Review on Litecoin by DAT PHAM DUC

Name: Litecoin
Item: Litecoin
Rating: 5

September 13, 2018

Litecoin, a fork from the Bitcoin Core Client, differs only slightly from his…

Litecoin, a fork from the Bitcoin Core Client, differs only slightly from his ancestor Bitcoin. Charlie Lee set the block time to 2.5 minutes, as opposed to BTCs 10 minutes. And he increased the total supply to 84 million units. Additionally, LTC uses a different hashing algorithm than BTC, namely Scrypt instead of SHA-256. Litecoin is seen as a means of quicker and cheaper payments as of his role model Bitcoin, whose primary use case now is that of a store of value. Many people compared LTC as the “silver” to the “gold “BTC. Due to its faster block generation, Litecoin can handle a higher transaction throughput as Bitcoin. The downside of this is, because of Litecoins higher volume of blocks the Litecoin blockchain grows four times faster than Bitcoins blockchain.
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Pros

I like Litecoin and I think it’ll have a successful future. Some people just consider to be a Bitcoin knock-off with 4x as many coins, but that’s not the case. I recently saw Charlie Lee speak about some of the things that they’re working on to improve the network that are completely separate from Bitcoin. On of those things is adding transaction fees to block headers. This should prevent miners from jacking up transaction prices and keep them low for all users.

Cons

Litecoin is a great, and smaller way to exchange goods and services. But, Litecoin is not perfect. I still don't like how the difficulty is so high, that a GPU miner hardly gets profits. But, I would love to see people start to accept Litecoin as it is, a smaller version of Bitcoin. Litecoin has a faster sync time as it only uses up to 7 GB for the wallet itself (and they even provide a bootstrapper for faster sync!). I don't think Litecoin will continue to rise, however as the price fell when GPU mining was obsolete. My final verdict: If you want a smaller and better way of transaction, or are a ASIC miner, I recommend you use Litecoin, or Bitcoin, but if you're a GPU miner, and want to create applications off the blockchain, I recommend Ethereum.