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Recent Litecoin News
![South Korea has once again made an indictment connected to a crypto-related crime. This time around, the crime involves drug offenders. Authorities are looking to purge the country of crypto crimes, and this latest indictment is a step closer to their goal. Transactions with the drug deals involved BTC for anonymity purposes A local news […]](https://i0.wp.com/www.thecryptonium.com/wp-content/uploads/2022/09/South-KoreaE28099s-Central-Bank-Initiates-Pilot-Scheme-For-Trialing-Digital-Won-1024x597-1.jpg?w=1200&ssl=1)
![The crypto markets face another downward momentum following a few weeks of persistent gains. Amidst this sudden price decline, well-known crypto and stock analysts ask investors to prepare for more hurdles. He believes the community will still be experiencing a more extensive bear market. Lark Davis thinks the crypto markets will not see a breakout […]](https://i0.wp.com/www.thecryptonium.com/wp-content/uploads/2022/09/Bitcoin-Ether-Cardano-Solana-Bull-Rally-In-Second-Half-Of-2022-Is-Unquestionable-Says-Crypto-Exec-1024x597-2.jpg?w=1200&ssl=1)
![Russia’s prime minister, Mikhail Mishustin has stressed the importance of incorporating digital assets in the country’s cross-broader payment structure. Speaking to bankers and government officials at the St. Petersburg Economic Forum on Tuesday, Mikhail stated that there was need to strengthen the country’s independence and financial self-sufficiency amidst the increasing threat of sanctions. The official […]](https://i0.wp.com/www.thecryptonium.com/wp-content/uploads/2022/09/ECB-Says-Crypto-Regulation-Will-Be-The-End-Of-Putin-As-Fears-Persist-On-Russia-Using-Bitcoin-To-Bypass-Penalties-1024x597-1.jpg?w=1200&ssl=1)
What Is Litecoin (LTC)?
Litecoin (LTC) claimed the status of silver (compared to Bitcoin’s gold status). It works very similar to Bitcoin and differs mainly in parameters such as hashing algorithm (Scrypt), coin supply limit (84 million) and average blocktime (2.5 minutes). Litecoin was launched in 2011 by former Google engineer Charlie Lee, in order to enable CPU mining at a time when GPUs took over as Bitcoin’s primary mining driver. However, people later managed to port Scrypt over to GPU as well as ASICs, yet tecoin has still managed to remain mostly in top 10 cryptocurrency list (ordered by market capitalization).
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Information
| Type | Coin |
| Algorithm | Scrypt |
| Proof | PoW |
| Minable | Yes |
| Premined | No |
Community
Find support across a growing number of Litecoin communities:
- Litecoin Forums
- Litecoin Telegram
- Reddit Litecoin
- Search for Users on Twitter
- IRC FreeNode network channels #litecoin (for general users) and #litecoin-dev (for developers).
Resources
Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki.
Up-to-date network statistics can be found at Litecoin Block Explorer Charts.
Source code for Litecoin Core and related projects are available on GitHub.
Open Source Software
Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
Blockchain
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart — Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having the ability to wait for more confirmations when selling bigger ticket items.
Wallet Encryption
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Mining Reward
Miners are currently awarded with 12.5 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.