currency spent.
Due to its decentralized operation, the network gives the user control of their finances, offers speed in their transactions and optimal storage of their crypto assets.
Litecoin is an open source chain that has its own license and that due to this condition allows the modification and distribution of its software by copying.
The blockchain can handle high volumes of financial operations due to the greater frequency with which the creation of blocks of its network takes place.
The consensus of cryptocurrency mining is done under the Proof of Work hash protocol and the Script system.
The issuance of the cryptocurrency decreases every 4 years by half; because miners are able to generate 12.5 coins for each block.
Regarding security; the chain uses an encryption mechanism in its wallet that allows the user to protect the private passwords of the wallet to give them access to the account balance and transaction history, but requires a password to use the cryptocurrency.
This security mechanism protects the account from malicious viruses and unauthorized payments.
These characteristics classify Litecoin as a global and reliable trading platform.
Pros
- Allows speed in the creation of blocks
- Its currency is compatible with the most quoted exchange platforms
- Offers anonymous transactions
- Allows instant payments.
Cons
- There are no disadvantages in its use.
