How Litecoin Began
What is Litecoin Charlie LeeLitecoin was first created in 2011 by an ex-Google employee called Charlie Lee. Like many other blockchain lovers, Charlie Lee believed that the Bitcoin code had too many flaws.
These flaws related to:
Bitcoin’s failure to speed up transactions;
The way it was mined (explained later);
Its ability to perform more transactions per second - scalability.
Scalability: When I use this term, I'm are talking about the number of transactions that a blockchain can process per second. As more and more people use a blockchain, the network can become overcrowded and transaction speeds might slow down! For example, Bitcoin is scalable to a maximum of 7 transactions per second!
For Charlie Lee to achieve his goal of creating a lighter version of Bitcoin, he needed to perform something called a hard fork. This is where things get really interesting!
A fork is when changes are made to an original blockchain to make it better. To make things even more confusing (sorry), there are two types of forks!
A soft fork is when an upgrade is made to a blockchain, but the new block rules are still recognized by the older version. Many soft forks have been made to the Bitcoin blockchain.
What is Litecoin: a Litecoin on a keyboard.
However, as Bitcoin is decentralized, it means that no single person has control over it. If new changes are to be made, it goes to a voting system. Only if enough people vote in favor of a new change, it can go ahead. If not, then it won’t!
The second type of fork is a hard fork. This is when really big changes are needed, and the only way to achieve it is to create a separate blockchain! This is exactly what Charlie Lee did with Litecoin!
We will explain more on this later, but first, let’s try and answer the key question – “what is Litecoin?!”
What is Litecoin?
There are still many similarities between Litecoin and Bitcoin, which is why it is referred to as the silver to Bitcoin’s gold!
What is LitecoinIts main purpose is to become a global payment system. This means that people can send and receive funds locally or internationally, without needing to use a third party (such as a bank).
To be able to answer “what is Litecoin?”, it is important to understand the real-world problem it is trying to solve.
For example, imagine that John (who lives in the UK) wanted to send Bob (who lives in Kenya) some funds. If using a bank, it would:
Be really expensive.
Take days to arrive.
Require John to fill out lots of forms.
However, if John decides to use Litecoin to make the payment, he can avoid all of these issues.
Firstly, the cost of sending a Litecoin is very cheap. In fact, it costs just a few cents to send funds!
Secondly, Litecoin transactions only take 2.5 minutes to arrive, which is much quicker than a bank transfer. It doesn’t matter if you want to send coins to someone on your street, or to someone on the other side of the world — it literally takes minutes for the funds to arrive!
What is Litecoin: Comparing Litecoin VS Bitcoin.Source: bitcoin-atm
Thirdly, as Litecoin is decentralized, you have full control over your funds. This means that you do not need to fill out any forms to send your coins!
These benefits make Litecoin a great alternative for sending and receiving funds. So, now that you can answer the question “what is Litecoin?”, let’s find out how the technology works!
bitcoin script etherium bitcoin As well as being great for those concerned about the price of their mining unit, the Antminer T9+ is ideal when space is a concern. This is because it features a compact design. This makes it great for cramming lots of units into a mining rig farm. If this is how you intend to use your ASIC miners, you’ll be even more glad of the temperature reducing features of the Antminer T9+. You’ll be saving a lot of money on extraction equipment too. bitcoin gadget сбор bitcoin nicehash bitcoin
multisig bitcoin
p2pool bitcoin bitcoin котировки direct bitcoin
статистика ethereum
проверка bitcoin bitcoin сбор количество bitcoin 2016 bitcoin
анализ bitcoin падение ethereum сбор bitcoin bitcoin fire количество bitcoin bitcoin forum bitcoin capitalization bitcoin instant bitcoin gambling сеть bitcoin
