With no last-minute changes, Litecoin (LTC) will end February as one of the few major cryptocurrencies not in black. Litecoin got a massive boost earlier this month after being added to Bloomberg on the 8th, allowing clients all over the glove to track its price alongside XRP, Ethereum, and bitcoin, as well as all other currencies
Litecoin, a peer-to-peer Internet currency that allows instant, close-to-zero cost payments to anyone in the world, is an open source, global payment network that is completely decentralized with zero central authorities. Individuals are empowered to control their own finances through mathematics that secures the network. Litecoin boasts improved storage efficiency and faster transaction confirmation times than other leading math-based currency. Featuring substantial trade volume and liquidity, as well as enthusiastic industry support, Litecoin is a proven medium of commerce which complements Bitcoin.
The Litecoin blockchain can handle a higher transaction volume than Bitcoin. Because of more frequent block generation, the network allows for more transactions without a need to modify the software in the future. Because of this, merchants get quicker confirmation times while still having chance to wait for more confirmations when selling larger ticket items.
Currently, miners are awarded with 50 new Litecoins per block, which gets halved approximately every 4 years, or every 840,000 blocks. The Litecoin network is scheduled to produce 84 million Litecoins, an amount which is 4 times as many units as Bitcoin.
Litecoin has wallet encryption, which allows users to secure their wallet, so that a password is needed in order to view their account balance and transactions before spending Litecoins. This serves as an added layer of protection from viruses and trojans.
Released under the MIT/X11 license, Litecoin is an open source software project released under the MIT/X11 which allows the power to modify, copy, and run the software and allows users to distribute modified versions of the software. Released in a transparent process, the software allows for independent verification of binaries and their corresponding source code.
According to founder Charlie Lee, “Litecoin is the result of some of us who joined together on IRC in an effort to create a real alternative currency similar to Bitcoin. We wanted to make a coin that is silver to Bitcoin’s gold. Various alternative currencies have come and gone. Some brought innovation, but they all had problems. We wanted the best innovations of Bitcoin and these other currencies to create a coin with all of their benefits, but nearly none of their problems.”
Litecoin’s market Cap is $11,523.596,737 at a price of $207.93. It has a volume of $778,011,000 and has changed -4.08% over the last day.
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