📍 What is Litecoin? What makes this project stand out? What is the token of LTC? In this article, let's go with Allinstation to find out the latest information about Litecoin.

What Is Litecoin?

➡️ Litecoin (LTC) is a P2P peer-to-peer cryptocurrency and is processed by the Scrypt Proof-of-Work algorithm. The project was born with the aim of becoming an alternative to Bitcoin through improved modification of BTC's Proof-of-Work mechanism.

➡️ Litecoin has features similar to Bitcoin and operates similar to a P2P payment system thanks to its decentralization and security. This means that users can trade Litecoin directly without going through a third party.

➡️ Due to its similarity to Bitcoin, the developers used Litecoin's blockchain as a testing ground for the technologies they wanted to implement on Bitcoin. Examples: Segregated Witness (SegWit) and Lightning Network.

➡️ Although there are many similarities with Bitcoin's technology, Litecoin has a difference in the hashing algorithm. Also different from Bitcoin, Litecoin adopts high performance script PoW mining technology to increase data exchange speed and productivity.

➡️ Ultimately, Litecoin operates in a blockchain that can be accessed by any connected device. While miners provide security and authentication to ensure a transparent ledger of all transactions.

➡️ Anyone can use Litecoin, to conduct cross-border transactions to store data and predict the future price of Bitcoin, or to transact with many other investors. Litecoin is especially attractive to many investors because it is also known as silver compared to Bitcoin gold.

➡️ Hope from here you can briefly answer the question of what Litecoin is. Here, let's find out the outstanding features of Litecoin.

📍 What are the salient features of Litecoin?

➡️ Litecoin was created as a digital currency to be used for transactions and is an upgrade of Bitcoin. Thanks to the mentioned improvements, it is easier and more secure to trade LTC with low gas fees and 4 times lower time than BTC. Here is a table comparing Litecoin and Bitcoin:

📍Overview of LTC tokens and tokenomic

📍Token Data

Ticker: LTC

Blockchain: Lightning Network

Consensus Mechanism: Proof of Work (PoW)

Algorithm: Scrypt

Token Type: Coin, Mineable

Blocking time: 2 minutes 25 seconds

Average per transaction: 1.3 TPS

Minimum unit: 1 LTC = 108microlitecoins (μŁ)

Total supply: 84,000,000 LTC

Current circulating supply: 71,739,633 LTC

📍What is the utility of the Litecoin token?

LTC is for direct trading like BTC.

LTC is used as a gas fee.

📍 Wallets & Exchanges LTC

📍LTC storage wallet

➡️ LTC can be stored on exchanges like Binance, Coinbase, Kucoin, cold wallets, or wallets like Exodus, Litecoin Core

📍Exchange LTC

➡️ LTC can now be traded on Binance, Kucoin, Huobi...

📍 Team

➡️ The Litecoin Foundation is a non-profit organization registered in Singapore with members around the globe. The development mission of this organization is to help society by developing and promoting blockchain technologies. The Litecoin Foundation has the following key members:

Charlie Lee – Director: Former Director of Engineering at Coinbase, Software Engineer at Google, Senior Software Engineer at Guideware Software

Alan Austin – Managing Director: Former Broker and Owner at Market Group Realty, Sales Manager at LRS Realty & Management, Partner at Acquistar

Xinxi Wang – Director: Co-Founder and CEO of COIN Ultimate Trading, Part-time Fellow at SUSS, Angel Investor and former Independent Algorithm Trader. PhD in CS at National University of Singapore

Zing Yang – Director: Co-Founder of Interstellar Group, Distributed Economic Advisor at Untitled INC, former Vice President of Investment at Temasek

➡️ In addition to the Litecoin Foundation there is a Litecoin Core development team that includes all the veteran members of the Litecoin team. Although the Core team is different from the Litecoin Foundation, the two organizations are closely linked.

📍What are Litecoin Investors and Partners?

Some prominent Litecoin partners:

Become a sponsor of the NASCAR Racing Championship

Partnering with Ternio to issue Litecoin Card for credit payment.

Partnering with Centercoin (CENT) to integrate Litecoin (LTC) into the Centercoin payment system

Atari® integrates Litecoin as a means of payment for the upcoming Atari, the Atari VCS game system, and other future products.

Partnering with MeconCash to integrate Litecoin into the M.Pay. platform. This will allow withdrawals of Litecoin ($LTC ) to Korean Won (KRW) at over 13,000 ATMs in South Korea.

In addition, Litecoin is integrated with many other e-commerce platforms as a payment function.

📍What are projects similar to Litecoin?

➡️ Bitcoin Cash, Bitcoin, Ripple, Dogecoin…

📍Comments on LTC

➡️ #LTC was developed with the goal of being the crypto version of silver while Bitcoin is gold. Therefore, in many cases, the price of this contract moves quite close to Bitcoin, especially in the period of 2021 and earlier.

➡️ Litecoin also has #halving s in next week (3 August). This can be an interesting catalyst for Litecoin as historically the crypto market has always entered an uptrend cycle after it's halvings.

📍 Frequently asked questions about Litecoin

📍Is LTC Classified as an Altcoin?

➡️ Although LTC has many similarities with #bitcoin , #Litecoin is still considered an Altcoin.

📍Litecoin is the “silver” crypto version?

➡️ In the early days of crypto, when asked what Litecoin was, many people replied that Litecoin is the “silver” crypto version while Bitcoin is gold. However, with the development of many other competitors today, this position of Litecoin is likely to be replaced.

📍How much does it cost to make a transaction on Litecoin?

Transaction fees on Litecoin fluctuate around 0.1 – 1 USD.

📍Epilogue

➡️ I hope that after read this article, you will have more knowledge about Litecoin.

➡️ Let's learn and evaluate together to make the most informed investment decisions. Wish you luck!!!

⚠️ #LitecoinHalving countdown

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