A brief backtrack about Litecoin and how it works

The modern and very timely concept of cryptocurrency has now become popular on most traders or investors. It has already made an unbelievable progress since the first day of its introduction. This development has redefined the traditional living of human being.

Relevant achievement dates for Litecoin

Litecoin was introduced through an open source client in Github. It was October 07, 2011 when Charlie Lee released it to the market. He was a former employee of Google. On the 13th day of October of the same year, the network of Litecoin went live.

The whole month of November (2013) was actually a good moment for Litecoin. Its value experience a massive increased including the one hundred percent leap over 24 hours. Litecoin also achieved its first one billion dollar market capitalization.

Litecoin was first of the top five cryptocurrencies that adopt the Segregated Witness on May of 2017. Days after it, the initial transaction for Lightning Network was accomplished by Litecoin. In just a second, they have transferred from Zürich a 0.00000001 of LTC to San Francisco.

Alza.cz, an online EU retailer received Litecoin as payment medium from their clients since February 2018.

Other important details about Litecoin

Litecoin, which has a currency symbol of LTC, is a p2p digital coin currency that offers an immediate and almost zero transaction cost for everyone all around the market world. It is a transparent source and also a world-wide network payment that is completely decentralized without the need of central authorities. Algorithm protects the system and allows people to manage their personal finances. It offers more quick transaction verification and enhances efficiency of storage compared to leading currency. It quickly process block in every 2.5 minutes. Along with significant industry assistance, liquidity and trade quantity, it is now a tested medium of business supporting to Bitcoin.

The blockchain is equipped of dealing with larger transaction size. Due to more regular block technology, the system facilitates more dealings without the need to change the software program.
For that reason, merchants get quicker affirmation times in every transaction.

Encryption enables holders to protect wallet and to easily check out their account balances and transactions. It will require a valid password before anyone can spend Litecoin. It gives defense against Trojans and viruses which can steal the wallet. There is also some sanity check before one can send aby payments or settlements.

Litecoin is a transparent software resource project introduced under license MIT/X11. It allows user to copy, modify or run the software. Those software copies can also be distributed.  It is then released in an open kind of process that permits a not dependent binary verification and its supporting code source.

Summary:

Since 2011, Litecoin continues on proving how efficient the network is. It is not surprising why Litecoin is considered as one of the giant network and currency (LTC) in this present generation. With its fast transaction, good concept and Alza.cz support, Litecoin can secure its place in the top cryptocurrency in the whole world.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: