Author |
Produced by Li Huohua | Vernacular Blockchain (ID: hellobtc)
" Bit Gold, Lite Silver ", this slogan is widely circulated in the industry.
Litecoin, which was once ironically "modified only a few parameters of Bitcoin", once firmly ranked second in market value. After several bull and bear markets, it is still ranked in the top five and is one of the few recent outperforms. The mainstream currency of the currency is affectionately called "spicy bar" by investors.
Today, the vernacular blockchain will take you to learn about "spicy bars".
01
birth of litecoin
In 2011, Li Qiwei, a programmer who graduated from the Massachusetts Institute of Technology and worked at Google, learned about Bitcoin from a report describing the "Silk Road". After reading the Bitcoin white paper, he was deeply attracted by Bitcoin and the blockchain technology behind it .
So, he bought Bitcoin and used a normal computer to mine , while mining, thinking about how to create a better electronic currency system.
▲ Li Qiwei
At that time, there were many altcoins that cloned Bitcoin on the market. Li Qiwei cloned the source code of the altcoin Tenebrix, adjusted a few parameters, and created the altcoin Fairbix. Due to the community's condemnation from the pre-mining and the client software bug, the currency ended in a hasty and failed.
After the failure, Li Qiwei immediately started the second coin issuance.
This time he cloned the source code of Bitcoin and adjusted several parameters, named "Litecoin (LTC, Litecoin)".
02
differs litecoin and coins at the bit
Since Litecoin has cloned the source code of Bitcoin and adjusted several parameters, what is the difference between Litecoin and Bitcoin?
In fact, there are three main differences between the two:
First, the algorithm is different. Although both adopt the PoW consensus mechanism , Litecoin uses the Scrypt algorithm instead of Bitcoin's SHA-256 algorithm. Therefore, in the early days when ordinary computers were able to mine (before the birth of ASIC mining machines), ordinary computers were easier to mine Litecoin.
Second, it is faster. The Bitcoin network produces a block approximately every 10 minutes. The block generation time of Litecoin is about 2.5 minutes, and the block generation speed is about 4 times that of Bitcoin. Therefore, Litecoin satisfies the need for small instant payments to a certain extent.
Third, the total amount is larger. The total amount of Bitcoin is about 21 million, and the total amount of Litecoin is about 84 million, which is four times that of Bitcoin.
Litecoin is similar to Bitcoin. The initial mining reward is 50, which is halved every 4 years ( half every 840,000 blocks).
03
summary
Since 2011, many currencies have cloned source code and copied Bitcoin. In the "fork tide" of 2017, a large number of teams have hard-forked Bitcoin and created a new "Bitcoin". (For example: Super Bitcoin, Bitcoin Diamond, etc.).
Why is it that so many counterfeit and forked Bitcoin currencies are "suffocated by everyone", and many of them even go to zero, while Litecoin can stand out and become popular? What is the greatest value of Litecoin? Welcome to leave a message in the message area. It doesn’t matter if you don’t understand, we will answer for you next week, so stay tuned!
This article is reissued from an old one with slight adjustments
Original link: Nicknamed "Spicy", the most successful altcoin: Litecoin LTC
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"Sound Description: This series is only for entry-block chain science learning, does not constitute any investment advice or recommendations. If there are any errors or omissions, please leave a message to point out. 』
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