Cryptocurrency or crypto : Litecoin (LTC) Definition,Founder,LTC Market Rank,Security,Market cap and Why Litecoin(LTC)

Definition : What Is Litecoin (LTC)?

Logo Image of LItecoin(LTC) | Image Source : ~~Litecoin.com~~

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

To learn more about this project, check out our deep dive of Litecoin.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence.

The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a "lite version of Bitcoin," in that it features many of the same properties as Bitcoin—albeit lighter in weight.

What Litecoin Foundation Think about Litecoin(LTC)

“Litecoin is a powerful, political and economical tool which anyone, anywhere can use without permission to transact with anyone else in the world and partake in a genuinely global economy.”

Who Are the Founders or Owner of Litecoin?

Image of Charlie Lee, also known as “Chocobo,
Founder and Owner ,MD of Litecoin LTC | Image Source : ~~LinkedIn~~

As we previously touched on, Litecoin was founded by Charlie Lee, an early cryptocurrency adopter and a name held in high regard in the cryptocurrency industry.

Charlie Lee, also known as “Chocobo,” is an early Bitcoin miner and computer scientist, who was a former software engineer for Google. In addition, Charlie Lee held the role of director of engineering at Coinbase between 2015 and 2017 before moving on to other ventures.

Today, Charlie Lee is an outspoken advocate of cryptocurrencies and is the managing director of the Litecoin Foundation—a non-profit organization that works alongside the Litecoin Core Development team to help advance Litecoin.

Besides Lee, the Litecoin Foundation also includes three other individuals on the board of directors of Litecoin(LTC):

Xinxi Wang,

Alan Austin

and

Zing Yang

— all of which are accomplished in their own right.

Market Cap of Litecoin(LTC)

Lite coin 15.069 Billion USD

Market Rank of Litecoin(LTC)

Litecoin(LTC) current market

rank is in Top 13

What Makes Litecoin Unique?

Steps that's follow Litecoin

>>Your Money

Litecoin (LTC) is decentralised money, free from censorship and open to all. Send low cost private, secure, borderless payments to anyone, anytime, anywhere.

>>Blockchain Secured

The Litecoin blockchain is the largest global scrypt based network, operating with 100% uptime since 2011 securing and tracasting billions of dollars of value.

>>Decentralised Finance

There’s no approval needed to join the new age of money. Download your free wallet to join and invest in the future of finance.

>>Evolving and Immutable

Litecoin development pioneers technologies including Lightning for instant global settlement of funds and Atomic Swaps for cross blockchain trustless trading.

Behind Bitcoin, Litecoin is the second most popular pure cryptocurrency. This success can be largely attributed to its simplicity and clear utility benefits.

As of January 2021, Litecoin is one of the most widely accepted cryptocurrencies, and more than 2,000 merchants and stores now accept LTC across the globe.

Its main benefit comes from its speed and cost-effectiveness. Litecoin transactions are typically confirmed in just minutes, and transaction fees are nearly negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support.

In late 2020, Litecoin also saw the release of the MimbleWimble (MW) testnet, which is used to test Mimblewimble-based confidential transactions on Litecoin. Once this feature is available on the mainnet, Litecoin users will also benefit from greatly enhanced privacy and fungibility.

How Is the Litecoin Network Secured?

As a blockchain-based cryptocurrency, Litecoin is secured by incredibly strong cryptographic defenses — making it practically impossible to crack.

Like Bitcoin and several other cryptocurrencies, Litecoin uses the PoW consensus algorithm to ensure transactions are confirmed quickly and without errors. The combined strength of the Litecoin mining network prevents double-spends and a range of other attacks, while ensuring the network has 100% uptime.

What is Litecoin for Individuals

Litecoin is stored in your digital wallet, specialist hardware device or online crypto bank. You can manage, store and send fractions of a coin to anyone else who has a wallet no matter where they are or what time it is, as Litecoin network never sleeps.

Image of Litecoin for Individuals (Litecoin Wallets)

What is Litecoin for Businesses

Litecoin powers billions of dollars worth of trade all over the world daily. Decentralised commerce empowers customers and businesses at all levels to transact without intermediaries, resulting in lower fees and quicker transfer times all whilst being secured by Litecoin multi-billion dollar network.

Image of Litecoin for Businesses(Services)

Cryptocurrency or crypto : Litecoin (LTC) Definition,Founder,Owner,LTC Market Rank,Security,Market cap,Why Litecoin(LTC),Litecoin for Businesses and Individuals