Bitcoin is the most respected cryptocurrency of all because it was the one that got things started for everybody else. As any protagonist player in any field, Bitcoin has both detractors and fans. Charlie Lee was a huge fan even back in 2011 (he still is) when he still was a software engineer for Google (if you’re reading this using Google Chrome, chances are you’re using code he wrote). In fact, he was such a big and enthusiastic fan that he decided he wanted his very own Bitcoin, except a little more flexible, a little agiler. Thus Litecoin was born.
Charlie Lee conceived Litecoin as a cryptocurrency complementary to Bitcoin. He wanted a blockchain environment in which payments among users could be processed in seconds instead of minutes or hours, and he also wanted to keep transfer fees as close to zero as humanly possible.
So what he did was to take the Bitcoin blockchain technology, locate the code sectors that created information bottlenecks and were slowing things down and changed them by making them lighter (hence, the name) but without losing any robustness in the process. And he achieved his goal.
Litecoin is the exact same thing as Bitcoin in almost every way. It’s a fork from the Bitcoin blockchain (if you are an open source software user you’re probably very familiar with the concept of forking). So it’s the very same blockchain technology, but with some of the steps in the process (particularly the consensus system) altered in a way that privileges speed over the original Bitcoin protocol.
Litecoin was released to the world as an open-source client available on GitHub on October 7th, 2011; the new Litecoin network went live six days after that, and it’s had a successful run ever since then. After its release, Litecoin’s most crucial historical milestone probably came on November 2013 when it increased in price by 100% in a single day reaching one billion dollar market capitalization for the first time.
What edges Liteon has over Bitcoin?
Mr. Charlie Lee achieved all he was set out to do when he founded Litecoin and then some. As I write this piece, it’s the world’s seventh crypto-coin by market capitalization. It’s very popular, and it’s considered to be one of the most robust blockchain projects in the world. The currency is mined by the community, just as Bitcoin is, but the time it takes to calculate a block is much shorter than Bitcoin’s because of the changes Charlie Lee made on the source code and the blockchain process.
Mr. Lee was able to make things happen as he wished. In Litecoin (LTC), token exchanges among network users are settled almost instantly, and transaction fees are meager. Another difference between Litecoin and Bitcoin is in the final number of coins that will be mined.
Bitcoin is famously designed to mine twenty-one million coins only while Litecoin will mine eighty-four million in total. A further advantage of Litecoin is in how flexible the infrastructure is. A change in the whole Litecoin environment is easy to carry out which is why many planned upgrades and features projected for Bitcoin are implemented first in Litecoin to observe how the network could react to a given update or change.
Litecoin can create a new block every two and a half minutes, instead of Bitcoin’s ten, because among the innovations Mr. Lee brought to Litecoin was to substitute the SHA-256 hash for scrypt. These are the functions that are used by each blockchain in the proof-of-work protocol. Scrypt collisions are faster to compute, hence the improvement in speed.
This currency has been the heart of many other blockchain projects such as Open Bazaar, Lightning network, Atomic Swap and many others. There’s been a lot of buzz about Litecoin for the last eighteen months, and there are some excellent reasons for that. Just last week Litecoin became the first blockchain project in history to buy a bank which opens up all kinds of exciting possibilities.
Mr. Lee’s Litecoin is one of the most dependable, reliable and well-trusted cryptocurrencies in the cryptosphere so it will be worth your time to follow closely the way it performs and any new project it could be involved in.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…