There are thousands of cryptocurrency available in the crypto space today. However, not all can be considered reliable for investment in digital assets.
In this series of Know Your Digital Asset (KYDA) series, we will explore cryptocurrencies in which are widely accepted by regulated exchanges and with real-case use.
What is Litecoin?
Litecoin (LTC) was introduced to the world of cryptocurrency in October 2011 by Charlie Lee. His vision for LTC is to offer a faster and cheaper alternative for Bitcoin (BTC). It is dubbed as the digital silver, while BTC is the digital gold.
LTC is using a similar coding core like BTC with few improvements. It is four times faster in block time and four times bigger in total supply than BTC. LTC able to process 2.5 minutes per block with 84 million total supply. LTC also offers lower transaction fees compared to BTC.
LTC blockchain is using the Proof-of-Work (PoW) protocol like BTC. However, it uses a different algorithm called Scrypt that allows miners to use consumer-grade hardware and allows LTC to be ASIC-resistant.
LTC Fact Sheet
For the past few years, LTC has been one of the top cryptocurrencies in terms of market capitalization and allows LTC to be recognized and accepted widely among early adopters and investors.
Here are some facts about LTC leaving its mark in the history of cryptocurrency.
- The founder of LTC, Charlie Lee, sold all his LTC holdings to avoid conflict of interest.
- LTC price peaked around $360 in Dec 2017.
- LTC is among the first to adopt the SegWit protocol.
- The MimbleWimble (MW) protocol will help to improve LTC privacy and security features.
- LTC is the first cryptocurrency to sponsor the Ultimate Fighting Championship (UFC) in 2018.
- LTC is named the official cryptocurrency for the American football team, Miami Dolphins, in 2019.
- LTC Foundation established a partnership with Atari in 2020.
For Malaysian, LTC is an approved digital asset and available on the approved Digital Asset Exchanges.
LTC stands through the test of time and controversies and still going. That is quite the feats.
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