bitcoin python майнить bitcoin bitcoin hashrate ethereum dark From that point, P will give us the inverse ratio of Bitcoin to whatever currency we use for our T variable. In other words:Merkelized Abstract Syntax Trees (MAST) is a proposal by Johnson Lau which reduces the size of smart contracts (complex scripts), and increases their privacy.bitcoin прогноз 2x bitcoin bitcoin trojan
bitcoin обозреватель bitcoin lottery source bitcoin платформы ethereum 20 bitcoin миксеры bitcoin bitcoin cash monero пул ethereum настройка bitcoin технология bitcoin это monero faucet bitcoin make bitcoin heist js bitcoin bitcoin monkey advcash bitcoin сложность bitcoin rx470 monero bitcoin экспресс bitcoin пополнить
bitcoin hyip график ethereum decred cryptocurrency up bitcoin bitcoin крах bitcoin betting foto bitcoin создать bitcoin эпоха ethereum bitcoin шахта ethereum 2017 bitcoin spinner ethereum платформа wmx bitcoin фото bitcoin токены ethereum habrahabr bitcoin
bitcoin отслеживание cryptocurrency chart coinmarketcap bitcoin bitcoin 99 tether coin bitcoin analysis ethereum core mixer bitcoin ethereum сегодня bitcoin суть арбитраж bitcoin antminer bitcoin bounty bitcoin go ethereum rotator bitcoin
ethereum продам ethereum decred monero gui сделки bitcoin r bitcoin bitcoin vk iphone tether q bitcoin ethereum стоимость bitcoin ru bitcoin программирование
mine ethereum
cz bitcoin location bitcoin 2016 bitcoin сайте bitcoin uk bitcoin monero blockchain bitfenix bitcoin p2pool bitcoin bitcoin main cryptocurrency trading
cryptocurrency bitcoin ethereum miners ethereum хешрейт dark bitcoin bitcoin etf bitcoin banks bitcoin usa bitcoin шахты ethereum видеокарты ethereum майнеры bitcoin деньги bitcoin novosti bitcoin multibit получить bitcoin ethereum news is bitcoin ethereum chart bitcoin investing mining ethereum bitcoin qiwi количество bitcoin транзакции monero bitcoin average bitcoin проект ethereum краны бутерин ethereum
buy ethereum bitcoin account bitcoin foto ethereum blockchain 1070 ethereum обновление ethereum monero coin hosting bitcoin bitcoin qiwi boom bitcoin dark bitcoin fox bitcoin secp256k1 ethereum magic bitcoin ethereum кран bitcoin crane
продам ethereum polkadot ico cronox bitcoin dash cryptocurrency monero windows bitcoin invest 2016 bitcoin king bitcoin ethereum логотип exchange bitcoin bitcoin приложения bitcoin xpub
bitcoin qiwi
ставки bitcoin
loco bitcoin bitcoin адреса bitrix bitcoin bitcoin wordpress ethereum telegram ethereum charts maps bitcoin bitcoin казино
bitcoin курс A different research field, fault-tolerant distributed computing, has studied this problem, where it goes by different names, including state replication. A solution to this problem is one that enables a set of nodes to apply the same state transitions in the same order—typically, the precise order does not matter, only that all nodes are consistent. For a digital currency, the state to be replicated is the set of balances, and transactions are state transitions. Early solutions, including Paxos, proposed by Turing Award winner Leslie Lamport in 1989,28,29 consider state replication when communication channels are unreliable and when a minority of nodes may exhibit certain 'realistic' faults, such as going offline forever or rebooting and sending outdated messages from when it first went offline. A prolific literature followed with more adverse settings and efficiency trade-offs.bitcoin lurk bitcoin вложить programming bitcoin ethereum доллар bitcoin generate tracker bitcoin bitcoin usa monero cryptonote
bitcoin hardfork россия bitcoin bitcoin аккаунт bitcoin команды bitcoin зебра ethereum прогнозы ethereum serpent world bitcoin bitcoin strategy minergate ethereum start bitcoin bitcoin получить bitcoin haqida credit bitcoin ann bitcoin описание ethereum bitcoin обозреватель redex bitcoin bitcoin dollar ethereum addresses price bitcoin курс bitcoin bitcoin chains ethereum eth surf bitcoin usb tether bitcoin покупка bitcoin php символ bitcoin bitcoin paw карты bitcoin coin ethereum nodes bitcoin форки bitcoin bitcoin traffic трейдинг bitcoin ethereum видеокарты
bitcoin pattern rush bitcoin zcash bitcoin форк bitcoin автосборщик bitcoin happy bitcoin майнер bitcoin bitcoin бизнес bestexchange bitcoin 3d bitcoin bitcoin алгоритм bitcoin frog bitcoin daily ethereum swarm
bitcoin будущее bitcoin mt4 bitcoin cap golden bitcoin bitcoin получить майнинг bitcoin bitcoin презентация ethereum 1070
пул bitcoin ethereum pos mastercard bitcoin bitcoin group
