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Well, Litecoin is a peer-to-peer cryptocurrency and an open source project created in October It has been inspired by Bitcoin in most aspects but was introduced with some technical differences such as segregated witness and lightning network currently BTC too has SegWit and Lightning Network.
It also has a very less transaction time nearly 4 times faster than BTC and a very low transaction fees, making it ideal for small-size purchases. Litecoin was basically a fork of the Bitcoin Core client which mainly differed in terms of decreased block generation time 2. SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.
When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain. Segregate means to separate, and Witnesses are the transaction signatures.
Hence, Segregated Witness in short, means to separate transaction signatures. The Lightning Network is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties. It is one of the first implementations of a multi-party Smart Contract programmable money using bitcoin's built-in scripting. The Lightning Network is leading technological development in multiparty financial computation.
One very important feature that Litecoin was introduced with but Bitcoin didn't have initially was SegWit. This was blocked by bitcoin miners just to benefit financially. SegWit stands for Segmented Witness. It basically doubles the capacity of any network it is activated on.
For any Litecoin transaction, we'll need to have a LTC wallet just like all other cryptocurrencies a wallet is a must. Litecoins can be easily purchased and sold on a number of exchanges using all types of currencies.
Coinbase has also added LTC recently, to be purchased with fiat currency. Litecoin is securely stored in a wallet on your computer, laptop, tablet or smartphone. It's a simple and powerful lightweight LTC wallet that doesn't require users to sync to the network. Secure online web wallet that functions inside of your web browser. Open source JavaScript Client Side wallet generator. This is also run in the web browser without any server interactions , assuring security.
All the above mentioned devices are compatible with Electrum LTC and as a result, one can use Electrum LTC wallet to communicate with the hardware wallets.
The private keys in this case, remain in your hardware wallet and the Electrum SPV network does the checking and broadcasting for you. The wallet just holds the private keys that allows one to tranfer LTC from one account to another. If one wants to securely store their LTC, then the use of hardware wallets is the best option. It is very easy to integrate LTC into your application. A merchant can easily integrate LTC into a website or application by using existing 3rd party shopping cart plugins.
Once your business supports LTC, you can register it on the official LTC website and they'll include it in the site's index. Currently used by Overstock. There are more 3rd party providers like Asmoney, Gocoin, Cointopay and so on. You can have a look at all these 3rd party plugins and choose the best fit for you. BTC might currently seem as a more obvious option as it holds the upper hand in most of the things like Security, Privacy, Acceptance and so on and so forth.
This might not be the same in the near future. LTC is picking up slowly. LTC would be a safer bet, if one decides to invest in crytocurrency as LTC is surely going to more widely accepted and used in the near future. The maximum supply for LTC is 84 million and the current supply is slightly more than This is author's individual view about Litecoin LTC and should not be considered as an investment advice by EtherWorld.
For more updates, technical blogs and general discussion on Blockchain Technology, please Subscribe and follow us at Twitter , Facebook and Medium. You can also reach us at contact etherworld. Stay up to date! SegWit and Lightning Network SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. Differences between Litecoin and Bitcoin One very important feature that Litecoin was introduced with but Bitcoin didn't have initially was SegWit.
How to buy Litecoin? Some popular LTC wallets are: How Litecoin can be integrated in an application? Some of the 3rd party plugins are: Some merchants that already use LTC are: Do not look at LTC in a casual way. You never know what's going to happen in the coming days!!