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?What is Litecoin
Is LiteCoin the "younger" cousin of Bitcoin? There is no doubt that Bitcoin is a more popular cryptocurrency, but you might be surprised to learn that Litecoin was introduced more than five years ago. This article promises to explain basic questions such as: How does Litecoin work? How was Litecoin created? Is Litecoin risky? And more!
What is Litecoin?
Peer-to-peer digital currency. It is an open source software project released under the MIT / X11 license, which means that it places very limited restrictions on its reuse. Litecoin (Litecoin) is, in many ways, similar to Bitcoin, as it is also considered a digital currency and digital payment system. Additionally, Litecoin encryption technologies are used for two main purposes.
What is the difference between Litecoin and Bitcoin?
Although Litecoin and Bitcoin are similar in many ways, there are some major differences between the two cryptocurrencies. Some traders argue that if Bitcoin is equivalent to gold, then Litecoin can be compared to silver. In fact, this is exactly what the Litecoin developers put into consideration when creating it. Each digital currency shares many similar characteristics, and Litecoin is similar to Bitcoin except for some differences:
Where did Litecoin come from?
The supply growth of Litecoin is decentralized and guided by the Litecoin protocol therefore, which aids the creation of new digital currencies for Litecoin participants. The maximum number of Litecoin is limited to 84 million in total, but not all digital currencies have been created from Litecoin yet. As of May 2019, there are approximately 61.9 million Litecoins in circulation, which represents about 74% of the total. Once 11.3 million new Litecoins are created, the block mining reward will decrease from 25 to 12.5 Litecoins, which is expected to happen sometime in August 2019.
Who invented Litecoin?
Litecoin was believed to have been released via an open source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. It was a thorn for a major Bitcoin client, as it differed primarily by reducing block generation time (2.5 minutes), increasing the maximum number of cryptocurrencies, different hashing algorithms, and slightly modified GUI.