Litecoin(LTC) is a peer-to-peer digital currency released under the MIT/X11 license. The Creation and exchange of coins is based on a decentralized open source cryptographic protocol that is not managed by any central authority. It is having almost zero payment cost of transaction for sending payment to anyone in the world. As compare to others Litecoin facilitate faster transaction confirmation times and improved storage efficiency. The Block chain of Litecoin is capable of handling higher volume of transactions due to more frequent block generation property. Because of the Frequent Block Generation Property the network supports more transactions without modification of network.
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. The Reason behind its creation was to improve upon bitcoin. In May 2017, Litecoin became the first of the top-5 cryptocurrencies to adopt Segregated Witness
This feature provides protection of wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Litecoin handles a higher volume of transactions because of its faster block generation property.
The faster block time of litecoin reduces the risk of double spending attacks.
The Wallet encryption in Litecoin allows users to secure the wallet, so that user can view transactions and account balance, but are required to enter the password before spending litecoins.
Litecoin is acceptable at everywhere bitcoin is acceptable. After Release it became the second largest cryptocurrency after bitcoin so merchants are quickly adopting it. The financial consulting services,healthcare departments and beauty product merchants are accepting litecoin for payment. Quick Adoption is increasing the growth of Litecoin’smarket.Moreand more businesses are adopting the altcoin because of its features.
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