Brief history of Litecoin
Litecoin (LTC) was founded in 2011 by Charlie Lee, a peer-to-peer digital currency intended to work in addition to Bitcoin rather than as a rival. Litecoin frequently touts its similarities to Bitcoin but differentiates itself by enabling cheaper transaction fees, the ability to handle more transactions per second, added emphasis on merchant and retailer adoption, and an increased maximum supply. It has been compared to “digital silver” as opposed to Bitcoin’s status as “digital gold.”
Can Silver (LTC) defeat Gold (BTC)?
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The same points
- Use of the most common sybil resistance scheme called Proof of Work (PoW)
- Ensure all the participants agree on the state of the public ledger (blockchain)
- Miners work to validate transactions and add blocks to the blockchain for a block reward
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Differences
nally forked from the Bitcoin Core code with some tweaks, such as use of the Scrypt hash function instead of Bitcoin’s SHA-256, to better support Litecoin’s intended purpose as a day-to-day payment system.
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Litecoin current products
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Litecoin core
- Litecoin enables instant payments to anyone, anywhere in the world using peer-to-peer technology without a central authority
- The management and processing of these transactions is carried out collectively by the decentralized Litecoin network
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MWEB
- MWEB is the largest upgrade to the Litecoin network ever, promising to provide fungibility for all, while improving Litecoin’s scalability
- The MWEB upgrade will be included as part of the Litecoin Core 0.21.2 release, which also includes Taproot.
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Litecoin Card
- The Litecoin Card™ is powered by Unbanked. It offers users the ability to fund their account with Litecoin and other supported cryptocurrencies for immediate, frictionless spending.
- Users can register for an account, pass KYC and have a virtual card issued to them immediately to use while a physical card is mailed to them.
- The Litecoin Card is the most efficient way to make a purchase with Litecoin.
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Lightning network
- The Lightning Network launched in 2018 to solve one of the biggest problems cryptocurrencies face: scalability
- The Lightning Network is a 2nd layer solution. Micropayments on the Lightning Network are guided by smart contracts; sets of rules that must be followed for transactions to take place. The fees are likely to be very small compared to the fees charged by miners on the main blockchain.
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Litewallet
- Litewallet is the official Litecoin Wallet of the Litecoin Foundation. With a focus on security and user-experience
- Buy Litecoin directly in Litewallet and get the deposit within minutes.
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Omnilite
- OmniLite is an open-source platform that facilitates the creation of decentralized tokens and smart contracts as well as digital assets, like tokens and NFTs.
- Being a layered protocol built on top of Litecoin’s blockchain, Omnilite has a distinct advantage over other blockchains due to its integrity, network security, scalability and comparatively low fees.
- All digital assets created via OmniLite benefit from the Litecoin network’s attributes, innovative technology and security.
What can be expected in the future
Overall, there are a lot of missing pieces for Litecoin to complete their ecosystem.
- EVM compatible
Ethereum has always been a leader in the blockchain industry, so integrating with the Ethereum virtual machine (EVM) will help Litecoin expand its ecosystem and reach more users.
Besides, many projects from other ecosystems can integrate with Litecoin to make the world of Liteverse richer.
- Grants for developers
This will incentivize developers to contribute to the Litecoin ecosystem. From there can attract more users from all over the world
- Increase tx speed and reduce gas fee
This will be possible if Litecoin launches a sidechain with the aim of reducing the load on Litecoin’s network, and could open a new era for Litecoin to thrive.
