Litecoin was launched through an open-source consumer on GitHub on October 7, 2011 by Charlie Lee, a Google worker and former Engineering Director at Coinbase.The Litecoin community went stay on October 13, 2011. It was a fork of the Bitcoin Core consumer, differing primarily by having a decreased block technology time (2.5 minutes), elevated most variety of cash, totally different hashing algorithm (scrypt, as a substitute of SHA-256), and a barely modified GUI.
?During the month of November 2013, the combination worth of Litecoin skilled large development which included a 100% leap inside 24 hours.Litecoin reached a $1 billion market capitalization in November 2013.
?In May 2017, Litecoin turned the primary of the highest 5 (by market cap) cryptocurrencies to undertake Segregated Witness. Later in May of the identical 12 months,the primary Lightning Network transaction was accomplished by way of Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in beneath one second.
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?? Litecoin and Bitcoin is totally different in some methods:
? The Litecoin Network goals to course of a block each 2.5 minutes, slightly than Bitcoin’s 10 minutes. The builders declare that this enables Litecoin to have sooner transaction affirmation.
? Litecoin makes use of scrypt in its proof-of-work algorithm, a sequential memory-hard perform requiring asymptotically extra reminiscence than an algorithm which isn’t memory-hard.
Due to Litecoin’s use of the scrypt algorithm, FPGA and ASIC units made for mining Litecoin are extra sophisticated to create and dearer to provide than they’re for Bitcoin, which makes use of SHA-256.
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