Litecoin is one of the cryptocurrencies created by Charlie Lee in 2011. During the launching of Litecoin, Lee has announced that it was created similarly to Bitcoin. It only makes a difference when it comes to few key differences in speed transactions.
Litecoin is based on Bitcoin. The main goal is to serve as silver to Bitcoin’s gold rather than competing with it. Lee is inspired and sought to make Litecoin in two distinct ways such as, first, he dreams and makes it for the consumer to get the coin through hardware grade where it has opposed on what Bitcoin’s have specialized utilizes for. Secondly, Lee creates network that allows consumers for faster and cheaper transactions with at least 2 minutes compared to the Bitcoin 10 minutes offer. Since the Litecoin is cheaper and faster to use, a lot of consumers preferred to use Litecoin in their day-to-day transactions and process.
Charlie Lee intended to improve the speed and fast of transactions being regulated by blockchain. Charlie Lee launched Litecoun with a very similar code to Bitcoin. Where in this code save some differences that aimed to solve the transaction more speed and scalability of bitcoin too.
It has at least 84 million coins, while on the Bitcoin is only 21 million. The main goal was for you to be able to use the said computer-grade hardware in mining litecoin, and that makes them more democratic.
Since it was launched in October 2011, consider as a fork of the bitcoin blockchain, the first block was mined about October 2011 with the first 150 coins premined. The first block was genesis, where this block able to confirm that it should be valid in releasing the code.
THE LITECOIN MINING
The main technical difference between the two is the way of mining or its procedure. They had both used proof-of-work consensus mechanism to make it straightforward. A lot of the miners have used their designs to extremely solve the hard-cryptographic puzzles, solving puzzle is extremely hard if you can not make it wise it could lead to draining of the entire bitcoin supply. It is not simple to solve this puzzle, and once it is solved it can assure usage to have correct inputs or data.
IMMUNITY TO FLOOD ATTACK
A flood attack is an unusual attack whereby the network is flooded with a lot of spam transactions that fill up the blocks and able to close its blockchain. Since it has many competitors, Lee assured that it would never happen again.
Accordingly, one of the most thrilling features that Litecoin can offer is the atomic swap. The atomic swap enables exchange the coins even without needing a third party. It was more focused on how it be done and seeing the process of payments of the coins.
Through the implementation of the Atomic Swaps, the coins can easily exchange without going through an unnecessary transaction fee. It hashed the time lock contract.
Hashed Timelock Contract (HTCLs) is one of the most convenient, safe and secure payment channels. Compare to lightning protocol. With this, you can see the channels which determined timekocks.
The Litecoin became also popular recently as the investors have used it so far. This is a well-recommended to new beginners because it designs for a little day to day simple transactions. Although it was based in Bitcoin, it also differs when it comes to processing time. It may only take for almost 2 minutes faster and cheaper as compared to the Bitcoin.
With all the information discussed above, it is undeniable that Litecoin is very important.