WHAT IS LITECOIN || 10% beneficiary to tron-fan-club

INTRODUCTION

How would you like a coin like Bitcoin that can process more transactions per second, faster, and cheaper than Bitcoin? I will like to discuss a cryptocurrency called Litecoin. I will explain the what litecoin is, what makes if cheaper and faster, the open source, the hashing algorithm and the tokenomics.

WHAT IS LITECOIN

Litecoin is a cryptocurrency that people use for payment while Bitcoin is a cryptocurrency that people use to store value. Some people have an ideology that Bitcoin is meant to store value while Litecoin is to be used as money that we use every day.

Charlie Lee is the developer of Litecoin and he was a master in Poker games he worked as a software engineer at Google. With the experience he has gotten at Google and Coinbase, he created a coin called Litecoin which is faster and cheap than Bitcoin.

HOW DOES LITECOIN ACHIEVE CHEAPER AND FASTER TRANSACTIONS?

Bitcoin only adds a new block to the block in 10 minutes, that is all transactions are gathered and added to the chain in 10 minutes. The next block has to wait for another ten minutes. Litecoin reduces the block time to 2.5mins and can process 54 transactions per second and make the cost of transactions cheaper.

OPEN-SOURCE

Litecoin is open source just like Bitcoin and that means that check how the blockchain work and can tender a proposer. The proposer can be voted on by the miners and if more than 50% of the miners agree to the proposer, it will be implemented by the network. Litecoin and Bitcoin have similarities in times of division. Litecoin 0.00000001 is called Photon while Bitcoin is called the Satoshi.

Litecoin is using the lighting network. It is layer two that lets people use the network with high transaction speed and is cheaper.

HASHING ALGORITHM

The lite coin uses the hashing algorithm. If you don't what hashing algorithm is, it is simply the problem a mining machine is trying to solve whenever they mine a block. It is important you know that Litecoin is a proof of work blockchain that people have to use their mining machine to solve a problem. The Bitcoin miners find a good and efficient way to mine faster so they created a mining machine called ASIC to mine for them. But the developer of Litecoin wants everybody to participate in the network by designing hashing Algorithm that will allow people to use the old computer to mine and earn some coins. It is not long before some people find a way to build an ASIC that can solve hashing algorithms. What people does now to participate in the network is merge mining and this lets them mine two different cryptocurrencies without using more electricity.

TOKENOMICS

Litecoin launch the same way Satoshi launched Bitcoin because they didn't do a pre-launch or ICO. They just set a date for the launch and miners started to mine it. Those miners the got in early got to take huge money. Litecoin has a mining limit of 84 million coins and just like Bitcoin, the mining rewards are cut into half every four years. Litecoin doesn't have a whale wallet, the only wallets with a large Litecoin are the big exchange wallet.

CONCLUSION

Litecoin is very similar to Bitcoin so if you a finding a coin similar to bitcoin that is faster and cheaper, you should consider Litecoin. In the future, we will see better improvement in the world of blockchain. I believe you have learn one or two things about Litecoin and how it work.

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@olatunde1