1. What is Litecoin?
The Litecoin was born on November 9, 2011 and is known as "Digital Silver." Litecoin has the same implementation principle as Bitcoin. It is the first network digital currency based on the Scrypt algorithm. Compared with Bitcoin, Litecoin has faster transaction confirmation time, higher network transaction capacity and efficiency. Litecoin now has a complete industrial chain and sufficient liquidity to prove that it is a mature, safe, and stable commercial financial system.
2. Data block chain
The Litecoin blockchain is able to handle larger transactions compared to its competitor, Bitcoin. Since the output of the data block is more frequent, the network can support more transactions and there is no need to modify the software in the future.
As a result, merchants can get faster transaction confirmations and still be able to wait for more trade confirmations when selling large amounts of merchandise.
3. Wallet encryption
Wallet encryption guarantees the security of your private key in your wallet, allowing you to view transactions and account balances, but you must enter your password before you can use Litecoin. This feature not only prevents viruses and Trojans from invading, but also validates a validity before payment.
4. Mining awards
The "miners" currently produce 25 Litecoins per block of data. Every four years, the amount of Litecoin currency produced will be reduced by half (every 840,000 data blocks are passed).
Therefore, the total amount of money produced by the Litecoin network will be four times that of Bitcoin, or 84 million Litecoin.
The creation and transfer of Litecoin are based on an open source encryption protocol that is not managed by any central authority. Litecoin is designed to change Bitcoin. In contrast, Litecoin has three distinct differences:
(1) The Litecoin network can process one block every 2.5 minutes (rather than 10 minutes), thus providing faster transaction confirmation.
(2) The Litecoin network is expected to produce 84 million units, which is four times the amount of money issued by the Bitcoin network.
(3) Litecoin used the scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm.
In April 2017, the Litecoin community voted to reach an agreement to upgrade its blockchain through the isolation verification soft fork. In June of the same year, the Litecoin Lightning Network was officially launched.
5. Detailed parameters
Chinese name: Litecoin English name: Litecoin English abbreviation: LTC
Developer: Charlie Lee Core Algorithm: Scrypt Release Date: 2011/10/7
Block time: 150 seconds / block issue total: 84 million halving time: 4 years
Consensus Proof: POW Difficulty Adjustment: 2016 Block Block Reward: Initial 50 LTC, Current 25 LTC
Main features: large circulation: circulation is 4 times that of Bitcoin; transaction is fast: confirmation time is only 2.5 minutes; isolation verification is activated
Inadequacies: Litecoin-related applications are still less
Risk: Risk of network vulnerabilities after isolation verification is activated
6. Common links
Official website: https://litecoin.org/
Block query: http://explorer.litecoin.net/