Litecoin {LTC}Introduction
- 1st Generation Cryptocurrency
- PoW System
- Scrypt Algorithm (SHA-256 | GPUs Resistant)
Is a very close cousin of Bitcoin in its operation. All major updates to be deployed on Bitcoin are specifically routed through Litecoin in the first instance to ensure that no additional issues arise along the way.
As this consensus is known to be very energy intensive, the creator of Litecoin suggested making crypto-currency resistant to GPUs, FGPAs & ASICs in order to avoid an overabundance of wasted energy expenditure. Unfortunately, over time it has only been effective with GPU graphics cards.
Objectives
Serving as one of the best cryptocurrency worldwide payment for merchants and users, by increasing its scalability potential (Nb Blocs discovered), ensure an autonomous management fund to its users and resistant to GPUs graph cards to try to increase its decentralisation rate (Not FGPA | ASICs).
- Scalability (Minimal Fees)
- Autonomous Management Funds
- GPUs Resistant (Scrypt Algorithm)
Foundation
Launched in April 2017, the foundation financially supports 2 full-time developers on potential improvements to Litecoin. Its aim as many other foundations of the space, is to promote the cryptocurrency reputation in a worlwide way, and protect it against any kind of attempts.
- Loshan T., who joined the project in 2013, developed the LiteWallet, which represents the official Litecoin wallet.
- Adrian Gallagher joined the crypto team in july 2017, represents the general director of the Thrasher Corporation.
Launch
In its early days, Litecoin encountered problems with the mining algorithm adopted. Derived from the Tenebrix crypto-currency, this algorithm was intended to improve the decentralisation rate of the crypto-currency to its maximum potential by incorporating a series of restrictions on the mining infrastructure that could be deployed to mine the new tokens. At the same time, it also balanced the rate of competition between data authenticators, and thus miners, to the maximum extent possible. The principle was to prevent the involvement of devices based on GPUs, FGPAs or ASICs mining machines that deployed excessively large computational power such that any competition from devices used in everyday life (CPU), could hardly compete.
Scalability
Its network has the theoretical capacity to achieve a transactional processing speed 4x faster than Bitcoin’s, equivalent to 48 transfers/second. The upcoming implementation of MimbleWimble should increase the current scalability.
- 48 transfers/second
In practice, as of mid-February 2021, 163 transactions per block were counted, representing 1.08 transfers/second.
Sources
[ANN] Litecoin — a lite version of Bitcoin. Launched! (bitcointalk.org)
Litecoin Foundation is successfully incorporated | Litecoin Foundation (archive.org)
