Litecoin - what is it? : TON Tips

Litecoin - what is it?


Posted by Dissector on 01 May 2021

Litecoin (LTC) is a peer-to-peer online currency that includes almost zero-cost payments to anywhere in the world. It has an open source, global payment network that is completely decentralized and has no control from any central authorities.

Math protects the network and empowers people to manage their own finances. Litecoin features faster transaction confirmation times and increased storage efficiency than the leading, math-based currency.

With strong industry support, trade turnover, and liquidity, Litecoin is a proven medium for commerce in addition to Bitcoin. The Litecoin block chain is able to handle a higher transaction volume than its Bitcoin counterpart.

Thanks to more frequent block generation, the network is able to support a larger volume of transactions without the need for any software changes in the future. As a result, merchants get faster confirmation times, without having to wait for multiple confirmations when selling large numbers of positions.

For each block generated, miners receive 12.5 LTC and the reward amount is halved every 4 years (every 840,000 blocks). Thus, the maximum number of coins in the Litecoin network is approximately 84 million, which is four times the number of coins in the Bitcoin network.