6 Facts You Need to Know About Litecoin

facts_about_litecoin_nigeriaWith a market cap of over $7 Billion, Litecoin is the fifth most popular cryptocurrency in the world. The altcoin is known for its speed and stability and a great alternative to Bitcoin. coque iphone 8 Before buying or selling Litecoin, here are some things you need to know about LTC.

1. Litecoin was Invented by an Ex-Googler – Litecoin Facts

Litecoin was released to the public on GitHub on October 7, 2011 by Charlie Lee – a former employee of Google Inc. The blockchain network for Litecoin, however, went live on October 13, 2011. coque iphone 2019 Charlie was born in Ivory Coast and moved with his family to the US at the age of 13. He has a Bachelor’s and Master’s degree in Computer Science from the Massachusets Institute of Technology. coque iphone x He’s also an ex-director of Engineering at popular cryptocurrency exchange Coinbase. He is currently the Managing Director of the Litecoin Foundation that spearheads development efforts of Litecoin.

2. Litecoin is a direct fork of Bitcoin

Litecoin is a direct fork of Bitcoin Core – which means at the beginning it was pretty much the same as Bitcoin. Litecoin however improved upon the block generation time of Bitcoin, has an increased number of coins as well as a different hashing algorithm for encryption ALSO READ: HOW TO BUY AND SELL LITECOIN IN NIGERIA

3.There are 84 Million litecoins

Currently, there are about 56 million Litecoins in currency circulation. Its blockchain, however, has the capability of supplying 84 million LTC. Exactly 4 times the number of Bitcoin possible.

4. Litecoin is the silver to Bitcoin’s Gold

Speaking about Litecoin over the years, its inventor Charlie Lee has said numerous times that LTC was intended to be the “Silver” to Bitcoin “Gold”. This means the goal is to make it easier to get and faster to trade with. coque iphone 8 Litecoin transactions take about 2.5 minutes because the block size on its blockchain is halved.

5. coque iphone soldes Mining LTC is Easy

Litecoin was designed to reduce and eventually stop the centralisation of mining by owners of powerful computers. coque iphone en ligne This occurs on Bitcoin’s blockchain due to ASIC-powered computers. Litecoin can be mined easily on graphics cards which are more available and reduces power in the hands of a few. CHECKOUT: BUY AND SELL LITECOIN IN NIGERIA

6. Litecoin is more Secure than Bitcoin

Unlike Bitcoin’s SHA256 algorithm, Litecoin makes use of scrypt in its proof-of-work algorithm. It is a sequential memory-hard function which requires asymptotically more memory than an algorithm which is not memory-hard. coque iphone outlet Scrypting makes it harder to build ASICs which can be customised to mine and eventually own most of the blockchain litecoin is on.