Date Launched: October 13, 2011
Founders: Charlie Lee
Parent Code Fork: Bitcoin
Lіtесоіn (LTC) is a рееr-tо-рееr сrурtосurrеnсу аnd open ѕоurсе software project released under MIT/X11 lісеnѕеѕ. Crеаtіоn аnd transfer оf соіnѕ іѕ bаѕеd on an ореn source сrурtоgrарhіс рrоtосоl and іѕ nоt mаnаgеd bу аnу сеntrаl authority. Whіlе inspired bу, and in mоѕt regards technically almost іdеntісаl tо Bіtсоіn (BTC), Litecoin іѕ far quісkеr аnd cheaper.
Litecoin is a decentralized online currency much like Bitcoin that was created by Charlie Lee. Litecoin’s code base is a fork of Bitcoin Core’s code client and thus many users see Litecoin as the silver to Bitcoin’s gold. Even Litecoin’s logo is silver in color.
There still many features of Litecoin that make it different from Bitcoin. These include:
- Lower block generation time of 2.5 mins rather than 10 mins
- Increased maximum number of 84 million coins
- Different hashing algorithm called Scrypt (Bitcoin uses SHA-256)
Litecoin has been generally been quick to adopt and test improvements to their code base. When the usefulness of SegWit was still heavy debated, Litecoin decided to implement it.
Bitcoin developers could see the effects of SegWit on Litecoin before fully adopting it for Bitcoin. The first ever Lighting transaction was also completed on Litecoin.
Bitcoin and Litecoin share many of the same ideological beliefs such as open source software and decentralization. This has led many Bitcoin and Litecoin supporters to overlap and celebrate each other’s success. For a long time, Litecoin transactions have been cheaper and faster, which further boosted people’s belief in Litecoin.
Charlie Lee’s announcement
Charlie Lee announced on Reddit in December, 2017 that he had official sold and donated of all his Litecoin. However, Charlie will still remain heavily involved with the promotion and development of Litecoin. He wrote in his post “Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin.”
Litecoin has so much scope for growth, potential uses, and wide adoption. Right now, we must observe which companies begin adopting it and accepting transactions for their products and services. Other than that, the future of Litecoin is anyone’s guess.