The LTC price update as of now is $88.79. In the previous 24 hours, its trading volume was $636,421,927, and its value has increased by 5.82%. As of now, LTC's live market cap is $6,678,043,652, and it is ranked as the #25 on the Coincu. LTC has a circulating supply of 75,211,383 and a maximum supply of 75,211,383.

Litecoin: The Peer-to-Peer Currency of the Internet

When creating a new economy, one of the essential features of cryptocurrency is payment. Litecoin (LTC) was specifically created to fulfill this need. It is a decentralized peer-to-peer currency that functions similarly to Bitcoin. Notably, it was the first cryptocurrency to implement the SegWit protocol. Developed by Charlie Lee, a former Googler, Litecoin was released on October 7, 2011, on the Github source code. Lee's original intention was to create a lighter version of Bitcoin (BTC).

Litecoin (LTC): The Global Payment Network

LTC (Litecoin) is a peer-to-peer Internet currency that enables instant, nearly cost-free payments to anyone worldwide. As a fully decentralized open-source payment network, it operates without central authorities. The security of the network is upheld by mathematics, giving individuals control over their own finances. Litecoin boasts faster transaction confirmation times and improved storage efficiency compared to other math-based currencies. With considerable industry support, trade volume, and liquidity, Litecoin serves as a proven medium of commerce that complements Bitcoin.

Litecoin: Outstanding Features

What is Litecoin Trying to Achieve?

LTC (Litecoin) was specifically designed to facilitate cheaper and more efficient transactions for everyday use. In contrast, Bitcoin is often utilized more as a long-term store of value. Litecoin has a significantly higher coin limit market cap than Bitcoin, and its mining process is faster. As a result, Litecoin transactions are faster and cheaper, although typically smaller in size.

Similar to Bitcoin, LTC (Litecoin) is a form of digital currency that operates using blockchain technology. It allows for direct fund transfers between individuals or businesses, maintaining a public ledger that ensures transparency and enables a decentralized payment system free from government control or censorship.

The two main differences between Litecoin and Bitcoin are the speed at which Litecoin finalizes transactions and the use of a different mining algorithm. Litecoin adds new blocks to the blockchain approximately every 2.5 minutes, which is significantly faster than Bitcoin's 10-minute block time.

Litecoin's Unique Selling Point: Transaction Fee

Although Litecoin requires more advanced technology for mining compared to Bitcoin, it generates blocks up to four times faster. Additionally, Litecoin processes financial transactions more quickly and can handle a higher volume of transactions within the same time frame.

Litecoin Maximum Supply

At its release, Litecoin had 150 pre-mined coins and a total supply of 84 million coins. The blockchain of Litecoin generates a new block every 2.5 minutes. Over time, the Litecoin supply is designed to decrease to maintain the coin's value. As of April 2022, there are 14 million Litecoins remaining to be mined.

Litecoin Hashing Algorithm

The Scrypt algorithm is utilized by Litecoin to significantly reduce transaction costs. This hashing algorithm, pronounced "es-crypt," is more memory-intensive and slower than SHA-256. However, it gained acceptance in the cryptocurrency community after the 2011 Tenebrix project modified Scrypt to allow regular CPUs to be used for mining.

Mining Rewards

Miners receive LTC as a reward for their contributions. The halving event occurs approximately every 840,000 blocks, which is roughly every 4 years.

The halving dates for LTC are as follows:

• Aug. 25, 2015: 50 to 25 LTCs
• Aug. 5, 2019: 25 to 12.5 LTCs
• Aug. 23, 2023 (expected): 12.5 to 6.25 LTCs

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