1 Level
6 Review
10 Karma
Review on Litecoin by JooHwan Han
What is THe Lite COin?
Litecoin is a small, light encryption currency that is made based on bitcoin. It is also briefly referred to as the Laco. In Chinese, it is called a lighterbie (l If bitcoin is digital gold, light coin is digital silver. Light coin is called 'silver', or 'silver bitcoin.' Light coin has LTC in monetary unit. In 2011, Charlie Lee, a Chinese-American, developed it in C++ language. Mining is done using the Script (Srypt) hash algorithm based on a proof of work
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Pros
- Light coin is an encryption currency that is very similar to bitcoin in many ways. It is maintained through an agreement algorithm called proof of work (PoW) using P2P network. As a result, all users' transactions are stored in the block, and these blocks are chain-connected, so that all participants in the network have the same transaction record. As such, all transaction records are implemented only in a decentralized structure without a centralized transaction logging database.
Cons
- The total amount of Tcoins is set at 21 million. However, lightcoins are four times more than bitcoins, as they are planned to issue 84 million.
