Bitcoin’s blockchain has been carried forward by Litecoin (LTC) in recent years, but what improvements and what are the advantages it has brought?
Litecoin: the cryptocurrency that develops bitcoin blockchain
Litecoin (LTC) is a decentralized peer-to-peer cryptocurrency that was released on October 7, 2011 and was published on October 13 of the same year by former Google employee Charlie Lee. This company presents an extremely useful and interesting application for those using the original Bitcoin blockchain.
How It works
LTC is a cryptocurrency like Bitcoin, but it is based on a completely different protocol. It was designed to act like pure digital money. This cryptocurrency is also: open source, decentralized and supported by cryptographic math to protect transactions. Litecoin was not created to compete with Bitcoin, but as a free payment alternative.
Litecoin better than bitcoin?
Litecoin can self-sustain itself and have a legitimate use case, especially now that there are more than 1,541 cryptocurrencies in circulation (source: coinmarketcap.com).
Compared to Bitcoin (which has a market capitalization of around 10 times larger), LTC offers numerous advantages:
is able to offer users lower transaction fees;
faster processing times
a more decentralized mining network.
Where to negotiate LTC
You can find it on: OKEX and GDAX, which represent the overwhelming majority of the trade volume of this cryptocurrency, registering respectively 24% and 7% in the last 24 hours (updated data on volumes can be found at coinmarketcap.com).
The prospects of LTC
The future prospects of Litecoin can be summarized in these points:
Presence of a leader like Charles Lee: many people still have problems with Bitcoin because they can not trust money without any control over the future.
Resistant ASIC: Litecoin took the Bitcoin code and modified its algorithm from SHA256 to Scrypt. This avoided the centralization of mining activities.
Less politics: Bitcoin is tormented by internal political wars about who controls the future development of this cryptocurrency.
Faster to adopt new technologies: the bitcoin is so massive that every single change can take a year of infighting.
Litecoin has never been created to tackle the major cryptocurrency, but its technological advantages do not pose a threat. It could be theoretically “better” than Bitcoin, but the latter has already started to work quickly by incorporating a much broader and more active user base.