Litecoin is always associated with altcoins. When it comes to Litecoin, our first impression is: this is an altcoin. However, it is a bit wrong to let Litecoin bear the name of altcoin.
Strictly speaking, except for Bitcoin, other currencies are altcoins, but why let Litecoin be blamed for altcoin? This is because Litecoin appeared earlier.
We are going to introduce Litecoin today, not only because it has the title of "the originator of altcoin", but also because the market of Litecoin suddenly rose sharply around the Chinese New Year.
On February 8th, Litecoin rose rapidly by nearly 23% in the slight rise of the market. By February 9th, the market value of Litecoin, which led the rise, had surpassed EOS and jumped to the fourth place in the market value list.
You know, this is the first major change in the mainstream currency this year. Many people attribute the reason to the halving of Litecoin block rewards every four years. Of course, many people also think that this surge is due to a large-scale collective order .
Litecoin is halved every four years. Are you familiar with it? Bitcoin is also halved every four years.
Yes, the emergence of Litecoin was inspired by Bitcoin. To put it bluntly, Litecoin is a copycat version of Bitcoin, and its technical principles are almost exactly the same as Bitcoin.
But people don’t say that about Litecoin. People say: I’m not an altcoin, I’m here to improve Bitcoin.
Indeed, despite being an altcoin, Litecoin is not exactly like Bitcoin:
The Litecoin network can produce a block every 2.5 minutes (instead of Bitcoin's 10 minutes), thus providing faster transaction confirmation.
In addition, the Litecoin network is expected to produce 84 million Litecoins, which is four times the amount of currency issued by the Bitcoin network compared to 21 million Bitcoins.
The most important point is that Litecoin's consensus mechanism, the workload proof, uses the scrypt encryption algorithm. This makes it easier to mine Litecoin on a regular computer than Bitcoin.
Litecoin is the originator of altcoins. Its current market value ranks second only to EOS and ranks fifth in the cryptocurrency market value rankings. It can be said that it is the most successful currency among altcoins.
