We would like to inform you that LTC/USDT trading pair is now (2021/11/16 | 04:00 PM) available on Mazdax Exchange. You can start trading now.
Litecoin (LTC) was invented by Charlie Lee, a former employee of Google, and the Coinbase exchange with extensive changes in Bitcoin protocol in 2011. Lee was one of the first to react positively to digital currencies and launched bitcoin mines. Litecoin is a peer-to-peer cryptocurrency without central institutional oversight. This digital currency uses the SCRYPT algorithm and protocol of work. The total number of tokens in this digital currency is 84 million and the fee for each transaction, like Bitcoin, is determined based on the wallet and network congestion. Litecoin is one of the most popular cryptocurrencies and is accepted by more than two thousand merchants and stores around the world due to its simplicity and other benefits. The verification time of each block is shorter compared to Bitcoin and has reached about 2.5 minutes in this network, so the power of transactions is increased and the scalability of the network is improved. Litecoin, like other digital currencies, is a global payment tool based on blockchain technology.
It is interesting to know that unlike Bitcoin, which uses a gold logo, the color of the Litecoin logo is silver, however, Lee claims that the purpose of Litecoin is creating currency for every day and cheaper purposes. In addition to buying from Exchanges, extracting Litecoin is also one of the main ways to obtain it, and many people extract LTC by using miners with graphic cards. We said that Litecoin uses the SCRYPT algorithm. This algorithm calculates easier, less workload, and therefore, the ability to approve transactions faster than the Bitcoin algorithm. The main advantages of this payment network are fast money transfer around the world, low commission compared to traditional methods, high transaction volume compared to other blockchain payment systems, and its decentralized design. After activating the Litecoin network, Lee founded a foundation called LiteCoin Core and became a board member alongside Xinxi Wang, Alan Austin, and Zing Yang. The Litecoin Core Foundation is responsible for maintaining and improving the network. In late 2020, the foundation launched a protocol called MimbleWimble on the Litecoin blockchain network, enabling the network to increase privacy and better scalability. MimbleWimble, abbreviated to MW, is a proof-of-work algorithm that uses a new way of structuring and storing transactions.
Trading and investing in the cryptocurrencies market demand technical knowledge and awareness. Please buy/sell crypto with caution, accuracy, and awareness. Here in Mazdax, we do our best to list the best and most popular cryptocurrencies, but we are not responsible for the potential losses of users.
Thanks for your support!
Follow us on
Please sign in to leave a comment.