What is Litecoin?

What is Litecoin?

Litecoin (LTC) cryptocurrency is built on the basis of Bitcoin with some changes. The main ones are the difference in the function of finding a hash (scrypt) and the maximum emission of 84 million coins (21 million for Bitcoin).

The creator and leader of Litecoin is Charlie Lee, a former top employee of the Coinbase exchange. Charlie is a public person, only on Twitter, he has 650 thousand subscribers. And since the leader of Litecoin cannot fail to tweet about his offspring, he announced the sale of all his LTCs to avoid conflict of interest and charges of manipulating the course.

Litecoin informally considered digital silver also called Bitcoin’s younger brother. Litecoin network is used as a test for prospective developments, which are then transferred to Bitcoin.

The transition to SegWit has already been completed and the Lightning Network has been launched. Also, atomic swaps for exchanging LTC to BTC were tested.

Litecoin is not going to challenge the primacy of Bitcoin among cryptocurrencies. It will develop as an affordable means of payment.

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