Litecoin

By Aleksandra Wilson
3 min read October 14, 2021

What Is LTC (Litecoin)?

Litecoin, also known as LTC, is a crypto altcoin explicitly designed to make payments in a secure, fast, and low-cost way. The token was created by taking advantage of the qualities of blockchain technology. The project is based on the BTC protocol, although it is different regarding the algorithm and the times of block transactions, among other factors. LTC transaction fees are low, and its block time is only 2.5 min. 

On October 13, 2011, the network went live, and an open-source client launched it. Since the day it went live, it exploded due to its high acceptance among different merchants. This token has been in  the top ten positions capitalization-wise in the markets for most of the time since its creation. 

About the Founders

A former employee of Google, Charlie Lee, is responsible for the Litecoin project. The initial idea was to create a “lite version of BTC,” therefore the mentioned similarities between the two coins. Charlie Lee, aka “Chocobo”, has been a BTC miner since the early beginnings of the cryptocurrency. Lee, the former director of engineering at Coinbase, was also an engineer for Google. He was working for other companies until 2017, when he decided to work on other projects. He’s an advocate and supporter of the crypto industry and the director of the Foundation of Litecoin. It’s  an organization that helps keep developing LTC and other projects alike.

What Makes Litecoin Special?

When it comes to cryptocurrencies, Litecoin is the second most wanted, only after Bitcoin. It’s not hard to understand that its success is due to its utility benefits and simplicity. As of this year, LTC has been one of the most popular cryptocurrencies. It is accepted broadly; over 2,000 stores and merchants around the world welcome LTC. Litecoin transactions are typically confirmed within minutes, plus the fees are meager. These are all solid reasons it’s an appealing option in developing countries, where the transaction fee is a factor to consider when choosing which crypto to support.

Circulation

Like most PoW crypto, the circulation of LTC grows as they mine blocks. On January 21, the amount of LTC already mined was up to 66,245 million, out of a total of 84 million. It was recently estimated that it might be until 2142 when Litecoin gets total dilution.

How is It Secured?

LTC uses the PoW algorithm to make sure that transactions are confirmed without mistakes and with incredible speed. The LTC mining network avoids double-spends and other attacks while still ensuring the network has 100% uptime.

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