Crypto Academy Week 9 - Homework Post for [@yohan2on] - Litecoin (LTC)

Since the emergence of BTC, countless important cryptocurrencies and crypto projects have also emerged, and in fact, it must be clear that basically everything that is not Bitcoin is considered and called altcoin (or alternative cryptocurrencies).

In that constant emergence of altcoins, a good percentage of them occur due to forks of previous projects. The bifurcation is when a project arises by detaching itself from an initial project, taking characteristics as a base, but adding and modifying some of the initial attributes of the network or project from which it descended.

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What is Litecoin?

Such is the case with Litecoin (LTC); an alternative cryptocurrency that emerged in 2011 as the result of a fork from of none other than Bitcoin. The creator of Litecoin was Charlie Lee (known for having worked at such big-name companies as Google and Coinbase). The concept and objective of Litecoin has been and is very simple, to be a more versatile and efficient payment alternative than Bitcoin is, considerably improving all its functional attributes.

Making a parallel with the assets of refuge par excellence at a financial level, which are gold and silver; It's not unreasonable to say that on a crypto level, most people view Bitcoin as Gold and Litecoin as Silver, respectively.

Among the characteristics of Litecoin are, that it is much faster to mine than Bitcoin, and its network and system is much faster to confirm transactions as well. Also its market price is much lower, and also much less fluctuating or volatile than that of Bitcoin.

Making payments faster, safer and much less expensive is the slogan and objective of Litecoin, something that it achieves due to its inherent characteristics, among them, as I've say the fact that the mining execution times of each block are much shorter than in Bitcoin .

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But although mining Litecoin is much easier and faster than with Bitcoin, both Litecoin and Bitcoin use the Proof of Work (PoW) mining consensus. Nevertheless unlike Bitcoin (which uses the SHA256 scheme) on its blockchain, Litecoin uses Script in such regard.

Another thing that we need to know is Litecoin as a cryptocurrency has a supply limit of 84 million units, of which it currently has 66,752,415 units in circulation, according to information available at [Coinmarketcap] (https://coinmarketcap.com/currencies/litecoin/).

But what is Litecoin on a deep level?

In short, Litecoin as a cryptocurrency and as a blockchain, preserves all the initial basic characteristics of the Bitcoin network, such as security, prevention of double spending, limited issuance of units, etc. But it improves on the mother cryptocurrency in mining time, transaction costs, and speed of operations, and market price.

However, the emergence of the Lightning Network in Bitcoin, made that, objectively speaking, many of the issues that originated the bifurcation that led to the emergence of Litecoin, were resolved.

Even so, Litecoin continues to be a highly esteemed, respected and desired cryptocurrency in the crypto world, because its characteristics, its security and its trajectory guarantee it, and because it has won the hearts of most of the community of crypto users worldwide.

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Conclusions

Personally I think that Litecoin is one of the few pure cryptocurrencies today, and that it is reliable and desirable not only for its safe operation and performance characteristics, but also for being a cheaper alternative when carrying out our transactions in cryptocurrencies, Because being also a cryptocurrency that has a price that increase over time and fluctuates in the markets, it allowing you to obtain returns when trading with it.

All this in addition to the fact that it is one of the oldest cryptocurrencies in the market and that it is one of the most accepted at the level of Exchanges and in general.

All this added to the fact that it is one of the oldest cryptocurrencies in the market and that it is one of the most accepted at the Exchange level and in general, and the fact that it has a capitalization market of $ 21,438,336,738 that places it in the number 9 position in the world capitalization ranking, make Litecoin a cryptocurrency that will continue to be esteemed, desired and increasingly valued in the future.

And what do you think about Litecoin?

Well, this is my participation in the Crypto Academy, in this week 9, and doing this task for @yohan2on (Uganda). Until next time!