Litecoin
Name
Litecoin
Summary
Litecoin was created on the basis of Bitcoin protocol but differs in hashing algorithm
-It was founded by Charlie Lee in 2011.
-It is secured by POW consensus mechanism
Rating
Symbol
LTC
Overview
Litecoin (LTC) is a cryptocurrency that uses the unique capabilities of blockchain technology to offer rapid, secure, and low-cost payments. The cryptocurrency is based on the Bitcoin (BTC) protocol, although there are some differences in the hashing algorithm employed, the hard cap, block transaction delays, and a few other parameters. Litecoin's block time is only 2.5 minutes, and transaction fees are incredibly cheap, making it ideal for microtransactions and point-of-sale payments.
On October 7, 2011, an open-source client for Litecoin was posted on GitHub, and the Litecoin Network became online five days later on October 13, 2011. Since then, it has surged in both usage and merchant acceptance, and throughout the majority of its life, it has been among the top ten cryptocurrencies by market capitalization.
Litecoin was founded by Charlie Lee, a former Google employee, with the goal of making it a "lite version of Bitcoin," with many of the same qualities as Bitcoin but a smaller size.
Its primary advantage is its quickness and cost-effectiveness. Transactions in Litecoin are usually verified in under a minute, and transaction fees are almost non-existent. In developing nations, where transaction fees may be the determining factor in which cryptocurrency to support, this makes it an appealing option to Bitcoin.
Historical Price Movement (in INR)
Technology
Litecoin is a fork of the Bitcoin Core source code that differs from Bitcoin in several ways, including a faster block generation time (two and a half minutes versus ten minutes for Bitcoin), a larger total coin supply, and the use of the Scrypt hash function rather than Bitcoin's SHA-256 encryption.
Litecoin also introduced various modifications, such as Segregated Witness (Segwit), that was originally intended for the Bitcoin network, with the goal of boosting transaction throughput. The Lightning Network, a layer 2 scaling solution, has also been implemented.
The MimbleWimble (MW) testnet, which is meant to test Mimblewimble-based confidential transactions on Litecoin, was released in late 2020. Users of Litecoin will benefit from considerably improved privacy and fungibility once this feature is deployed on the mainnet.
Litecoin is a blockchain-based cryptocurrency with extremely strong cryptographic defences, making it nearly impossible to breach.
The PoW consensus algorithm is used by Litecoin, as well as Bitcoin and several other cryptocurrencies, to ensure that transactions are confirmed promptly and without errors. The combined strength of the Litecoin mining network prevents double-spends and a variety of other threats while maintaining 100% network uptime.
Token Allocation
Out of a total supply of 84 million LTC, 66.245 million have already been mined as of January 2021. Since the number of LTC mined per block declines every four years as part of the block reward halving schedule, the Litecoin Foundation recently calculated that it will be well over 100 years before Litecoin reaches full dilution (around the year 2140).
On the first day after the LTC genesis block was mined, around 500,000 LTC was instamined, with Charlie Lee and other early Litecoin developers presumably among the first miners.
Despite this, as a fairly distributed asset, neither the Litecoin developers nor Charlie Lee gain any direct benefits from the functioning of Litecoin—aside from what they might earn from ordinary mining.
Volume (26th April 2022)
$751,118,567
Total Supply
84000000
Circulating supply
69,788,656.28 LTC
Crowd Sales
Litecoin has raised an undisclosed amount of money in four rounds.
Funding
Dec 22, 2017: Initial Coin Offering-NA
1/05/2017: Secondary Market-NA
21/12/ 2015:Secondary Market-NA
14/05/2014:Secondary Market-NA
Country
Singapore
Name of Organization
Litecoin Foundation Ltd.
Year Incorporated
2017
Registered Address
111 NORTH BRIDGE ROAD #08-19 PENINSULA PLAZA SINGAPORE
Dispute Resolution and Governing Law
Singapore
Country Risk Assessment
A1
Founding Team
| Name | Designation | Education | Experience |
| Charlie Lee | Founder and Managing Director | Massachusetts Institute of Technology: BS in computer science Massachusetts Institute of Technology: Masters in engineering in Computer science | 21 yrs |
| Xinxi Wang | Co-Founder and Director | Harbin Institute of Technology: B.E. in computer science National University of Singapore: Ph.D. in computer science | 12 yrs |
Whitepaper 
