It is reported that what is the Lettercoin? What are the characteristics of the Lettercoin? In recent years, with the rise of cryptocurrency, many people have joined the ranks of coin speculators, so there are also a variety of currencies on the market. So what is Lite Coin? Now let's look at the Lettercoin.

What is Lettercoin?

The English name of Litecoin is Litecoin, and LTC is its trade code. Litecoin was launched in 2011. The main founder is Charlie Lee, who has served as an engineer of Google before. In addition, he is also the executive director of Litecoin Foundation.

The blockchain technology of Lite Coin is basically from Bitcoin, that is, Lite Coin mainly uses the currency source code of Bitcoin as the basis of its blockchain, and then makes some adjustments on it, such as the supply of LTC (84 million), which is nearly four times more than Bitcoin.

In addition, as for why Lite Coin came into being, according to Li Charlie, the founder, the main purpose of Lite Coin is to improve some problems encountered by Bitcoin, such as transaction speed, mining method, etc., so as to create a lightweight version of Bitcoin and finally form a complete global payment system.

What are the characteristics of lait coins?

Scrypt algorithm

In terms of the consensus mechanism of Proof of Work (POW), Letcoin is different from Bitcoin. It uses a new form of algorithm, called the Scrypt algorithm, which uses more memory resources in the calculation process,

This also allows the Lite Coin to obtain more mining rewards under normal circumstances. It does not need ASIC mining machines to participate in mining, so it has the characteristics of anti ASIC.

Fast transaction speed

In terms of mining speed, it only takes 2.5 minutes for Lite Coin to verify relevant data and confirm the addition of blocks, while it takes 10 minutes for Bitcoin to complete,

Therefore, compared with Bitcoin, the transaction speed of Litcoin is much faster. Generally speaking, the block network of Litcoin can complete more than 50 transactions per second on average, while Bitcoin can only conduct less than 10 transactions per second.

Low transaction fees

In terms of transaction handling fees, the use of Lite Coin basically requires only about 0.03~0.04 dollars of transaction fees on average, so the cost is relatively low,

In addition, through the technology of Lightning Network, the function of Lite Coin in micro payment has been expanded, allowing it to focus on micro payment in daily life.

In general, through the above introduction, we believe that we have a certain understanding of what Letcoin is. Letcoin is different from Bitcoin. It uses a new form of algorithm, called Scrypt algorithm. Moreover, Letcoin has a fast transaction speed and low transaction fees. With the increasing variety of cryptocurrencies, there are many currencies with similar functions as Lite coins, and even cryptocurrencies with better performance.