Who would have thought that Cryptocurrency would sweep the world. Just like that, Charlie Lee, a regular Google employee wouldn’t have speculated the success Litecoins would make in the coming days. Following Satoshi Nakamotos Bitcoins, Lee developed the Litecoin, making it a bit simpler than its predecessor and hence quickly popular.
Litecoin was born in October 2011. Lee developed the Litecoins, not as an alternative to Bitcoins, but as a complementary currency. In order to do that, he made several changes in Litecoins. He did not go with the complicated SHA-256 algorithm to secure the block chain governing Litecoins. Instead, he developed Scrypt algorithms that were relatively simpler and easier to solve. He also worked on making Litecoin more secure and faster. Litecoin mining was also made quicker in comparison to Bitcoin.
In 2011, Litecoin was launched on GitHub. The initial deverlopers of this amazing alt-coin were only Lee himself and Warren Togami but later more developers joined in.
As a result of their efforts, Litecoins picked up pace in the market. It wasn’t until late 2013 that Litecoin grew through. In November 2013, Litecoin’s value increased drastically. Its market capitalization also reached about a billion. Watching the growing market of Litecoins, more dealers started accepting and trading in Litecoins. This is how Litecoins became the next Bitcoin.
Litecoins and Other Cryptocurrencies
Litecoin is not the only cryptocurrency that followed Bitcoin, even though it was the first. Several other alt-coins became avaiable in the market with the passage of time like Dash, Monero, Ethereum etc. However, none gained as much popularity as Litecoins. This is due to the fact that Litecoin was launched as a complement to Bitcoin. Litecoin mining is easier in comparison to other as well and hence it has been widely accepted over the world, just like Bitcoin.
The limit of litecoins is 84 million units. That means, the total coins that can ever be mined is 84 millon. Currently around 53 million units are in circulation with 25 coins being released every 2.5 minutes.