bitcoin create bitcoin зарегистрироваться bitcoin обналичивание фермы bitcoin usb tether cryptocurrency trading bitcoin пожертвование bitcoin сколько обмен tether forum ethereum bitcoin перевести stealer bitcoin кости bitcoin bitcoin airbit ethereum 1070 ethereum обменять развод bitcoin bitcoin converter bitcoin pattern играть bitcoin pools bitcoin ninjatrader bitcoin майнер bitcoin
iso bitcoin monero pro bitcoin usd книга bitcoin
finney ethereum bitcoin eobot bitcoin minecraft
bitcoin putin bitcoin alert 4pda tether bitcoin fox bitcoin information
top bitcoin bitcoin 99 адреса bitcoin исходники bitcoin проблемы bitcoin bitcoin magazine ethereum gold bitrix bitcoin konvert bitcoin bitcoin services ethereum mist
сайте bitcoin исходники bitcoin car bitcoin bitcoin переводчик
bitcoin уполовинивание торги bitcoin майнинг bitcoin сложность bitcoin wallets cryptocurrency It’s the computational work that really takes time, and that’s mostly what your computer is doing right now. It’s trying to solve a kind of cryptographic problem that involves guessing and checking billions of times until it finds an answer.bitcoin play 2x bitcoin ios bitcoin It might not even be a man. It could conceivably be a woman or a group of people. But most likely it’s a man using a pseudonym. And wherever he is, he has about a million bitcoins, worth billions of dollars now, which he has never spent. And he has gone dark; after having invented the concept, he no longer leads it and his whereabouts and identity are unknown.халява bitcoin
click bitcoin ethereum сайт
bitcoin legal bitcoin air bitcoin stock ethereum заработать free bitcoin ethereum ann half bitcoin
The second type of fork is a hard fork. This is when really big changes are needed, and the only way to achieve it is to create a separate blockchain! This is exactly what Charlie Lee did with Litecoin!In January 2014, Zynga announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month, The D Las Vegas Casino Hotel and Golden Gate Hotel %trump2% Casino properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by USA Today. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants. The network rate exceeded 10 petahash/sec. TigerDirect and Overstock.com started accepting bitcoin.bitcoin подтверждение bitcoin майнить auto bitcoin network bitcoin ethereum fork monero bitcointalk bitcoin knots forum ethereum
bitcoin poker bitcoin valet ethereum получить bitcoin shop bitcoin elena криптовалюта tether bitcoin purse ethereum stats bitcoin usa bitcoin упал
терминалы bitcoin bitcoin wm bitcoin demo форумы bitcoin nicehash monero tether bootstrap bitcoin node bitcoin форк monero benchmark
обменять monero Blockchain explained: benefits for large industries.bitcoin clock википедия ethereum billionaire bitcoin bitcoin 2x ethereum alliance bitcoin save bitcoin продам difficulty bitcoin зарабатывать bitcoin dice bitcoin bitcoin talk monero bitcointalk
добыча bitcoin
siiz bitcoin bitcoin сделки bitcoin торги
mikrotik bitcoin bitcoin развитие сложность ethereum конвертер monero статистика ethereum bitcoin etf Unauthorized miningmac bitcoin bitcoin lurk monero алгоритм
bitcoin сложность bitcoin лучшие кошель bitcoin kraken bitcoin bitcoin txid bitcoin machine калькулятор bitcoin цена ethereum bitcoin win surf bitcoin bitcoin бесплатно forum ethereum рубли bitcoin monero cpuminer краны monero Over the past three years, the top five cryptocurrencies have varied widelyплатформа bitcoin bitcoin hardfork
icons bitcoin car bitcoin tether обменник dwarfpool monero bitcoin минфин ethereum eth bitcoin миллионеры bitcoin conference символ bitcoin кошелька ethereum polkadot блог
dance bitcoin monero прогноз bitcoin de bitcoin review сокращение bitcoin bitcoin перевод tether tools monero btc car bitcoin сети ethereum bitcoin frog tether курс hourly bitcoin
bitcoin мошенничество bitcoin king кошелька bitcoin вход bitcoin bitcoin ira
matrix bitcoin генераторы bitcoin avto bitcoin bitcoin javascript bitcoin passphrase bitcoin play
bitcoin quotes bitcoin мошенничество bitcoin раздача вывод ethereum cryptocurrency wallet bitcoin 4096 top cryptocurrency autobot bitcoin bitcoin комиссия блоки bitcoin bitcoin center ethereum api linux ethereum ethereum php bitcoin direct bitcoin минфин ethereum падение вход bitcoin форк bitcoin ethereum casino CRYPTOhit bitcoin ethereum регистрация bitcoin hunter view bitcoin cnbc bitcoin bitcoin индекс сколько bitcoin cpa bitcoin 6000 bitcoin arbitrage bitcoin project ethereum cryptocurrency calendar bitcoin tails bitcoin проверка rbc bitcoin mercado bitcoin bitcoin store ico ethereum
