- Total issued 84,000,000 LTC
- Quantity in circulation 56,743,298 LTC
Developer: Charlie Lee Core algorithm: Scrypt release date: 2011/10/7
Block Time: 150 sec/block issue total: 84 million halve time: 4 years
Consensus proof: POW difficulty Adjustment: 2016 block block bonus: initial 50LTC, current 25LTC
Main Features: Large circulation: The circulation is 4 times times the Bitcoin; Trading fast: Confirmation time is only 2.5 minutes; quarantine validation Activation
Deficiencies: Less relevant applications for the Wright coin
Risk: The risk of network vulnerabilities after quarantine validation is activated
Introduction The Litecoin (abbreviated: LTC, currency symbol: Ł) is a network currency based on "point-to-point" (peer-to-peer) technology and is an open source software project under the mit/x11 license.
It can help users instantly pay for any person in the world. The Wright coins are inspired by Bitcoin (BTC) and technically have the same principle of implementation, and the creation and transfer of the Wright coins is based on an open source encryption protocol that is not managed by any central authority. The Wright Coin is designed to improve bitcoin, which has three distinct differences compared to the Wright coin. First, the LiteForex network can process a block every 2.5 minutes (instead of 10 minutes), thus providing faster transaction confirmations. Second, the LiteForex network is expected to produce 84 million Wright coins, which is four times times more than the amount of money issued by the Bitcoin network. Third, the Wright coin used the first scrypt encryption algorithm proposed by Colin Percival in its workload proving algorithm, making it easier to tap on a common computer than bitcoin.
Each of the Wright coins is divided into 100,000,000 smaller units, defined by eight decimal places.
Design Purpose It is based on the Bitcoin (Bitcoin) protocol, but the difference from Bitcoin is that even at this stage, it is possible to "mine" efficiently through consumer-grade hardware. Litecoin provides you with a faster transaction confirmation (averaging 2.5 minutes), it uses hard memory and a mining workload proof algorithm based on Scrypt (a cryptographic algorithm) for the common computer and graphics processor (GPU) used by most people.
The Litecoin network is expected to produce 84 million units of currency. One of the design goals of Litecoin is to provide a mining algorithm that allows it to be run concurrently on the machine that is digging bitcoins. The Special integrated circuit (ASIC) designed for the mining of bitcoin is gradually emerging, and Litecoin is also closely following the evolution of technology.
However, it is unlikely that special integrated circuits (Asics) designed specifically for Litecoin will appear until the Litecoin currency is widely used. The Wright coin was born on November 9, 2011 and is known as "digital Silver". The Wright coin has the same implementation principle as Bitcoin in technology. It is the first network digital currency based on the scrypt algorithm, which has a faster transaction confirmation time, higher network transaction capacity and efficiency than Bitcoin.
The Wright coin now has a complete industrial chain, sufficient liquidity to prove that it is a mature, safe and stable commercial financial system.
Data Block chain The Wright-dollar blockchain is capable of handling larger volumes compared to its competitor, Bitcoin.
Because the data blocks are more frequently produced, the network can support more transactions and will not need to modify the software in the future.
As a result, merchants can obtain faster transaction confirmations and can still wait for more confirmation of transactions when selling large items.
Wallet Encryption Wallet encryption guarantees the security of your private key in your wallet, allowing you to view your trading status and your account balance, but you must enter your password before you can use the LiteForex.
This feature not only protects against viruses and Trojans, but is also an effective check for legality before payment.
Mining incentives "Miners" can now produce 25 tokens per block of data.
Every 4 years, the amount of money produced in the Wright currency will be reduced by half (per 840,000 data blocks).
As a result, the total amount of money produced in the LiteForex network will be 4 times times that of Bitcoin, or 84 million tokens. The creation and transfer of the Wright coins is based on an open source cryptographic protocol that is not managed by any central authority.
The Wright Coin is designed to change Bitcoin, which has three distinct differences compared to:
(1) The LiteForex network can process a block every 2.5 minutes (instead of 10 minutes), thus providing faster transaction confirmations.
(2) The LiteForex network is expected to produce 84 million, which is four times times more than the amount of money issued by the Bitcoin network.
(3) The Wright coin used the first scrypt encryption algorithm proposed by Colin Percival in its workload proving algorithm. In April 2017, the Wright community voted to reach an agreement to upgrade its blockchain by isolating and verifying soft forks.
In June, the Wright-dollar Lightning network was officially launched.
Block query: http://explorer.litecoin.net/
Official website: https://litecoin.com/