Like Bitcoin, Litecoin is a virtual currency that aims to be a peer-to-peer payment currency. It is a virtual currency that aims to solve transaction problems in Bitcoin, and has the feature that the transaction approval time is set to two and a half minutes, which is one quarter of Bitcoin, so that it can handle a huge number of transactions associated with the use of payment. is. The official Litecoin wallet has been released and is attracting attention as a currency for personal payments.
5 features of Litecoin
- Peer-to-peer payment currency that can be distributed at low cost
- Transactions faster than Bitcoin
- Number of issued coins in line with Bitcoin inflation
- Uses Script, a more complex encryption method than SHA-256
- Official encrypted wallet available
Peer-to-peer payment currency that can be distributed at low cost
Litecoin is an altcoin released on Github by former Google employee Charlie Lee, and is a virtual currency aiming for peer-to-peer electronic money like Bitcoin. We have a global payment network that is characterized by faster transaction completion than Bitcoin and also with lower fees.
Transactions faster than Bitcoin
Litecoin can handle more transactions than Bitcoin, blocks are generated more frequently, and approval time is two and a half minutes, a quarter of Bitcoin. Therefore, it is characterized by being designed to handle a huge number of transactions such as payment, which has been regarded as a problem with Bitcoin.
Number of issued coins in line with Bitcoin inflation
The maximum issuance of Litecoin is 84 million, which is four times that of Bitcoin. This is due to the fact that the approval time is one-fourth, and as Charlie Lee mentions “Bitcoin is gold, Litecoin is silver”, Bitcoin is aiming to preserve value. Unlike, it is designed to deal with Bitcoin inflation on the assumption that it will actually be used as a payment currency.
Uses Script, a more complex encryption method than SHA-256
Script used by Litecoin became a hot topic at the time as a more complicated encryption method than SHA-256 used by Bitcoin. At that time, Bitcoin mining hardware (ASIC) was developed and the hash rate was rising, so it was epoch-making that an encryption method different from Bitcoin was born.
Official encrypted wallet available
There are various ways to save virtual currency other than depositing the currency on the exchange, and one of them is to save it in the wallet. Litecoin officially publishes a wallet, which allows you to secure your private key by encryption and check your transaction and account balance.
Altcoin made by a former Google engineer
Litecoin is a cryptocurrency created by former Google engineer “Charlie Lee”.
The feature is that it is based on the source code of Bitcoin, and the development period is quite early in 2011.
It was developed to have a function to solve the system problems (scalability and transaction problems) that Bitcoin has.
For that reason, Bitcoin is sometimes referred to as the “relationship between gold and silver.”
It is assumed that it will be used for small-amount payments that are easier to use in everyday life, and the issuance limit is set to 84 million, which is four times that of Bitcoin.