The live price of Litecoin today is $78.43 USD. Litecoin is up 4.85% in the last 24 hours compared to $USD. Litecoin has a live market cap of $5,630,526,619.63 USD, and a circulating supply of 71,790,471 LTC.
What Is Litecoin?
Litecoin is a cryptocurrency that was designed to make payments quickly, securely and cheaply. This is done by using the unique properties of blockchain technology.
Litecoin is a cryptocurrency that was created based on the Bitcoin protocol. However, there are some key differences between the two cryptocurrencies. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
Litecoin was created on October 7, 2011 when it was released on GitHub as an open-source client. The Litecoin Network went live five days later on October 13, 2011. It has since become very popular and is accepted by many merchants. Litecoin is also one of the top ten cryptocurrencies by market capitalization.
Litecoin was created by Charlie Lee, a former Google employee. He wanted Litecoin to be a “lite version of Bitcoin,” which means that it has many of the same properties as Bitcoin but is lighter in weight even when comparing to Ethereum.
Who Founded of Litecoin?
As we mentioned earlier, Litecoin was founded by Charlie Lee. He is a well-respected figure in the cryptocurrency community.
Charlie Lee is an early Bitcoin miner and computer scientist who worked for Google. He also had a job at Coinbase as the director of engineering from 2015 to 2017.
Charlie Lee is a cryptocurrency advocate who works to help advance Litecoin. He is the managing director of the Litecoin Foundation, a non-profit organization.
Besides Lee, the Litecoin Foundation also includes three other individuals. These include Xinxi Wang, Alan Austin and Zing Yang. These three people are accomplished in their own right.
What Makes Litecoin Unique?
Litecoin is the second most popular pure cryptocurrency after Bitcoin. This success is largely because Litecoin is simple and has clear benefits for users.
As of January 2021, Litecoin is one of the most popular cryptocurrencies. More than 2,000 merchants and stores now accept LTC across the globe.
One of the main benefits of Litecoin is that transactions are confirmed quickly and cheaply. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support.
In late 2020, Litecoin also saw the release of the MimbleWimble testnet. This is a test version of MimbleWimble that can be used to test confidential transactions on Litecoin. Once this feature is available on the mainnet, Litecoin users will also benefit from greatly enhanced privacy and fungibility.
OmniLite – Litecoin platform
The Litecoin Foundation – a Singapore based non-profit organisation that supports the Litecoin ecosystem – has just announced the launch of ‘OmniLite’, a decentralised token creation platform which is being acclaimed as the ‘Ethereum Killer’, introducing Smart Contracts, DAOs, Tokenised assets and NFT functionality onto the Litecoin Network.
“OmniLite is a platform that helps you create tokens and smart contracts. It also lets you create other things related to crypto-assets, like tokens and Non-Fungible Tokens. OmniLite is built on top of Litecoin’s blockchain, so it takes advantage of Litecoin’s good security and low fees. The tokens created through OmniLite can be considered to be an extension of Litecoin. This means that the transactions from these tokens are recorded on its blockchain. As a result, all digital assets created through OmniLite benefit from the network advantages Litecoin has to offer.”
OmniLite can help create stable coins like Tether (USDT) on top of Litecoin. This may be happening because Craig Sellers, a co-founder of Tether and member of the Omni foundation, has been congratulating the team on their launch. Jay Milla, the marketing director for the group, said that the announcement is:
“Cryptocurrencies are a hot topic these days. They offer a lot of opportunity for people who want to build things. Litecoin is a good example of this. It has been around for a long time and has seen a lot of change.
Since Litecoin has low fees and has been around for a long time, it was only a matter of time before people started building assets on top of its network. Thanks to the hard work by developer Loshan and the Litecoin Foundation, it is now much easier to create things on top of the Litecoin network using OmniLite”
While other networks such as Bitcoin and Ethereum’s have been experiencing saturation issues, developers may want to take advantage of the significantly cheaper transaction costs and security Litecoin has to offer. Thanks to OmniLite, building a layered economy on top of Litecoin has never been this accessible. OmniLite makes it easy for developers to build.”
Currently, OmniLite supports a wallet mode for the Litecoin Omni network. The software is available on Windows, Linux and MacOS platforms.
How Many LTC Coins Are There in Circulation?
As with most proof-of-work cryptocurrencies, the number of Litecoins in circulation gradually increases as new blocks are mined.
As of January 2021, 66.245 million LTC have been mined from a total maximum supply of 84 million. The Litecoin Foundation recently estimated that it will be well over 100 years until Litecoin reaches full dilution (around the year 2140) — since the number of LTC mined per block decreases every four years as part of the reward halving schedule.
500,000 LTC was mined on the first day after the LTC genesis block. Charlie Lee and presumably other early Litecoin developers were among the first miners.
Even though Litecoin is a fairly distributed asset, the developers and Charlie Lee don’t receive any direct profits from its operation. They only earn money from the regular mining process.
Litecoin was listed on several markets in 2011, and the price hit $0.30. Then, from November to December 2013, it went on a bull run and the price hit $44.73. However, the bear market and Mt. Gox hack caused prices to crash in 2014, and prices consolidated within the $2 range for years.
In November and December of 2017, the price of Litecoin increased by over 500% to $358.34. The price reached an all-time high in May 2021 during the latest crypto bull run, reaching $386.45 on May 9, 2021.
How Is Litecoin Secured?
Litecoin is a blockchain-based cryptocurrency that is secured by incredibly strong cryptographic defenses. This makes it practically impossible to crack.
Just like Bitcoin and other cryptocurrencies, Litecoin uses a PoW consensus algorithm to ensure transactions are confirmed quickly and without errors. This helps to prevent things like double-spends and keeps the network running smoothly.
Where Can You Buy Litecoin (LTC)?
Litecoin is one of the few cryptocurrencies that can be exchanged for U.S. dollars, Korean won, euros and more. This makes it easy to trade Litecoin for other currencies. Some of the most popular exchanges that Litecoin is traded on are Binance, Coinbase Pro and Kraken.