Litecoin is another decentralized digital asset like Bitcoins, that offers instant and zero cost payments to anyone and everyone all across the world. It is a peer-to-peer cryptocurrency network released under MIT/X11 license. An open-source Cryptographic protocol that is not controlled by any central authority, manages the creation and transfer of the digital coins. The coin came into existence via GitHub, an open-source client, by a Google employee who also served as Engineer Director at Coinbase named Charlie Lee, on October 7, 2011.
Litecoin is almost identical to the world’s widely popular cryptocurrency Bitcoin, with slight differences in the processing time and the use of the algorithm. With Litecoin, the blocks are processed every 2.5 minutes as compared to Bitcoins, which processes the blocks after every 10 minutes. Therefore, it helps in processing transactions much faster than Bitcoins. Also, it uses the scrypt algorithm, ASIC and FPGA, which makes the mining of the crypto coin more complicated to create and also more expensive to produce as compared to Bitcoin, which uses the SHA-256 algorithm. This also helps to handle a higher volume of transactions than Bitcoin. With substantial backing from the industry, increased trade volume, and liquidity, it gains widespread popularity as a proven medium of commerce.
Trading Value of LTC & Market Research
Currently, the coin is trading at $57.2027. The value of Litecoin price is predicted to increase by the end of 2020. LTC’s market cap is USD 3,655,116,081 with 63,897,569 coins circulating currently.
The market for cryptocurrencies is highly volatile, therefore it is very difficult to make any prediction. In 2020, LTC may experience an upward surge by starting at 250$ and reaching 400$ mark in the first quarter. In June, it may experience an upward surge of $500, after which it might become fixed at $500 mark. In December, it may decrease and might go down to $470.
Litecoin and Cred collaborate to offer interest-earning services to LTC holders
Litecoin Foundation, an organization aimed at popularizing blockchain technology and digital currency, has announced to collaborate with Cred, a California based lending platform to create innovative customer-based investment opportunities for LTC users worldwide. Regarding this, the co-founder and CEO of Cred, Dan Schatt exclaimed his appreciation and remarked,
We are delighted to partner with Litecoin Foundation, one of the oldest and most trusted names in the blockchain industry. We look forward to supporting the millions of Litecoin wallet holders with a more transparent, equitable set of financial services we have built, thanks to the advancement of blockchain technologies.
Because of its widespread popularity in the retail industry, it is considered to be a great investment having an amazing store value. It was launched with an aim to disrupt the world of cryptocurrencies. The problem that Bitcoin experienced, like the delay in transaction and processing time, since it was launched has been solved with the inception of LTC. It processes transactions at the speed of 2.5 minutes per block, which is 4 times faster than Bitcoin. LTC is one of the top 5 cryptocurrencies in terms of market capitalization and value. The market capitalization of the coin has reached more than $7 billion. Therefore, it is one of the best investments that users can count upon.