Litecoin is an alternative cryptocurrency launched in 2011, based primarily on the Bitcoin concept. It’s a peer-to-peer electronic currency that was developed to enable near-zero cost payments in an instant and is accessible to anyone around the world. The mathematics behind this inventions allows it end-users to manage their finances on a safe and secure network in an open source global payment network which is fully decentralized. Litecoin uses a scrypt Algorithm as a proof of work scheme and has a faster block generation rate. You could say that Litecoin was launched to improve on Bitcoin shortcomings. It was designed to produce more coins that Bitcoin with a coin limit of 84 million and at a faster rate than Bitcoin. Its trading volumes are increasing daily and so is liquidity.
Litecoin miners recently approved Segwit on the platform. This will enable Litecoin to become the most technologically advanced cryptocurrency in the world. Segwit is a process whereby the size limit of a block in a blockchain is increased when signature data is removed from currency transactions. This increases the capacity of the blockchain to add more transactions. By scaling, more and more transactions can be made around the world with a lower waiting time and cost per transaction. While other cryptocurrencies work mostly as a store of value or an asset for speculation, Litecoin is increasingly turning into a medium of exchange thanks to scalability.
Litecoin mining is significantly simpler than mining other cryptocurrencies. The mining algorithm can be configured to work on far less powerful computers. Cryptocurrency mining operations use a lot of electricity, Litecoin provides a better alternative to ordinary users to participate in coin mining since it takes up less energy. The looming shortage of powerful graphic cards used in mining rigs could give. Litecoin miners a competitive edge in this digital gold rush against other cryptocurrency miners. The community is also increasingly growing. Litecoin growth is already too big that it can no longer be brushed off as a scum. People are now starting to recognize its real value.
However, the client codes used in Litecoin is outdated and this could be the barrier that would keep Litecoin under the shadow of Bitcoin. The client codes are based on the Bitcoin versions plus they are unmaintained. None of the latest security and performance improvements introduced lately in Bitcoin codes seems to be taking any effect into Litecoin. Litecoin has even had to remove warnings from the source codes to prevent the users from reporting that it seems to be obsolete. Another disadvantage of Litecoin is that the prices are set purely on speculation and have very low applications of Litecoin at the moment thus miners rely on it purely as an asset of speculation. This is can’t be a sustainable source of investment for the long term.
What is Litecoin blockchain? Pros and cons:
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