Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin"

Hello steemit friends, After a few weeks off I was finally able to take part in homework that was held at the Steemit Crypto Academy, which was lectured directly by professor @yohan2on, with the task of writing one of the three Altcoins namely, Litecoin (LTC), Ripple (XRP), Binance coin (BNB), I have LTC for homework this time.

Litecoin, launched in 2011, is an Altcoin based on the Bitcoin model. This digital currency was created by a developer who graduated from MIT and also a former Google employee named Charlie Lee. This coin is based on an open-source global payment network and is not controlled by a central authority.

It is a little different from Bitcoin in several aspects, such as a much faster block generation rate and also using the Scrypt algorithm as a proof-of-work.

Litecoin was created with the aim of helping users make daily transactions using a cryptocurrency and a Proof-of-Work consensus algorithm, or PoW. Bitcoin has a longer transaction time whereas Litecoin is cheaper and faster.

Although Litecoin is known as figurative silver for Bitcoin gold, it should be mentioned that Litecoin has taken a lot from Bitcoin while modifying and improving most of it.

Bitcoin can be used as a store of value apart from providing the perfect platform for long term investment whereas Litecoin is ideal for payment processing due to the speed of transactions it can be executed and its lower fees.

Bitcoin is widely accepted as a payment method by many outlets, shops and websites and in addition, many of them have also started accepting Litecoin. This has allowed the cryptocurrency market to provide users with many solutions and opportunities.

The original purpose of Litecoin's launch was as its "silver" while Bitcoin was its "gold". Since its inception this coin has received the attention of investors and continues to increase in popularity.

Litecoin is a digital currency with a peer-to-peer concept. Using open source (open source) and fully decentralized as a global payment network. Like the character of Altcoins, Litecoin was formed with the aim of correcting the shortcomings of Bitcoin. This coin has gained the support of the industry as the trading volume and liquidity are high over the years.

What is the fundamental difference between Bitcoin and Litecoin? In the following table, a brief description of the differences between the two is illustrated.

Litecoin was created to generate blocks four times larger than Bitcoin. Each block takes 2.5 minutes compared to Bitcoin which takes 10 minutes. This digital coin also allows 4x the limit / coin limit so that it is the main attraction compared to Bitcoin in addition to the aspect of speed and ease of acquisition.

However, because the Litecoin algorithm uses Scrypt (as opposed to Bitcoin's SHA-2 algorithm) as proof-of-work, using mining hardware such as ASIC Mining or GPU Mining rig requires much more processing power.