|Рын. Capitalization||Volume||In circulation|
|$ 8.38 B||$ 3.43 B||66.75 M LTC|
Litecoin current rate is $ 125.54 on the exchange $ 8.38 B. in the last 2.71% it has increased by 24 hours.
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol, but differs in the hashing algorithm used. Litecoin uses the Scrypt mining algorithm, which is memory intensive. Scrypt allows these coins to be mined on consumer grade hardware such as GPUs.
According to Investopedia, Litecoin is a cryptocurrency that evolved from Bitcoin after its own popularity in the industry, this alternative, or "altcoin", emerged to allow investors to diversify their digital currency package. Litecoin is one of the most famous altcoins, created by former Google employee and Coinbase CTO Charlie Lee. Litecoin was the first to change Bitcoin, and the most significant difference is that Litecoin takes 2,5 minutes to generate a block or transaction, compared to Bitcoin's 10 minutes.
“While it doesn't really matter to traders, miners who use hardware to operate the Bitcoin network cannot switch to Litecoin. This keeps the larger mining conglomerates from Litecoin because they cannot easily optimize their profits by switching to another coin, which contributes to a more decentralized experience. Litecoin also has larger blocks and more coins in circulation, which makes it more accessible and faster when making transactions, ”explained Investopedia.
As explained above, Litecoin can make transactions much faster than Bitcoin, but there are also a number of other characteristics that investors should be aware of before trading. Litecoin can handle large transaction volumes due to its ability to conduct transactions faster, and if bitcoin tries to transact at the scale of its altcoin, a code update will be required. However, Litecoin blocks will be larger, but with more "orphan blocks". Faster blocking times of Litecoin reduce the risk of double spending attacks - in theory, if both networks have the same hashing power.
Transaction confirmation time for Litecoin averages around 2,5 minutes (compared to Bitcoin's 10 minutes). It is planned that the Litecoin network will be limited to 84 million currency units.
Litecoin has inspired many other popular alternative currencies (like Dogecoin) due to its Scrypt hashing algorithm, which prevents ASIC miners from mining these coins. However, it is said that by the end of this year, the Scrypt ASIC will hit the mass market.