Litecoin is a cryptocurrency introduced by Charles Lee who has been a former employee of Google. The purpose stated was to bring an improvement on other currencies having proof-of-work system. Litecoin is accepted by many businesses in a variety of verticals like electronics, advertising, gaming, hosting, apparel etc. But since it does not enjoy the first mover advantage, the widespread acceptance of Litecoin has been slow.
One of the improvements brought by Litecoin is the information is added at a faster rate to its ledger. Litecoin transactions are done at a faster rate with a new block of transactions being verified and posted every two minutes. Theoretically this faster rate of transactions makes Litecoin more resistant to the 51 % domination by any single person. The attacker has to dominate so many number or verifications in order to this. The unintended negative side of Litecoin is the potentially increased energy consumption due to larger number of transactions unwieldy stacked.
The other good advantage of Litecoin is the greater availability of available coins. Around 84 million coins are scheduled to be created during Litecoin’s lifetime. The value of Litecoin at present speaks well about the future.
Litecoin believed that specialized hardware dominate the mining rewards system and Litecoin was the first currency which introduced Scrypt algorithm with the hope of breaking this dominance. Although Scrypt system proved unsuccessful in breaking this dominance but still Scrypt based currencies offer some advantages like potentially allowing merged mining with other similar currencies. This increases the potential dividends and computational efficiency of mining such currencies.
In general. Litecoin is a quite stable cryptocurrency but it lacks some flashy innovations which were done by other cryptocurrencies which attract user base. Litecoin is a low risk investment cryptocurrency and the design principles with which it is developed are economically sound. But still it needs a long way to go to be a dominant alternative currency.
Where to buy Litecoins?
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