LTC coin, also known as Litecoin, is an online currency based on peer-to-peer technology. It is an improved version of digital currency inspired by Bitcoin.
Litecoin was designed to provide a mining algorithm that would run on the same machines that mine Bitcoin. Compared with Bitcoin, Litecoin has several significant differences:
Faster transaction confirmations: The Litecoin network can process one block every 2.5 minutes (as opposed to Bitcoin’s 10 minutes), thus providing faster transaction confirmations.
Greater circulation: The Litecoin network is expected to produce 84 million Litecoins, which is four times the amount of currency issued by the Bitcoin network.
Lower Mining Difficulty: Litecoin uses the scrypt encryption algorithm in its proof-of-work algorithm, which makes Litecoin mining easier on a regular computer relative to Bitcoin.
The creation and transfer of Litecoin is based on an open-source cryptographic protocol and is not governed by any central authority. Its issuance rate decreases according to a geometric series, reducing by half every four years, eventually reaching a total of 84 million LTC. The design and implementation of Litecoin was completed by a programmer who had worked at Google, and it was released and launched on November 9, 2011.
Currently, Litecoin ranks 23rd in market value in the global digital currency market, and its price and market value are affected by market demand and global exchange transactions. The price of Litecoin is volatile and attracts attention from investors and traders. Nonetheless, as a digital currency, there is still uncertainty about its future value and market performance, and investors should carefully consider the risks when making investment decisions.