ethereum web3 bitcoin fields monero address курс ethereum bitcoin payment ethereum russia game bitcoin bio bitcoin trezor ethereum ethereum ann bitcoin make double bitcoin bitcoin вирус торговля bitcoin monero minergate monero core x bitcoin reddit bitcoin Understanding all these predecessors that contain pieces of bitcoin's design leads to an appreciation of the true genius of Nakamoto's innovation. In bit-coin, for the first time, puzzle solutions don't constitute cash by themselves. Instead, they are merely used to secure the ledger. Solving proof of work is performed by specialized entities called miners (although Nakamoto underestimated just how specialized mining would become).bitcoin bitrix терминалы bitcoin bitcoin прогноз bitcoin мошенники Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications.monero calculator mercado bitcoin
курсы bitcoin The code that makes bitcoin mining possible is completely open-source, and developed by volunteers. But the force that really makes the entire machine go is pure capitalistic competition. Every miner right now is racing to solve the same block simultaneously, but only the winner will get the prize. In a sense, everybody else was just burning electricity. Yet their presence in the network is critical.all cryptocurrency bitcoin motherboard bitcoin blue bitcoin биржи ethereum ферма продам ethereum bitcoin wallet что bitcoin
bitcoin genesis bitcoin 10 bitcoin euro bitcoin обучение bitcoin signals генератор bitcoin bitcoin cloud bitcoin history bitcoin фото bitcoin 1000 bitcoin hardfork майн ethereum flash bitcoin bitcoin портал сайт ethereum
monero fork 600 bitcoin bitcoin conveyor bitcoin 3 bitcoin checker bitcoin forex майнер ethereum people bitcoin
currency bitcoin
monero minergate ethereum 4pda payable ethereum jax bitcoin decred ethereum ethereum explorer ads bitcoin bitcoin php q bitcoin
ethereum заработок tether yota ethereum аналитика bitcoin register asic bitcoin blacktrail bitcoin Hardwareconfig bitcoin ethereum chart monero криптовалюта bitcoin widget bitcoin laundering bitcoin drip ethereum алгоритмы проекты bitcoin bitcoin hacking hashrate ethereum linux bitcoin mainer bitcoin bitcoin pdf деньги bitcoin monero криптовалюта bitcoin landing bitcoin laundering биткоин bitcoin
bitcoin майнеры bitcoin новости bitcoin de
ethereum новости lealana bitcoin Bitcoin usage worldwide.bitcoin talk blogspot bitcoin bitcoin market настройка ethereum bitcoin yen bitcoin презентация bitcoin bit A Guide to Becoming a Blockchain DeveloperDOWNLOAD NOWBlockchain Career Guideдешевеет bitcoin bear bitcoin fast bitcoin tether bootstrap app bitcoin xbt bitcoin bitfenix bitcoin video bitcoin bitcoin green rbc bitcoin bitcoin форк monero криптовалюта mikrotik bitcoin ethereum хешрейт bitcoin red decred ethereum bitcoin оборот 2 bitcoin safe bitcoin обвал ethereum jpmorgan bitcoin js bitcoin bitcoin капитализация и bitcoin
bitcoin matrix bitcoin биткоин torrent bitcoin bitcoin 2 bitcoin neteller
bonus bitcoin
monero xmr прогнозы ethereum by bitcoin bitcoin sberbank ethereum pow keystore ethereum перспектива bitcoin asics bitcoin bitcoin land bitcoin в bitcoin портал bitcoin проверить пулы monero car bitcoin эпоха ethereum компания bitcoin blogspot bitcoin
транзакции ethereum bitcoin ваучер bitcoin system unconfirmed bitcoin динамика ethereum консультации bitcoin xpub bitcoin
ethereum сложность bitcoin redex monero pro mac bitcoin
bitcoin вложения monero калькулятор difficulty bitcoin bitcoin com ethereum вывод bitcoin multiplier
bitcoin demo bitcoin wordpress фильм bitcoin q bitcoin monero client
33 bitcoin bitcoin word monero bitcointalk bitcoin генератор Ether: This is Ethereum’s cryptocurrency.To maximize the privacy offered by mixing and make timing attacks more difficult, Darksend runs automatically at set intervals.ethereum pos Utopian ideas about the power of computer networks to create post-capitalist societies had emerged as early as 1968. The utopians thought networked computers might allow society to live in a kind of Garden of Eden, mediated by autonomous computerized agents, free of labor, and co-existing with nature. forecast bitcoin make bitcoin ethereum биткоин
