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Review on Litecoin by wilfredo faria
litecoin beginnings
This cryptocurrency emerges as a better alternative to Bitcoin, its creator resigned from his job to dedicate himself fully to this virtual currency which was born on October 7, 2011 and several days later it began to work on October 13, 2011 and in order to achieve its great objective of being better than bitcoin decides to partner with Xinxi Wang and Franklyn Richards among their proposals litecoin proposes to be a cryptocurrency with a better performance in the generation of blocks, meaning that its blocks would be generated much better and faster than those of Bitcoin; have in its system cheaper conditions and commissions and a more effective form of payments, so this great project allows the user to make quick payments since it is focused on the e-commerce segment. the release of its first version had this message. We want to create a currency similar to Bitcoin a currency that is the silver of the gold of Bitcoin. this is part of the message with which the first version of litecoin was launched. so its creators and developer define this system called litecoin as a clone of Bitcoin created from the source code of Bitcoin, so Wang and Richards decide to correct some errors that according to them Bitcoin had, such as the failure of the reception of some transactions among other errors that they had and they corrected it for their virtual currency litecoin and as its developers said this is the silver of gold. Among its characteristics, this coin has a limit of 84 million coins. Its mode of use is based on the pow proof of work and its function to be used is script. This algorithm used turns out to be lighter than the SHA-256 algorithm but without neglecting security. being developed open source for the community. In litecoin, the generation of blocks takes two and a half minutes, therefore the litecoin network is much faster and more efficient than Bitcoin, its weight of blocks is 65kb, that is, the litecoin blockchain is much lighter, and litecoin uses halving to control its issuance and block reward. Like all current cryptocurrencies, Litecoin suffers in terms of transaction validation.
Pros
- Its developers were in charge of correcting and modifying the errors that bitcoin presented to improve the functioning of litecoin in order to give the user a better service
Cons
- but like all current cryptocurrencies it is affected by the validation of transactions that it must face in order to be a better cryptocurrency but this does not help in general
