Cryptocurrency Litecoin (LTC) – overview, characteristics + rate and price chart, forecast and prospects

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Litecoin (Litecoin, LTC, in Russian – “light coin”) is a decentralized peer-to-peer cryptocurrency with a public code, built on the Blockchain platform. It is a fork of Bitcoin and was created as a virtual architecture that solves the problems of the first digital coin, and not a competitor to the “legendary” Bitcoin. First of all, it is scalability and high commission fees for each financial transaction performed in the blockchain, which the “cue ball” is guilty of.

The official website of the Litecoin cryptocurrency project – litecoin.org

The global electronic payment system with an intrasystem coin Litecoin (LTC) is a kind of testing ground – a stand for “rolling” various innovations before integrating them into Bitcoin. A striking example is the SegWit protocol, which significantly offloaded the Blockchain.

Information

Detailed information about the cryptocurrency as of 19/07/2019:

NameLitecoin 
TickerLTC
A typeCryptocurrency
Capitalization$6 073 883 301
Number of transactions per second28
One block confirmation time2,5
The cost$4,30
Current issue62,732,587 LTC
Maximum emission84,000,000 LTC
Consensus AlgorithmProof-of-work
Mining algorithmScrypt
Websitehttps://litecoin.com/; https://litecoin.org/
Launch year2011
CountrySingapore
CEOCharles Lee
Blockchain Explorerhttp://explorer.litecoin.net/chain/Litecoin
Twitterhttps://twitter.com/LitecoinProject
Exchangers60cek, Prostocash, Matbea, Baksman, Nicechange, Kassa, Ramon Cash, Platov and others
List of exchangesEXMO, Binance, Crex24, Bitmex, BTC-Alpha, Livecoin, STEX, Currency, DSX, Bitforex, Kucoin, Okex, Cex, Huobi, BitMax, Gate, etc.

Litecoin to dollar rate

The chart shows the Litecoin rate against the dollar in real time. Today, July 19, 2019, for 1 LTC they give 93 USD. The maximum cost in history was recorded in December 2017. Litecoin price reached 360 dollars. At that time, the founder of the cryptocurrency, Charles Lee, publicly announced the complete sale of all coins he had. Investors reacted negatively to this message from the official representative, which led to a correction in the exchange rate. Subsequently, the price of the coin fell following Bitcoin and the market.

Online schedule:

Name Price Market Cap Supply Change % (7D) Performance
1 Litecoin

The history of the creation of the cryptocurrency Litecoin

Historical reference. Charles Lee – a programmer from Google (now successfully working at Coinbase) and the founding father of Litecoin cryptocurrency (the second fork of Bitcoin after Namecoin) – presented his project on October 13, 2011. A year and a half later, there was a dizzying rise in the value of the token, followed by a deep correction. Then, investor confidence in the token again increased, which was immediately reflected in the price growth.

Autumn 2017 saw the release of version 0.14.2 with improved security and platform performance. Today, the volatility of Litecoin coin fluctuates relative to the value of Bitcoin.

Litecoin price chart:

Characteristics of the cryptocurrency Litecoin (LTC)

ParametersMeaning / overview / parallels between Litecoin and Bitcoin (BTC)
EmissionA limited number of digital coins have been pledged – 84 million coins, which is 4 times more than BTC. Limited emission implies an increase in Litecoin token quotes and minimization of inflation.
Token trading tickerLTC
Hashing algorithmScrypt is a protocol that influences the principles of coin mining: mining a token based on this algorithm implies the active exploitation of the RAM of computing equipment.
Consensus protocolProof of Work (PoW) – proof of work.
ScalabilityIn its pure form, without the innovative development of the Lightning Network, the processing speed of financial transactions is 56 transactions per second, which is 8 times higher than the analogous parameter of crypto-coin No. 1.
Block generation time2.5 minutes versus 10 for BTC. As a result, the time allotted for confirmation of payments in the Blockchain is reduced, and the throughput of the ecosystem as a whole increases.
Complexity of block creationThe characteristic changes every 84 hours (3.5 days): the difficulty is recalculated
Miners rewardLTC 25 for the confirmation of each block with the inherent reduction of the “bonus” by half every 4 years. Or with the “closure” of every 840,000th block in the chain.
Number of coins in circulation55 million virtual coins.

Important! As of September 17, 2018, the Litecoin cryptocurrency ranks 7th in terms of capitalization with an asset value of 3,310,000,783 North American dollars. For 1 LTC, they give 57.54 USD or 0.008833 BTC. This information is updated daily, if not hourly. The current coin rate can be seen in online exchangers, cryptocurrency exchanges.

Features of the Litecoin cryptocurrency

As a fork of the “cue ball”, the Litecoin cryptocurrency, as mentioned above, has many characteristics identical to the first virtual ecosystem: anonymity, decentralization, Blockchain technology, open fundamental code that is posted for public viewing on the GitHub resource, etc. Consider the parameters – innovative technologies that highlight the ecosystem, which were first integrated into digital architecture as an experiment, and subsequently proved their worth and relevance. These include:

  • SegWit protocol (Segregated Witness, which in Russian sounds like “separate witness”).
  • Lightning Network Layer 2 protocol.

To understand how the SegWit technology, which was integrated into the LTC cryptocurrency in the spring of 2017 and reduced the load experienced by the Blockchain by several orders of magnitude, functions, it is necessary to understand the block structure. It is divided into two components: the first part contains information about the amount of the transfer, the recipient, the sender, and the second contains the code confirming the financial transaction. SegWit aims to withdraw the second half of the block, reducing the transaction size by 48%. This made it possible to place several transactions in one block without increasing the volume of the latter (1 MB), which would inexorably require a hard fork of the ecosystem.

In addition to scalability, LTC cryptocurrency solved the problem of high fees by introducing an innovative development of the Lightning Network – a cross-chain or an additional blockchain located on top of the Blockchain. In the fall of 2017, without the intervention of intermediaries in the form of online exchangers and cryptocurrency exchanges, an exchange was carried out between various block chains: Litecoin and Decree. During this period, the workload of the “cue ball” was unprecedented, it was necessary to give up to 40% of the total transfer amount in order for the transaction to quickly “go away” to its destination. A little later, at the beginning of 2018, within the ecosystem, 700,000 LTC was transferred for only 40 cents. This fact is still mentioned by major financiers and the media.

Important! Mining cryptocurrency LTC, like BTC, is an unprofitable activity even in a pool due to the need to use powerful computing equipment and a large amount of operating memory to “mine” the coin. Real income is brought only by the industrial “mining” of the coin using specially “sharpened” for mining LTC devices – ASIC chips (the cost of one starts from 2 thousand North American dollars).

Output

Despite the complexity of mining, Litecoin is successfully traded on all major reputable cryptocurrency exchanges, where it can be purchased for your own investment portfolio. Analysts are convinced that Litecoin will eventually reach the capitalization and value of the bitcoin. The following determining factors speak volumes about this:

  • Limited issue volume.
  • Experimental use of innovative technologies with the subsequent integration of successful developments into the ecosystem, that is, Litecoin is one step ahead of Bitcoin.
  • Popularity among the population (users) – it is known from authoritative sources that LTC has significantly pressed BTC on the territory of the darknet, where unauthorized trade in prohibited goods is carried out.

The last factor for an investor can be decisive in the question of whether to buy LTC cryptocurrency or not.

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