5th position on crypto market list *
Market cap of :* 10 Billions$ Us
2.35% of crypto dominance
Sites: https://litecoin.com/
Consensus : proof of work
Goal of Litecoin
Being a peer-to-peer internet currency that enables instant and near-zero transaction fee
Founders
Charlie Lee
First operation
October 13, 2011
By November 2013, market cap already reached 1 billion
So what is Litecoin
Litecoin is mostly viewed as the silver of digital currency. Not long after Bitcoin creation, founder of Litecoin Charlie Lee pinned bitcoin's cons to act as a peer-to-peer currency. Instead of battling in a ''No leader we're all leader community'' to improve bitcoin, he created his own coin.
To do so, Litecoin use a memory intensive protocol, that make it less efficient for mining rig with big processor, block time are created every 2.5 minutes instead of 10 minute for bitcoin. Litecoin also been the first coin to adopt segregated Witness and later on made the first transaction over the lighting network.
At the end of 2017, his founder sold all his litecoin. It created a lot of FUD in the community, but he has explained, he doesn't want to push Litecoin for his own profit, he wants to push litecoin for its mass adoption. Getting rid of his stake relieve him to freely speak of litecoin development without being attacked and being seen as a Litecoin whale. Charlie Lee is really active on social media like twitter and really generous giving a lot of Skype interviews and conference around crypto. It is quite different than this anonymous Satoshi guy.
PROS of Litecoin
- Mainly accepted for transaction
- Low transaction fees than Bitcoin
- Fast transaction time
- Constantly working on improvement
- Great spokesman who leads the community
CONS OF Litecoin
- I tried, can't find constructive cons but...
Conclusion
Litecoin has been ahead of the game to solve scalability issue found on bitcoin. Having a brilliant spokesman with vision ahead of a currency really improve the adoption of new consensus for the best of the coin. Not for the profit of each other like we saw in Bitcoin community with their multiple fork. Litecoin won't fork as said by Charlie Lee, we all want to reach the same goal, Litecoin as to stay a fast payment transfer with near zero transaction fee.
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The problem that I see is that any coin that becomes the main utility coin will soon suffer the same fate as BTC. Over used and under powered.
I don't know... during the gold rush of christmasy... #LTC was at some point the #1 coin use for transaction to fiat... Volume transfert was skyrocket and there was not any issue heard... Still we've not reach the 10% of global crypto adoption yet... but #LTC hold in the game so far
Dang I sold my litecoin earlier to chase some alts ... wish I still had litecoin I think it's going to have a great year :|
Better stick on the big name, Bitcoin still lead the market
I'm interested in litecoin since a long ,also it's name really attracts me it's really cool,name is suggest light but not on pocket but now o ca n look for cardano only with my pocket.