Also known as LTC or simply L, the lite coin is a bitcoin that is fast becoming a part of the cryptocurrency family.
Lite coin was created by a man called Charlie lee, a Google employer, and later became an engineering director at coin base. He first released the first version of the lite coin in October 2011; he released it through an open-source client on glitch hub; the network later went live on October 13, 2011. After its release, it solved the Tenebrix coin’s glitch problem that allowed its creators to claim 7.7 million of the Tenebrix coin at no cost at all; this caused an uproar, and developers made moves to solve this problem again; it was then that Charlie came and first created Fairbrix coin which was later nicknamed FBX, it was from FBX that lite coin inherited its scrypt mining algorithm, the algorithm helps to return to the limited money supply of bitcoin.
Lite coin is written in C++, and its operating units are windows OS, X, LINUX and android.
Lite coin has a supply limit of 84,000,000 LTC and a circulating supply of 66,752,615LT. Its exchange rate of $126 and a current market cap of $8 to 7 billion.
Difference between lite coin and bitcoin
Lite coin's network allows a block every 2.5 minutes; this has helped lite coin to confirm transactions four times faster than bitcoin.
Lite coin also provides total secrecy of the amount transacted between the sender and the receiver.
It uses scrypt n its proof of work algorithm.
Presently lite coin has a circulating supply of precisely 84,000,000 LTC; this supply is four times larger than the bit coin’s maximum circulating supply of 21,00,000 BTC.
In 2013 lite coin experienced tremendous growth, including a 100% leap in just 24 hours, precisely four years after this growth. In 2017, the first lightning network transaction was completed using a lite coin; they transferred exactly 0.00000001 LTC. Later in May of the same year, the lite coin became the first of the top five cryptocurrencies to adopt segregated witness.
Sometimes last year, there was a fake press release from the Globe news wire; the press release stated that lite coin and Walmart had entered into a partnership; this press release helped the growth of lite coin’s price to increase by30%
In May, the lite coin had an upgrade on its network. It was officially activated and provided its user's confidential transactions, in that whatever amount was being transacted was only made known by the sender and the receiver.
Cons of lite coin
Lite coin lacks uniqueness; its only uniqueness stems from the fact that it wanted to be an improvement of bitcoin in speed and effectiveness.
Loss of market share: presently, because of the failures recorded in the crypto market, the lite coin has been sitting at number ten as one of the largest cryptos by market cap in 2017; during the last colossal crypto market run back, it was sitting at number five.
Pros of lite coin
Lite coin offers a low transaction fee of 2.6 cents compared to bitcoins, 4.38 dollars.
Iota coin is prominent and also has a high liquidity
It is highly reliable
Its performance level is fast as it is an improvement of bitcoin.
1/1000: Lites (mililitecoin,ML)
1/100000:microlitecoins, photons, Ut