Free Cryptocurrencies


Friday, October 20, 2017

Get to know Litecoin

What is litecoin?

Litecoin (LTC or Ł) is a cryptocurrency peer-to-peer and open source software project released under the MIT / X11 license. Inspired from technically nearly identical to Bitcoin (BTC), the creation of litecoin and transfer is based on open source protocols and not managed by central authorities.

After Bitcoin and Ethereum, Litecoin is the third largest and most popular cryptocurrency by market capitalization.

History of Litecoin

Litecoin was released via an open-source client at GitHub on October 7, 2011 by Charles Lee, a former Google employee. The branch of the Bitcoin-Qt client, differs mainly by having a decrease in block generation time, increased maximum number of coins, different hashing algorithms (scrypt, not SHA-256), and slightly modified GUIs.
During November 2013, the aggregate value of Bitcoin experienced substantial growth which included a 100% jump within 24 hours.

Litecoin version was released in November 2013. The release includes fixes for vulnerabilities and added enhanced security to the litecoin network.

The litecoin developer team released version in early December 2013. The new version offered a 20x transaction cost reduction, along with security and other improvements in client and network performance. Source code and binaries released early for people on the IRC channel "#litecoin", in official litecoin forums, and [[Reddit]], with information for [[power user]] to add litecoin [[supernode (networking) | supernode]] for the configuration file, while the main site must be updated after enough network ran the new version. This release method is used to ensure that low cost transactions from version clients will not be delayed by the client running the old version.

In April 2014, a new version of litecoin was released, version, which fixed some minor issues along with important fixes related to the [[Heartbleed]] security bug.

Payment on litecoins network

Payments on the litecoin network are made for addresses, which are Base58-encoded hashes from the user's public key. They are strings of 33 numbers and letters that always start with the letter L.

No comments:

Post a Comment

Leave your Comment Here