Lua error: Cannot create process: proc_open is not available. Check PHP's "disable_functions" configuration directive.
- Created in october 2011, second altcoin after Namecoin. Has some small tweaks, but is basically Bitcoin with faster block times. Was promoted as the Silver to Bitcoin's Gold.
- Litecoin blockchain, hard forked from Bitcoin on October 2011, using PoW.
- Short explanation: Faster Bitcoin.
- Longer explanation:
Litecoin is often thought of as the silver to Bitcoin’s gold. It has a similar function, but is focused more on small, frequent transactions than as a store of value like Bitcoin.
- "It was founded by Google employee Charlie Lee on October 7, 2011. Incredibly, Litecoin made a 100% leap within 24 hours and it peaked at a $1 billion market cap later in November 2013."
- No Premine or Presale
- Utility coin.
- Whitepaper can be found [insert here].
- Code can be viewed [insert here].
- Programming language used:
How it works
Doge Merge Mining
"DOGE has historically made up 10% of all LTC merge mining revenue. Litecoin miners are seeing 5x increase in daily revenue (80% from DOGE income). Opportunistic LTC miners have driven up Dogecoin’s hashrate by 48% YTD (30D) with the merge-mined coin now having a higher market cap than its base coin."
Privacy Method being used
"Litecoin is relying on a technology called mimblewimble, which reduces the amount of data that’s publicly visible on the main blockchain network, through the use of “extension blocks” that help to hide inputs and outputs."
- From CoinDesk (14-10-2020):
"The new privacy features are designed to operate in accordance with cryptocurrency exchanges’ increasingly stringent compliance with global regulators."
Oracle Method being used
Their Other Projects
- Can be found [Insert link here].
- Bug bounty program can be found [insert here].
- 51% Attack warning: “Litecoin’s hashrate has fallen more than 50% from its peak,” claimed anonymous developer imaginary_username, “and there is no other major Scrypt coin to put those dark ASICs to use (Scrypt is an algorithm for mining Litecoin, its main significance is that it’s different from bitcoin (all notable forks); so machines used to mine bitcoin cannot be used to mine Litecoin and vice versa. This means that lost hash power has nowhere to go). It is likely more vulnerable to 51% attacks than any SHA-256 coins.”
Projects that use or built on it
"Litecoin (LTC) had several large dips in the amount held by large addresses (at least 1/1K of total supply) throughout 2013 just prior to the December 2013 price spike, and throughout 2017 before the January 2018 price peak. Interestingly, nearly 46% of supply is still held in large LTC account compared to 11% held in large Bitcoin accounts."
Pros and Cons
- Since Litecoin runs on a very similar blockchain to Bitcoin, it will eventually have similar scaling issues once the network grows to a certain size. However, the development community is trying to prepare for this by implementing scaling solutions early, such as Lightning Network.
- Basically has no innovation (21-6-2019) at all.
- The situation of Litecoin, anno 2019 was clearly explained in this interview with anonymous developer imaginary_username by Coinspice (3-11-2019):
Also, since they have both liquidity – being an old coin helps – and non-hostility from most BTC maximalists, they do have an advantage in that some BTC hodlers will do their marketing for them. The hodlers are pretty decent in number, so that helps quite a bit.
And what are you to make of the rumored lack of development on Litecoin? Is there something to that or do you think it’s blown out of proportion?
Litecoin can continue indefinitely being a ‘4x bitcoin,’ so I don’t see why they have any urgency in developing anything new that’s not on the BTC roadmap. If I were them, I’d drop any pretense of new things, which, if realized, are actually dangerous for their situation.
The only external threat to their existence would be either BTC increases blocksize one way or another, which fortunately for them is not happening; or a surge in BCH popularity, which has been bludgeoned by the market and hence probably not high on their threat list.
‘Lack of unique features’ is very unlikely to be a worry, while ‘deviated from BTC and couldn’t keep up with maintenance, and fall apart in weird ways’ is a very real threat."
Team, Funding, Partnerships, etc.
- Full team can be found [here].
- Lee, Charlie, founder
"Charlie Lee, the founder and creator of Litecoin, announced Litecoin Pool offers now the possibility of donating any percentage of mining rewards to the Litecoin Foundation to support the development of the currency. Litecoin Pool is a Litecoin-only mining pool with more than 5,000 users contributing with 27,210 GHs to the network. This is a clear move that seeks to emulate the BCH mining development fund discussion for the Litecoin cause, but making it voluntary and letting miners decide which percentage of their rewards are allocated toward the Litecoin Foundation."
- “The founder sold most of his coins and he lost the incentive to work on the project and has left the coin without a captain.”
- Is one of the investments chosen by Grayscale, owned by DCG (Grayscale also owns 1% of the BTC supply)