|1 LTC =||83.0100000 USD|
|1 LTC =||62.9300000 GBP|
|1 LTC =||71.1100000 EUR|
|1 LTC =||0.01240000 BTC|
What is Litecoin?
Litecoin is a decentralised cryptocurrency based on blockchain technology, as defined on its official website. It was released in October 2011 by Charlie Lee, an ex-Google employee, who is still heading up the project today.
The Silver to Bitcoin’s Gold
In his own words Charly Lee wanted to create silver to bitcoin’s gold.
Litecoin is the Silver to Bitcoin's Gold. It must be true since it's written in Bitcoin's blockchain! https://t.co/LJb5kG3cs9
— Charlie Lee [LTC] (@SatoshiLite) July 28, 2015
Litecoin uses a different cryptographic algorithm to Bitcoin. Compared to Bitcoin, it has a decreased block generation time and increased maximum number of coins. In other words, the transaction times are much faster and the fees are much lower. Litecoin is currently trading at approximately 100:1 ratio to Bitcoin (100/10000).
The future of Litecoin
Recently both Bitcoin and Litecoin implemented SegWit. Segregated Witness was a much-anticipated update and proposed solution to the bitcoin scalability problem. The update allows Litecoin to act as a testbed for running the Lightening Network. Should this be successful then the same will be applied to Bitcoin.
The Lightning Network will be on Litecoin!
The Litecoin devs are really excited to work with Lightning Labs on such an exciting technology. https://t.co/XGDp6XHRXV
— Charlie Lee [LTC] (@SatoshiLite) May 3, 2017
The Lightning Network technology has to potential to introduce a brand new era for cryptocurrency in general. The technology would eliminate the need to wait for on-chain confirmations. This means that transactions will be lightning fast and the fees will be reduced even further.