Learn more about Litecoin and How it Works

Litecoin is peer-to-peer decentralized crypto-currency. It enables instant payments with almost zero transaction fees all around the world.It is more technical improved than other major crypto-currencies(including bitcoin).Its payments are also faster than Bitcoin.It enables the processing of large number of transaction at a time.Its wallet addresses are required to process each transaction.It is a string of 35 letters(start with letter L) and numbers.

Litecoin blockchain confirm higher transaction volume.Its confirmation time is fast.Now it is highly secured after its new releases.Although You need to Enter the Password before spending it.There is only 25 litecoin each block to awarded Miners.It can produce 84 million new litecoins.

It process a block after every 2.5 minutes.So each transaction is considered complete after six blocks.While fewer block required requisite security. It uses scrypt  of POW(proof-of-work) which requires more memory alogarithm asymptotically.Its network will produce 84 million litecoin.

History:

It is an open source project and first version of this software was first released on October 7,2011 by Google Employee named Charlie Lee.Its market capacity reached to $1 Billion in November 2013.Release of version 0.8.5.1 released on November 2013 include some fixes and also improved Litecoin network security.0.8.6.1 declined the transaction fees by 20x.It was also included with performance and some security changes.

On May 28th 2013,its price was only 3$.This value remain smooth till 16th November of this year.On 28th November 2013 its value reached to summit of $39.Then goes to decline and now its price on 13th June 2017 its price is $30.2.

Features:

  • No Limit Currency.
  • Peer-to-peer Currency.
  • Decentralized.
  • Open source Software.
  • Faucets are available.
  • Easily exchangeable.
  • Wallets can be created easily.
  • More fast,simple and reliable.