Definition Of ‘Litecoin’
Launched in 2011, Litecoin is an alternative cryptocurrency based on the Bitcoin model. Litecoin was created by mit graduate and former Google engineer named Charlie Lee. Litecoin is based on open source, global payment network that is not controlled by any Central authority. Litecoin differs from Bitcoin in such respects as the rate of generation of blocks and the use of scrypt as proof of work scheme.
Litecoin was launched with the goal of “silver” Bitcoin “gold” and has won great popularity since inception. Litecoin is a peer-to-peer Internet currency. It’s completely decentralized and open source global payment network. Litecoin was developed to improve the shortcomings of Bitcoin, and have earned the support of industry along with high trade volume and liquidity for many years. The wider the differences between the two cryptocurrencies are listed in the table below.
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Block Creation Time
The Initial Award
The current block reward (as of June 2014)
By half every 210 000 blocks
Halved every 840,000 blocks
Litecoin is designed for the production of four times as many blocks as Bitcoin (1 block every 2.5 minutes, Bitcoin 10), and allows for 4x coins limit, making it a major to apply for Bitcoin to do with the speed and ease of acquisition. However, since Litecoin uses scrypt (unlike Bitcoin’s Sha-2) as a proof-of-work algorithm, use of mining equipment, such as asic miners or GPU mining rig requires much more computing power.
Litecoin is consistently among the biggest cryptocurrencies in terms of market capitalization (though still remaining far below that of Bitcoin) and it currently has more than 50 million coins in circulation.