Charts price for Litecoin (LTC)

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Description of Litecoin (LTC)

Litecoin Origin

Release Date: October 7, 2011.

Litecoin was created by Charlie Lee, a former employee of Google. Despite being released on the 7^th of October, the Litecoin Blockchain network went live only a week later.

Litecoin Functionality

Litecoin, is actually a fork of the original Bitcoin Core. It’s greatest difference from the original is the decreased block generation speeds, which are around 7 times faster than bitcoins. There is also a greater amount of LTC in existence (84 million) than there is BTC.

The cryptocurrency experienced a significant growth in popularity in November, 2013, with a price jump of over 100% in less than a day. Litecoin currently sits at a market cap just shy of 7 billion USD, which places is in the top 5 cryptocurrencies by market cap.

In May, 2017, Litecoin was introduced to the Lightning Network. Which is an additional payment protocol added on top of a Blockchain network to allow users to execute near instant transactions without any fees. This is achieved due to the fact that a user can defer to broadcast a transaction to the Blockchain. Improving its scalability.

The first Lightning Network transaction was also completed by Litecoin, with a transfer from Zurich to San Francisco being successfully executed in less than one second.

Initially, Litecoin was supposed to become the world’s perfect alternative to BTC. However, its frequently seen by crypto enthusiasts as the markets alternative to silver, while BTC is gold.