Litecoin (LTC) was built on the code of Bitcoin by a former Google employee, Charlie Lee two years after Bitcoin was made public.
The main purpose of Litecoin was to solve high transaction costs on the Bitcoin network and act as an alternative where day-to-day transactions can be made easier, more efficient, and fast.
LTC is also known as a lite version of Bitcoin, as it uses the proof-of-work (PoW) algorithm in order to secure its networks and monetary policy. However, the LTC network is four times faster, when compared to Bitcoin.
Built on an open-source code, LTC uses blockchain technology to transfer funds directly between individuals or businesses. This ensures that a public ledger of all transactions is recorded, and allows the currency to operate a decentralized payment system free from government control or censorship.
Even though there are similarities between Litecoin and Bitcoin. LTC have different cryptographic algorithms that they employ, as one transaction takes only 2.5 minutes, as compared to 10 minutes taken on the Bitcoin network to complete one transaction.
LTC acts as a global payment network that uses mathematics to secure its network and empowers individuals to control their own finances.
Blockchain technology
LTC is a form of digital money where individuals and institutions can purchase or transfer funds between different accounts.
Built on a technology that is used to handle higher transaction volume than Bitcoin due to more frequent block generation, the LTC network supports more transactions without a need to modify the software in the future. Due to this, merchants get their confirmations faster while selling high-value transactions.
Another reason for faster transactions is that Litecoin doesn’t require verification from any intermediary like a bank, or credit card company. Users don’t even have to pay any payment processing service.
Litecoin has announced that it has activated a new privacy block called Mimblewimble Extension Blocks (MWEB) after two years it was introduced. This block provides privacy to transactions if the user opts for it.
LTC has said that over 75% network consensus has been achieved, which was acquired for activation after months of dialogue with different miners of the network.
After this, MWEB has now officially locked in for activation at block height 2257920. MWEB was developed by David Burkett, a Mimblewimble expert, and developer of Grin ++.
What does MWEB do
MWEB enables users to hide transaction data with its confidentiality feature while providing a foundation for other blockchains to improve the usability of their tokens.
With MWEB, users on the network can opt-in for confidential transactions. The end goal is to enhance the viability of Litecoin as a fungible currency that can be used for real-world transactions by lowering fees and adding privacy, throughput, and scalability.
Litecoin founder Charlie Lee said that with MWEB users can get 90% privacy, though it is not as good as 100%, which many people might want.
Launch of LTC enabled virtual Visa debit card
Unbanked.com has recently launched a new LTC enabled virtual Visa debit card. This card allows users to convert their LTC into Fiat during payment to any merchants accepting Visa Card.
Mining Litecoin
To mine Litecoin, miners must successfully solve hash functions in order to add new blocks of a cryptocurrency to the blockchain, just like miners do on the Bitcoin network.
Miners are currently awarded 12.5 new Litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
As per the Litecoin Foundation estimates, as only 14 million LTC is yet to be mined, the last LTC will be mined in 2142, as currently, only 70.34 million LTC is under circulation.
Low & high LTC
Litecoin (LTC) is currently trading on crypto exchanges at $73.30 per LTC with a 24hours trading volume of $ 557 million, as of 23 May 2022, according to CoinMarketCap.com.
LTC touched a new high on 9 May 2021 at $386 per LTC and its market capitalization touched over $25.8 billion on the same day trading volume of over $9.84 billion. It recorded the lowest prices on 14 January 2015, when it was trading at $1.14 per LTC.
Trade LTC on Klever Exchange
To get LTC on Klever Exchange, users need to open an account, or if they don’t have one, sign up to get one. If a user has an account follow a few simple steps to get your ETH in your account.
The user needs to transfer crypto to the exchange account. Let me explain it to you with an example of getting LTC with USDT.
First deposit USDT to your Klever Exchange account. Just log in to your account, go to your profile, and select the deposit field. Now you need to click on USDT, there are two options to deposit USDT, Tron, or ETH, select Tron.
After sending USDT to the address, the funds will be deposited and transactions will be confirmed on the blockchain. The time differs due to the different speeds of network confirmations on all blockchains.
Once you have USDT in your account, trade it for LTC. The process is very simple.
Users can also use another option to hold LTC, Download the Klever Wallet app from Google Play Store and Apple iStore, run the application, follow a few simple steps and buy LTC with your debit & credit cards in a few minutes.
Klever always strives to make crypto trading simple and less complicated using the best technology in a secure manner for user safety and experience.
