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Today, everyone is talking about cryptocurrencies and are getting familiar with different Cryptocurrencies. Many Cryptocurrencies such as Bitcoin, Ethereum, Monroe, IAS, Ripple, Cardano and Litecoin are of interest to those active in this field. Today we are going to introduce Litecoin Cryptocurrency and examine its features in full.

What is Litecoin?

People with a background in Cryptocurrencies are probably familiar with the name Litecoin. But newcomers often mistake in dealing with this currency. In fact, they think it is an alternative Cryptocurrency that can be in certain situations.

This thinking is completely wrong because it is one of the oldest public and open source currencies, which has been silver. In other words, Bitcoin is the gold of the Cryptocurrency market and it is its silver or Lite version.

The creation of Litecoin

It was designed and introduced in 2011 by computer scientist Charlie Lee. He knew that the size of the bitcoin block, the timing of transactions, and the costs involved would eventually lead to unavoidable problems with bitcoin. For this reason, it can be the first bitcoin derivative that has simply changed some of the parameters of bitcoin. In addition, it has developed a peer-to-peer digital payment network with a few minor technical changes, which is even more practical than Bitcoin in some ways.

Charlie Lee, who previously worked for Google and Coinbase, believes that it is not designed to compete with Bitcoin, but its main purpose is to compete with the currency. In other words, Litecoin bears some of the weight of bitcoin during peak encryption hours to maintain integrity and stability.

In fact, due to its high speed and low cost, it can be said that Litecoin is a type of bitcoin that is used for daily use. The general information of this currency is as follows:

• One of the first Altcoin in the world
• High-speed and cheap version of Bitcoin
• Differences with Bitcoin in the areas of Block Time, financing and value for money algorithms

Litecoin features

LightQueen does not offer fancy features such as smart contracts, decentralized apps or custom tokens. Instead, like Bitcoin, its sole purpose is to provide a secure, global system for conducting peer-to-peer transactions. One of the main attractions of Litecoin is the Proof-of-Work Classic Encryption System. It still has the ability to manage cheap and fast digital transactions.

All transactions and account balances are recorded in a transparent ledger. However, the developers of this currency have applied the MimbleWimble protocol on it to enhance the privacy of LightQueen. This protocol is also used to encrypt Grin and BEAM currencies.

Uses of LiteCoin

Litecoin is one of the most popular Cryptocurrencies in the world, which has been favored by traders in this field. In addition, it can be used in everyday transactions through encrypted credit cards such as Wirex, Shift Card and Crypto.com. You can also use it in transactions or donate to online charities. It is available in most major exchanges, so it is a good option for you to get started and enter the world of Cryptocurrencies.

How to make LightQueen

New LTC coins are there when miners can successfully add a block to the Litecoin blockchain. Like Bitcoin with Proof-of-Work architecture, Litecoin uses miners to validate and identify network transactions, and each transaction takes about 2 minutes to complete during network congestion. Litecoin uses the Scrypt-Based proof-of-work algorithm, while Bitcoin uses the SHA256 proof-of-work algorithm.

The block reward for successful extraction of Litecoins is about 12.5 LTC coins and will reach half of this amount by 2023, while this issue (halving the block reward) for Bitcoin will happen in May 2020. . Litecoin has a total offering of about 84 million units (4 times more than Bitcoin) and currently has 63 million LTC coins in circulation, which is more than 75% of the total supply.

With $ 3.5 billion in investment, Litecoin is the seventh in the market. This is despite the fact that today Litecoin is traded at around $ 50 in the market.

Litecoin and Bitcoin

Litecoin, despite its similar architecture to Bitcoin, has fundamental differences. Bitcoin, for example, uses the SHA256 algorithm, which companies such as Google, Amazon, and Microsoft use it due to its high security.

Litecoin, on the other hand, uses a cryptographic algorithm that consumes less power but takes up a lot of memory space. It is more cost-effective and takes less time to complete a transaction. But its disadvantage compared to Bitcoin is its low acceptance rate.

Litecoin wallets

As mentioned earlier, it is one of the most popular Cryprtocurrencies in the world, so you should use secure wallets to store it. The best Litecoin wallets are:

• Ledger Nano S hardware wallet
• Trezor hardware wallet
• Exodus desktop wallet
• Atomic wallet suitable for mobile and desktop
• Jaxx case suitable for mobile and desktop
• LoafWallet mobile wallet
• Official Litecoin Core wallet for desktop
• Electrum-LTC case

Conclusion

Unlike other Cryptocurrencies designed to compete with Bitcoin, it continues to operate alongside Bitcoin, away from any complexity. The developers of the LightCoin project have always acknowledged that the main purpose of litecoin is to work with Bitcoin in a way that helps speed up the quality of financial transactions by increasing speed and reducing costs.