As a matter of fact, there will never be more than 84 million Litecoin issued. In the spirit of Bitcoin, Litecoin also has a predictable monetary supply that is fixed. Looking back at the time when Litecoin was introduced, the cryptocurrency was heralded as a faster alternative to Bitcoin. But the reduction of block time was deliberately chosen in order to incentivize merchants to use Litecoin.
The reasoning behind this was that merchants would more readily accept payments that are more rapidly finalized. Ever since the launch of Litecoin, the cryptocurrency has been positioned as a better medium of exchange because of its faster transaction times. For this, people keep on referring to an analogy from the precious metals sector: What silver is to gold, Litecoin is supposed to be to Bitcoin. To this day then, Litecoin is considered by some to be a blockchain prioritizing the settlement of mass transactions on-chain.
In fighting for mass adoption to become a currency and a medium of exchange that is used in everyday, Litecoin is seen by many as a direct competitor to Bitcoin Cash or Bitcoin SV. Read the guide: How to Mine Litecoin. Already back in , Litecoin started a marketing campaign under paywithLitecoin in a pursuit of popularizing the cryptocurrency as a medium of exchange. While some progress has been made, Litecoin — as other cryptocurrencies — is still far away from being massively adopted as a means of payment.
Litecoin has also been flirting with the gaming industry. In one of the most recognizable names in gaming, Atari, announced a partnership with the Litecoin Foundation. Goal of this partnership was to integrate Litecoin as a method of payment into games published by Atari. The gaming company also launched its own token Atar i, with Litecoin being accepted in the Atari Token sale.
With LiteBringer , there is also the first Litecoin-based game available. The game is presented as a truly decentralized application, since the whole game takes place on the Litecoin blockchain, with no servers involved, giving the players unprecedented control over the game. As there is Litecoin involved, players solving quests can also earn the cryptocurrency playing the game.
Since its beginnings in , Litecoin has experienced ups and downs. Overall, it managed to establish a vivid community as well as a solid market. Some argue that it can be seen as quite an achievement that Litecoin has remained a top 15 cryptocurrency project by market capitalization until this day. Many of its companions from the early days are long gone.
As a matter of fact, many of the things that have been implemented into Bitcoin were first tested on Litecoin. The most prominent upgrade was Segregated Witness SegWit , an update that made transactions more efficient and paved the way for the integration of the Lightning Network. Even the first Lightning transactions ever made happened on the Litecoin Network.
Because unproven updates can first be tested on Litecoin, some Bitcoin people consider it worth it to keep fostering the Litecoin community and its blockchain. Just as downloading an update is essential to get the most out of your software, updates to open-source cryptocurrency networks like Bitcoin help better the experience of nodes on that blockchain.
However, integrating cryptocurrency updates is a lot more complex. Instead, Bitcoin software is built and managed by users of the network. Each of these users is involved in the decision-making process. Forks occur in one of two ways. Hard forks are entirely new cryptocurrencies and are incompatible with their previous version meaning that the new version splits off from the original into a new blockchain while the original blockchain lives on.
On the other hand, hard forks make profound changes to existing rules. These changes may conflict with the original blockchain rules, making the fork incompatible with the previous blockchain and causing a new blockchain which must use a different currency to be formed. For example, if the minimum driving age is reduced from 18 to 16, that can be called a soft fork.
Anyone who was eligible to drive using the old rules can still drive, but people who were not previously eligible can now drive as well. Some people who were legally old enough to drive under the old rules are now ineligible under the new rules. In terms of blockchain technology, such a profound change to the network rules would make previously valid blocks or transactions on the blockchain invalid or previously invalid transactions now valid.
Every node or user would have to upgrade to the new version of the network when a hard fork occurs, as the more recent version will not accept nodes running the previous network protocols. Furthermore, the list of transactions and balances on the previous blockchain is often imported to the new one in a hard fork.
This is called an airdrop. Think of it as playing a card game with a group of friends. All players have gathered many points, but now you want to change a few rules. This means that if Alice had 4. If she spends her 4. Each blockchain has its series of governing rules, including how it achieves consensus, protocols like the size of each block which influences how many transactions it can contain , and more. When some network users refuse to adopt an update, the blockchain network can fork—users who preferred the update will embrace it, splitting off into their own blockchain, while those who did not accept it continue initiating transactions and adding blocks to the original blockchain, using the old rules.
But, developers can also decide to fork Bitcoin for more selfish reasons or to make a profit at the expense of the coin holders. Some of the reasons a Bitcoin or other blockchain user might develop a hard fork are:. Like any updates, forks play a vital role by allowing nodes on a network to update how the network works, which may fix an issue most users found inconvenient, correct security risks, add new functionality, or more. A good example is the Bitcoin Cash hard fork.
Bitcoin Cash increased the original Bitcoin block size of 1 MB to 8 MB, meaning that each Bitcoin Cash block could contain more transactions than on the original network. Bitcoin Cash BCH increased the speed of transactions, which also helped reduce the fees of each transaction. Bitcoin is the most successful cryptocurrency ever created.
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1. Bitcoin (BTC) · 2. Bitcoin Cash (BCH) · 3. Dash (DASH) · 4. Litecoin (LTC) · 5. Monero (XMR) · 6. ZCash (ZEC). Dogecoin's mining code was initially copied from another crypto project called LuckyCoin. LuckyCoin – a fork of Litecoin, which is a fork of Bitcoin – featured. Litecoin is a BTC fork with faster transaction confirmations. Litecoin (LTC) was released in as a fork of Bitcoin with the primary difference being a.