What is Lite coin ? Update all important information

What is Lite coin? Update all important information Lite coin 2022

What is Lite coin ? Lite coin is one of the most popular electronic coins today. Even, it is often put on the scale to compare with Bitcoin. So what is Lite coin? How can I own this virtual currency? Find out below!

Introduction to electronic convenience What is Lite coin?

What is Litecoin?

Although Lite coin is quite popular in the market, there are still many people who do not really understand What is Litecoin?. On October 7, 2011, Charles Lee officially introduced to the community the virtual currency Litecoin (LTC). This is an MIT/X11 licensed cryptocurrency and is built on P2P peer-to-peer networking technology.

Artwork: “What is Litecoin?”

It can be considered that LTC is a fork out of Bitcoin and possesses many advantages of its own, the most prominent of which are instant settlement and extremely low transaction fees, almost zero. In addition, the network of this virtual currency also has the characteristics of helping users to control their own finances and high security and safety.

Litecoin Highlights

Referring to the Litecoin virtual currency, we can mention many different outstanding features and those are also the points that help this virtual currency become more and more popular:

Transaction speed

The biggest plus point of LTC is its very fast transaction speed. Specifically, a transaction on Bitcoin will take about under 9 minutes to complete successfully, while that of Litecoin is about 2.5 minutes.

Transaction speed has a huge influence on the development of a virtual currency. For example, if someone wants to sell a product in exchange for Bitcoin, they will have to wait about 4 times longer than when exchanging for Litecoin.

Maximum supply

Not only the speed is higher, but even the supply of Litecoin is about 4 times higher than that of Bitcoin. Therefore, there are many investors who expect that in the future, the value of Litecoin will be about a quarter of the value of Bitcoin.

LTC has a maximum supply of 4 times BTC

Incognito

This feature is made possible by Lite coin upgrading the soft-fork version, and also implementing bulletproof MimbleWimble. However, the transaction fee is also higher when the anonymous feature is present.

Atomic Swap

From the Litecoin cryptocurrency you can directly swap to any other virtual currency without any fees because the Light Network allows this. Atomic swaps are powered by Hashed Timelock smart contract technology.

Open source

Litecoin is an open source project and individuals have the right to copy, change, distribute, and operate at their own discretion.

Block reward

When mining each Litecoin block, the miner will receive a reward of 25 Litecoins. However, the block reward will decrease every 4 years (840.00 blocks).

Litecoin coin details

Litecoin Name, Supply, Contracts

Litecoin virtual currency is denoted LTC. The total supply of this virtual currency is about 84 million and the current circulating LTC in the market is over 69 million. LTC is classified as a token of Coin, Mineable and has high security.

According to an announcement, in the second quarter of 2021, through the Flare Network, LTC will receive smart contract capabilities. This smart contract is Ethereum-style and can give Litecoin 2 possibilities that are interoperability and hybridization.

Details:

Ticker: LTCBlockchain: Lightning Network Consensus Mechanism: Proof of Work (PoW)Algorithm: ScryptTokenType: Coin, MineableBlock Generation Time: 2.37 minutesBlock Reward: 12.5 LTC/blockAverage Per Transaction: 56 TPSUnits Minimum: 1 LTC = 108microlitecoins (μŁ)Total supply: 84,000,000 LTC Current circulating supply: 69,139,919 LTC

Current rate

Below is the current exchange rate at the time of writing of the Litecoin virtual currency on Coinmarketcap:

Exchange rate of Litecoin (LTC) according to Coinmarketcap

Note: The rate of LTC may change from time to time. The prices above are for reference only. So, when you need to know the exact rate of this coin, you can visit Coinmarketcap for accurate reference.

How to own and trade Litecoin

To be able to own LTC you can buy or mine. If you want to mine LTC, you need to invest in equipment to be able to run the program of the Lightning Network. And when mining LTC, you need to be mentally prepared to face high electricity costs and compete with other Nodes. You can visit website https://litecoin.org/ to download LTC program files and extract and install, run node.

Compared to owning LTC by mining, buying this virtual currency on exchanges will be easier. Currently, LTC has the 7th largest market capitalization among virtual currencies on the market (synthetic Coinmarket). You can buy this virtual currency at most major exchanges such as: Binance, Kaken, Coinbase, Huobi, Poloniex, Bithumb, Gemini, etc. In Vietnam, LTC can be traded via Binance, Remitano, Santienao or OTC.

Roadmap and team of developers

Litecoin Roadmap

Lite coin is still being constantly improved by the development team with the desire to help this virtual currency have more outstanding advantages and be more successful.

Litecoin developer/backer team

The father of the LTC virtual currency is Charles Lee, he is a computer scientist, a former engineer at Google, and he is also the managing director of Litecoin. Starting from July 2013, Charles Lee officially became a member of Coinbase.

Litecoin Development Team

On October 7, 2011, the Litecoin cryptocurrency was announced. Litecoin belongs to the Litecoin Foundation – a non-profit organization and is registered in Singapore. Participating in the formation and development of the LTC network, there are also many prominent names in the field of finance, cryptocurrencies, etc.

There is also the Litecoin Core development team. Participating in this group are all core members of Litecoin. The Litecoin Core team is greatly supported financially by the Litecoin Foundation.

Closing and Disclaimer

So through this article we have shared with you what Lite coin is and what are the highlights, how to own and trade this virtual currency. It can be said that LTC is receiving a lot of expectations from both the development team and investors and economists.

Disclaimer: The information we share here is for your reference only. This is not investment advice or encouragement. And when investing in any virtual currency, you also need to accept the risk. Therefore, we are not responsible for any risks from investing in Litecoin.

Currently, the Vietnamese state does not provide legal support for any electronic currency, you still have the right to mine and use it, however, when there is a dispute or conflict, the state has no obligation to assist in resolving these issues. this problem.