Litecoin, abbreviated as LTC, was created by Charlie Lee. on November ninth 2011.
Litecoin’s intention was to enhance on Bitcoin. Hence it shares many similarities with Bitcoin and is often considered the “silver” to Bitcoin’s “gold”.
Litecoin has a better provide restrict and quicker verification velocity than Bitcoin. Litecoin’s complete provide is four occasions of Bitcoin, at 84 million. Similar to Bitcoin, its block reward is halved each four years.
The consensus mechanism used is Proof of Work (PoW), identical as Bitcoin. Litecoin’s block affirmation time is 2.5 minutes, 1 / 4 of Bitcoin. It takes 2.5 minutes to substantiate a block.
The block reward for Litecoin was 50 LTC initially and As of January 2018, the block reward for Litecoin is at 25 LTC, with a complete of 54 million being issued.
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