The source code of Litecoin is almost the same as the one of Bitcoin, so everything developed for Bitcoin can easily be tested and implemented on the Litecoin network. As a result, the flow of information between the protocols of both currencies runs smoothly.
Litecoin was the first network to have implemented the Segwit update. Charlie Lee was able to demonstrate that the update was a real improvement for both the Litecoin and Bitcoin network and did not cause any problems. The implementation of Segwit on the Litecoin network makes it possible to connect to the Lightening network of Bitcoin.
Litecoin can also perform atomic swaps with Bitcoin, allowing Bitcoin users to easily carry out micro-transactions in Litecoin.
Litecoin will also test sidechain technology with Rootstock, which is the smart contract application developed on the Bitcoin blockchain. This gives Litecoin a similar function as Ethereum.
Litecoin is considered the cryptographic silver, while Bitcoin is considered cryptographic gold.
Yet there are also very important differences between Litecoin and Bitcoin.
The algorithmic Proof-of-Work function Scrypt is used instead of SHA-256
The propagation time of a transaction block is 4 times faster than the one of Bitcoin
A total of 84 million Litecoins will be mined
The main developers and creators of Litecoin are actively involved in the further development of the protocol. Litecoin is in this sense much less decentralized than Bitcoin.
The Litecoin team has been working on the development of LitePay through a smartphone application and a bank card, comparable to Visa and MasterCard, to be paid by local merchants. However, the plans have been put on hold because they were unable to convince a supplier of cards.
Litecoin, however, has entered into a partnership with TenX. TenX offers an iOS and Android application for payment throughout the world, with the focus on cryptocurrency.
Litecoin was developed by Charlie Lee, former director of Coinbase.
|Start Date||08 January 2011 (appr. 6 years)|
|Hash Rate||428 TH/s|
|Block Time||2,5 Minutes|
|Blockchain / Supply||https://explorer.litecoin.net/chain/Litecoin|
|Availability / Total Supply||56,5 Million / 84 Million|