What is Litecoin
Litecoin(LTC) is a peer-to-peer digital currency released under the MIT/X11 license. The Creation and exchange of coins is based on a decentralized open source cryptographic protocol that is not managed by any central authority. It is having almost zero payment cost of transaction for sending payment to anyone in the world. As compare to others Litecoin facilitate faster transaction confirmation times and improved storage efficiency. The Block chain of Litecoin is capable of handling higher volume of transactions due to more frequent block generation property. Because of the Frequent Block Generation Property the network supports more transactions without modification of network.
In 2009, Satoshi Nakamoto launched bitcoin as the world's first cryptocurrency. The code is open source, which means it can be modified by anyone and freely used for other projects. Many cryptocurrencies have launched with modified versions of this code, with varying levels of success.
Litecoin was announced in 2011 with the goal of being the 'silver' to bitcoin's 'gold'. At the time of writing, Litecoin has the highest market cap of any mined cryptocurrency, after bitcoin.
History of Litecoin
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. The Reason behind its creation was to improve upon bitcoin. In May 2017, Litecoin became the first of the top-5 cryptocurrencies to adopt Segregated Witness Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second.
How is Litecoin different from Bitcoin
Bitecoin is different in some ways from Bitcoin.
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
Features of Litecoin
Litecoin handles a higher volume of transactions because of its faster block generation property.
The faster block time of litecoin reduces the risk of double spending attacks.
The Wallet encryption in Litecoin allows users to secure the wallet, so that user can view transactions and account balance, but are required to enter the password before spending litecoins. This feature provides protection of wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Current Acceptance of Litecoin in the World?
Litecoin is acceptable at everywhere bitcoin is acceptable. After Release it became the second largest cryptocurrency after bitcoin so merchants are quickly adopting it. The financial consulting services,healthcare departments and beauty product merchants are accepting litecoin for payment. Quick Adoption is increasing the growth of Litecoin’s market. More and more businesses are adopting the altcoin because of its features.
How to buy sell Litecoin directly with INR?
You can buy Litecoin from BuyBitcoin. BuyBitcoin is the Indian exchange listing maximum number of cryptocurrencies.
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