Litecoin
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Litecoin Info
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Litecoin(LTC), often referred to as the silver to Bitcoin's gold, is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It was one of the earliest altcoins, and it was designed to improve upon Bitcoin's technology with faster transaction times, lower fees, and a more democratic mining process.
Litecoin operates on a decentralized open-source global payment network that uses "scrypt" as a proof of work. This algorithm can be decoded with the help of CPUs of consumer-grade. While Bitcoin uses the SHA-256 hashing algorithm, which requires significant processing power, Litecoin uses the memory-intensive Scrypt algorithm. This difference makes Litecoin more accessible to users who want to mine the cryptocurrency using their personal computers.
On August 2, 2023, Litecoin completed its third block reward halving at block height 2520000, with the current block reward now at 6.25 LTC.
Above are only for introduction, not intended as investment advice.
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Q&A about Litecoin Tokenomics
Explore the tokenomics of Litecoin (LTC) and review the project details below.
What is the allocation & supply schedule for Litecoin (LTC)?
Litecoin's supply is programmed to have a hard-capped limit of 84,000,000 coins that will ever be mined into existence. On the 7th Octobor in 2011, the Litecoin Network began with what's known as the Genesis Block. Miners, who validate transactions, used to receive a full reward for every 840,000 blocks they processed, which happened approximately every four years.
Around 500,000 LTC was instamined on day one after the LTC genesis block was mined and Charlie Lee and presumably other early Litecoin developers were among the first miners. Despite this, as a fairly distributed asset, Litecoin developers or Charlie Lee do not receive any direct profits from the operation of Litecoin—other than anything they may earn as part of the regular mining process.
This process, called "halving," means that the rewards for miners are cut in half. This will keep occurring every 840,000 blocks until all 84 million Litecoins have been created, which is anticipated to be around the year 2142. Once those 84 million litecoins are made, there won't be any more new ones. From then on, miners will make money from the fees paid for transactions. If you want to know the total number of mined LTC circulating on the Litecoin network, you can refer to https://blockchair.com/litecoin/charts/circulation
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Litecoin(LTC), often referred to as the silver to Bitcoin's gold, is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It was one of the earliest altcoins, and it was designed to improve upon Bitcoin's technology with faster transaction times, lower fees, and a more democratic mining process.
Litecoin operates on a decentralized open-source global payment network that uses "scrypt" as a proof of work. This algorithm can be decoded with the help of CPUs of consumer-grade. While Bitcoin uses the SHA-256 hashing algorithm, which requires significant processing power, Litecoin uses the memory-intensive Scrypt algorithm. This difference makes Litecoin more accessible to users who want to mine the cryptocurrency using their personal computers.
On August 2, 2023, Litecoin completed its third block reward halving at block height 2520000, with the current block reward now at 6.25 LTC.
Above are only for introduction, not intended as investment advice.