Litecoin-Wiki.com: The history of litecoin

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LITECOIN HISTORY


The project of Litecoin was conceived and established by Charles Lee and support also came from the members of the Bitcoin community. It was first announced and launched on the 13th of OCT. 2011. Based on the protocol peer to peer of Bitcoins, Litecoins introduced new number of features examined by its team of developers as an improvement over the implementation of Bitcoins. The main characteristic is the use of scrypt as its proof of work algorithm. A proof of work algorithm establishes a computational challenge to be cleared by the computer networks so as to certify a block of transactions.

Scrypt was developed by Colin Percival of Tarsnap in year 2009 contrasting the SHA-256 of Bitcoins that serves to execute hardware scalability by requesting a huge amount of memory during calculations. This change decreases the efficiency gain and economic incentive to enhance custom hardware like the Application Specific Integrated Circuits (ASIC). While ASIC can be deduced for any aim and can be introduced for Litecoin, delaying the changes by the use of scrypt, and preserve the decentralization in mining that brings a decentralized currency so much of its worth and use.

The second main feature is reduced transaction confirmation aimed at every 2.5 minutes. Bitcoins confirms transactions in 10 minutes interval and the security measure requires one to wait for about 1-2 hours. Litecoin is faster in confirmations and offers end users with faster access to their accounts, mostly during time sensitive period. Other parameters have remained without change, like the block numbers in hard changes, and the number of years between rewards halving events of blocks. This simply means that Litecoin has more complicated change about 3 to 5 days and will generate total number of around 84 million Litecoins, which is 4 times faster that the number of Bitcoin units. This currency based on math is experiencing increase in its adoption. Recently announced statement by MtGox, the world's leading Bitcoin exchange stated that This update was used to make sure that transaction at low rates from 0.8.6.1 version clients would not be affected by clients using older versions.

In April year 2014, another version of Litecoin was also launched, which was version 0.8.7.1, and it amended some few errors and also included a fix that relates to Heartbleed security bug. it is including Litecoins in his portfolio. Lots of speculations were ignited by this news, and it eventually resulted to a significant increase in value. As of the Month of April year 2013, a peak of about USD 81 million was reached by Litecoins. The exchange rate as of that period was volatile, traded between USD 2.5-4.5. Litecoin project is still maintained by team of developers led by Charles Lee, with the support of large community.


Litecoin was launched by an open source client on GitHub On the 7th of Oct. 2011 by Charles Lee, who has worked with Google before. It was a fork of the Bitcoin Qt client, making differences primarily by having reduced block generation time, to increase the maximum number of coin, different hashing algorithm, and a slightly modified. As of 2013, Litecoin was mentioned by the Economist as an alternative to Bitcoin, and it has notably shot up in price recently. During Nov. 2013, the total value of Litecoin increases in growth dramatically and included a 100% leap in less than 24 Hrs.

Litecoin can also be used in most apps that accept Bitcoin or other crypto currencies, which is currently allowed in 23 market exchanges, following Bitcoins. It is possible to purchase Litecoin through credit cards or Litecoin PayPal apps method with other business, NGO, websites and apps.

RECENT VERSIONS

The version 0.8.5.1 of Litecoin was launched in Nov. 2013. The releases made some changes and added an enhanced security to the network of Litecoin. Version 0.8.6.1 was released earlier in Dec. 2013 by the Litecoin team. The new version of Litecoin provides a 20 times reduction in transaction fees, and also include security and performance enhancement in the network and client. The binaries and source codes were earlier released in the #litecoin IRC channel, on official forums of Litecoins, and on reddit, with details on power users to enable a Litecoin supernode to the configuration file, while the main site was to be updated after much of the network were operating on the new version.


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