Litecoin: Blockchain Token – What is it?

2 min read

In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. Don’t forget to subscribe to our channel so you don’t miss out on any of the blockchain buzz!

Litecoin is one of the first few blockchains to build off of Bitcoin, the original blockchain. So it is functional as a token, blockchain, or both? Our fourth episode in Blockchain Token features Litecoin, and our man Joe, explains Litecoin, it’s functionality, competition, and provides some helpful resources!

If you are interested in reading more about Litecoin, check out our resource page!

Once Bitcoin started gaining popularity, it became apparent that its success would also present a problem. Increased use on the network would clog up transaction speeds and future scaling became an issue.

Charlie Lee (a former Google employee) created Litecoin in October of 2011, by forking the Bitcoin core client.

Litecoin is almost identical to Bitcoin, but Litecoin identified these issues with Bitcoin and aimed to solve them with faster block times through partial confirmation.

In order to attract miners, the total supply of Litecoin tokens (LTC) is about 4 times as many as Bitcoin has issued. The main differences between BTC and LTC include:

  1. decreased block time,
  2. increased max number of coins,
  3. different hashing algorithms,
  4. modified user interface.

Litecoin is itself, its own blockchain network and cryptocurrency too. Built upon it’s own network, the function of Litecoin is to be it’s own digital currency.

If you are curious about Litecoin investments and price predictions, check out our article – Lite it Up: 3 Litecoin Price Predictions!

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