Introduction to Litecoin
What problem does Litecoin solve?
The number of different cryptocurrencies launched after the birth of Bitcoin in 2009 has increased
beyond what anyone could’ve envisaged. Each cryptocurrency that emerges claims that it offers something better
in terms of scalability, speed, privacy or fees. One such cryptocurrency is Litecoin, which surfaced
in 2011. Litecoin claims to be a better and lighter version of the original Bitcoin
and has proved that its transactions are four times faster and much cheaper as well.
Litecoin was developed by a former Google employee. The technology offered by Bitcoin had some
serious limitations and was discovered to be plagued by many flaws. Among these were slow
speeds, low-scalability, and mining practicality problems. Litecoin was developed to address these issues and enhance
the crypto-performance. Its goal is to be a storage value for digital contracts and to
become a mainstream medium to be used for digital transactions. Its founder described the technology
as ‘digital silver’ in relation to Bitcoin’s ‘digital gold’ (Litecoin, 2012).
Franklyn: What is Litecoin
What is Litecoin
What does the cryptocurrency Litecoin actually do?
Litecoin was developed to address the issue of scalability and to reduce the expense of
transactions of Bitcoin, and it has managed to provide a faster and cheaper alternative to
some extent. The greater performance is achieved through a hashing algorithm known as Scrypt instead
of using the original SHA-256 algorithm (Asolo, 2018).
Litecoin Foundation rolled a token swapping
network by the name of Lightning in November 2017. It provided a way to swap
tokens of different Blockchains, and the first swap to go down in history was between
Bitcoin and Litecoin.
Who is behind Litecoin
What team is working to make Litecoin successful?
The founder of Litecoin Is Charlie Lee, a former employee of Google. Litecoin’s code is very similar to the architecture of Bitcoin and can be considered as its forked (copied) version. Charlie Lee was very early to notice the limitations of Bitcoin and started working on Litecoin in 2011 (Litecoin-Foundation, 2014). A large portion of Litecoin tokens was held by the owner, Charlie Lee, who in 2018, tweeted that he has sold all his Litecoins. This news drastically dropped the market price of Litecoin, which has not been able to recover fully until now (Russell, 2017).
The Litecoin development is supported by the Litecoin Foundation. The current team consists mostly of members that are located in China and have ample experience in their relevant fields. The founder Charlie Lee acts as the Managing director of the Litecoin Foundation (Litecoin-Foundation, 2014).