Coin Spotlight: Litecoin - Open Source Decentralized P2P Currency [#3]
In this week's Coin Spotlight, I will take a closer look at Litecoin and explore what makes it different from Bitcoin. Litecoin might not look like a very interesting coin on the surface, but it has consistently remained in the top 10 on coinmarketcap for years now.
Check out the article below to find out more about Bitcoin's smaller brother, Litecoin!
Source: Image created by myself using Gimp; Litecoin logo from Wikimedia
Basic Overview
The first version of Litecoin was released in 2011 by Charlie Lee on Github. Contrary to popular belief, Litecoin was not the first fork of Bitcoin, that honor is reserved for Namecoin. Litecoin has no other stated goals than being an open-source decentralized currency.
Litecoin is very similar to Bitcoin in many ways, only a few key differences distinguish Litecoin from Bitcoin. Contrary to the Bitcoin network, the Litecoin network aims to produce new blocks every 2.5 minutes (every 10 minutes for Bitcoin).
Whereas Bitcoin uses the SHA-256 mining algorithm, Litecoin uses Scrypt thus making it more ASIC resistant. The total number of Litecoin that can ever be created is fixed on 84 million, exactly 4 times more than the total number of Bitcoin's maximum supply of 21 million.
Due to the many similarities between Litecoin and Bitcoin it's often used to implement new features that were initially developed for Bitcoin. Segregated Witness (Segwit) is a perfect example of that, the Litecoin network managed to reach consensus for Segwit, way before Bitcoin ever did. The first payment over Lightning Network was also broadcasted in the Litecoin Network. I remember @marketingmonk saying that Litecoin could become the perfect testnet for Bitcoin and I agree with that statement.
Why use Litecoin?
I've always preferred using Litecoin over Bitcoin whenever it was possible, due to transactions getting confirmed a lot faster. Litecoin is also supported by most of the big exchanges, so it's usually no problem at all to buy Litecoin directly with fiat currency. In terms of its use as means of payment, some retailers have also started accepting it alongside with Bitcoin.
Litecoin's lower price could also remove a psychological barrier for some new investors to get into cryptocurrency. It works similar to Bitcoin, but you can easily buy a whole Litecoin, while most people cannot afford a whole Bitcoin.
In terms of blockchain activity, Litecoin is actually doing pretty well, with an average of around 31k transactions per 24 hours. Making it the 7th most active blockchain, right before Bitcoin Cash.
Litecoin Roadmap
There is still no official roadmap for 2018, because they are still working on 2017's roadmap. [source]
I'm personally really looking forward to Litecoin implementing some form of confidential transactions. This is mentioned in their 2017 roadmap as one of the possible future features of Litecoin. I'm also wondering if they will end up getting Schnorr Signatures implemented before Bitcoin does.
It's already possible to set-up your own Lightning Network node on the Litecoin mainnet, but there are still some limitations to it. [source + guides in comments].
My Personal Thoughts on Litecoin
While Litecoin might not be one of the most innovative altcoins around, it's still easily one of my favorite coins for day-to-day use. Development seems to go forward at a reasonable pace, but it can be hard to find the actual progress-status of announced features.
Overall my experience with sending Litecoin transactions is a lot more pleasant, compared to sending Bitcoin transactions. Litecoin literally saved me a couple of times when Bitcoin transaction fees were too high and on top of that confirmations were also slow. Once we start seeing atomic swaps becoming mainstream, this would all be a thing of the past of course.
I don't like to make price predictions in general, so I won't make one for Litecoin. The only thing I will say from an investor point of view is that Litecoin has a lot of potential. The market seems to react positively whenever an important milestone is hit, as we have seen with the activation of segwit. Looking at the Litecoin roadmap, there are some interesting milestones ahead, which could signal another upswing once they're ready for launch.
Useful Links + Sources
Litecoin.org Website
Litecoin.com Website
Litecoin Core - 2017 Roadmap
Litecoin Wikipedia
Litecoin Wiki
CoinMarketCap Statistics on 03/05/2018
| Price (USD) | MarketCap | Volume (24h) | Circulating Supply | Max Supply |
|---|---|---|---|---|
| $154.46 | $8,706,006,185 | $410,627,000 | 56,362,688 LTC | 84,000,000 LTC |
Source: Litecoin on CoinMarketCap
Coin Spotlight Overview
1| Coin Spotlight: Manna - Basic Income Cryptocurrency
2| Coin Spotlight: EOS - Decentralized Application Platform
Let me know what you think in the comments and consider upvoting or resteeming if you like this type of content!
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I am a big fan of LTC and it was actually the first crypto that I ever owned. Even before I had any holdings in BTC. I think the speed and cost of transactions is a huge advantage over BTC. I think it is sad that it still hasn't been able to move out of the shadows and become more widely adopted. They have a good roadmap and a good team of people behind them working on the project. I know a lot of people disagree, but I think it is honorable that Charlie Lee stepped away to negate any conflict of interests. Very nice post!
For me it was the second, after Bitcoin back in 2013 :) Charlie Lee is their biggest asset IMO, steady development without over-hyping stuff. It's true that there has been very little drama in the Litecoin community.
Yeah it is pretty solid. I'd love to see it grow a little more. We all got kind of spoiled by those huge gains at the end of last year.
Your post had been curated by the @buildawhale & @upmyvote team and mentioned here:
https://steemit.com/curation/@buildawhale/buildawhale-curation-digest-05-04-18
Keep up the good work and original content, everyone appreciates it!
I love litecoin. It was the first crypto I ever bought. I remember the price was right around $20 and I thought it was a bit expensive (LoL). I only bought 100 of them, now I wish I would of bought way more! Great article, you got yourself a new follower :)
Ohyeah I definitely wish I bought more too, I remember buying some for around 2 or 3 dollars :P
What year did you buy it?
A fiend of mine @steddyman has some Litecoin and was raving about it for a while. It did make some decent gains a few months ago.
It's way faster than Bitcoin and has way less drama too :). I do expect it to do very well in the future.
It's still kind of expensive for me though
Deze post werd vermeld in de Alldutch Recap #4
This post increased my knowledge on litecoin... I would like to see a post on ripple too in the nearest future.. Good work.. Keep it up
I am a huge fan of litecoin! My top coins I like are BTC, LTC, BAT, ZRX, EOS, STEEM, and BTS
Coins mentioned in post:
Love litecoin! upvoted :)
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