Often touted as cryptocurrency ‘silver’ to Bitcoin’s ‘gold’, Litecoin, released in 2011 is is a peer-to-peer virtual currency aimed at offering instant, near-zero cost payments to anyone in the world.
Sitting at #4 for cryptocurrency Market Cap, will we be seeing improvements following the news that its founder Charles Lee will be leaving Coinbase to re-focus on Litecoin development?
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About Litecoin LTC
Inspired by Bitcoin itself, the system is in many ways identical – albeit with some technical improvements over BTC. These improvements were deliberately built in to speed up the network and allow for a higher amount of transactions to be processed by the system at any one time.
Litecoin’s ultimate aim was to improve upon and reduce the lag and bottlenecks we can often see with Bitcoin. It generates network blocks 4 x faster than Bitcoin, taking an average of 2.5 minutes for the entire process vs. often 10 minutes with BTC.
Confirming transactions faster enables LTC to handle an increased volume of transactions, a feat BTC cannot match without heavy coding updates across everyones code on the network.
This faster block time also reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power.