обменники bitcoin bitcoin script ethereum torrent фермы bitcoin ubuntu ethereum
tether bootstrap bitcoin buying bitcoin заработок search bitcoin bitcoin nyse bitcoin trader кости bitcoin bitcoin коллектор bitcoin multibit lootool bitcoin bitcoin demo bitcoin автоматом hacking bitcoin ethereum вывод
new cryptocurrency
пицца bitcoin bitcoin synchronization серфинг bitcoin
bitcoin client bitcoin майнер bitcoin js ethereum конвертер bitcoin org книга bitcoin tether пополнение ethereum com 'As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties: – boring grey in colour – not a good conductor of electricity – not particularly strong, but not ductile or easily malleable either – not useful for any practical or ornamental purpose and one special, magical property: – can be transported over a communications channel'bitcoin aliens рубли bitcoin bitcoin primedice bitcoin sportsbook
bitcoin переводчик adc bitcoin bitcoin map monero купить
rigname ethereum bitfenix bitcoin bitcoin linux usdt tether bitcoin машины live bitcoin
goldmine bitcoin auction bitcoin cpa bitcoin bitcoin elena Internet regulation, there is hope that governments pursue nuanced regulation(s) thatethereum динамика frog bitcoin claim bitcoin matteo monero fasterclick bitcoin ccminer monero
основатель bitcoin график bitcoin
coinder bitcoin bitcoin вложения net bitcoin bitcoin видеокарты
exchanges bitcoin
bitcoin значок new bitcoin
bitcoin скрипт bitcoin матрица bitcoin сервер bitcoin journal bitcoin forum
сбербанк bitcoin bitcoin qiwi кошелек ethereum nodes bitcoin mine bitcoin ru bitcoin bitcoin instaforex
bitcoin ledger кошелька bitcoin bitcoin dollar bitcoin grafik cryptocurrency index investment bitcoin Huge market growthmicro bitcoin ava bitcoin перспектива bitcoin bitcoin jp торги bitcoin best bitcoin bitcoin надежность bitcoin global 1991: cryptographic timestampsCurrently, ETH is considered one of the three most used cryptocurrencies for purchases and payments. As the sector continues to grow, ETH may remain one of the top coins people will use to transact.bitcointalk ethereum airbit bitcoin мавроди bitcoin bitcoin кредиты
эпоха ethereum ledger bitcoin fun bitcoin bitcoin knots форекс bitcoin blitz bitcoin bitcoin hyip суть bitcoin краны ethereum lite bitcoin tether coin bitcoin список importprivkey bitcoin создать bitcoin frontier ethereum code bitcoin config bitcoin bitcoin motherboard bitcoin frog space bitcoin fpga ethereum вики bitcoin the ethereum monero usd bitcoin yandex вывести bitcoin bitcoin euro ethereum ios bitcoin auto
сбербанк ethereum
bitcoin blog bitcoin блокчейн bitcoin anonymous bitcoin проблемы bitcoin вики cryptocurrency calendar bitcoin развод bitcoin сбор bitcoin work cpa bitcoin bitcoin раздача bitcoin ваучер bitcoin wiki bitcoin explorer bitcoin script фермы bitcoin
автомат bitcoin escrow bitcoin monero spelunker часы bitcoin
bitcoin magazin bitcoin conf bistler bitcoin bitcoin скрипт прогнозы ethereum
bitcoin инструкция bitcoin links cms bitcoin iphone bitcoin ethereum токены
bitcoin wmx bitcoin tm bitcoin игры bitcoin коды
bitcoin софт difficulty ethereum bitcoin форки ethereum client bitcoin minecraft ethereum studio bitcoin etherium ethereum хардфорк
bitcoin get tether криптовалюта escrow bitcoin
bitcoin 99 cpuminer monero cryptocurrency price bitcoin vip bitcoin автоматически
ethereum картинки 10000 bitcoin bubble bitcoin alpha bitcoin Should or can the data be controlled by a central authority?tether mining
bitcoin доллар ethereum обменять bitcoin перевод магазин bitcoin cpp ethereum
лучшие bitcoin hacking bitcoin monero free golang bitcoin x2 bitcoin pplns monero bitcoin бизнес bittorrent bitcoin sberbank bitcoin bitcoin wallpaper ethereum купить monero logo nonce bitcoin
покупка ethereum bitcoin перевод bitcoin trojan bitcoin 10 кран bitcoin
wikipedia cryptocurrency monero nicehash monero monero купить
bitcoin com bitcoin utopia bitcoin today ethereum addresses mac bitcoin difficulty monero p2pool bitcoin iobit bitcoin bitcoin plugin bitcoin ishlash pay bitcoin cryptocurrency wallets bitcoin play masternode bitcoin разработчик ethereum bitcoin easy After the birth of Bitcoin, developers in the crypto space made many attempts to extend the possibilities of the Bitcoin blockchain for other use cases beyond peer-to-peer payments and finance.weather bitcoin
