During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. 2011–2016 Īfter launch, the early growth of Litecoin was aided by its increasing exchange availability and liquidity on early exchanges such as BTC-e. Litecoin was a source code fork of the Bitcoin Core client, originally differing by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm ( scrypt, instead of SHA-256), faster difficulty retarget, and a slightly modified GUI. The Litecoin network went live on October 13, 2011. Lee released Litecoin via an open-source client on GitHub on October 7, 2011. Litecoin inherits the scrypt mining algorithm from Fairbrix, but returns to the limited money supply of Bitcoin, with other changes. To address this, Charlie Lee, a Google employee who would later become engineering director at Coinbase, created an alternative version of Tenebrix called Fairbrix (FBX). However, the developers included a clause in the code that would allow them to claim 7.7 million TBX for themselves at no cost, which was criticized by users. Tenebrix itself was a successor project to an earlier cryptocurrency which replaced Bitcoin's issuance schedule with a constant block reward (thus creating an unlimited money supply). This would allow Tenebrix to have been "GPU-resistant", and utilize the available CPU resources from bitcoin miners. ![]() Tenebrix replaced the SHA-256 rounds in Bitcoin's mining algorithm with the scrypt function, which had been specifically designed in 2009 to be expensive to accelerate with FPGA or ASIC chips. Using code from Bitcoin, a new alternative currency was created called Tenebrix (TBX). This raised concern in some users that mining now had a high barrier to entry, and that CPU resources were becoming obsolete and worthless for mining. Units for smaller amounts of litecoin are lites, millilitecoin (mŁ), equal to 1⁄ 1000 litecoin, photons, microlitecoin (μŁ), equal to 1⁄ 100000 and the litoshi, which is the smallest possible division, and named in homage to bitcoin's smallest denomination the satoshi, representing 1⁄ 100 000 000 (one hundred millionth) litecoin.īy 2011, Bitcoin mining was largely performed by GPUs. One litecoin is divisible to eight decimal places. Currency codes for representing litecoin is LTC. The unit of account of the litecoin system is the litecoin. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB ( MimbleWimble extension block) upgrade. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. ![]() Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. Litecoin ( Abbreviation: LTC sign: Ł) is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Ł12.5 (approximately till August 2023), halved approximately every four years
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