Bitcoin is the top digital currency because it started things for all other currencies. The currency has both fans and detractors, and one of the popular fans was Charlie Lee in 2011. He was so enthusiastic about the currency that he decided to create his own with more flexibility, and this gave birth to Litecoin.
Litecoin (LTC) Price Today – LTC / USD
Charlie Lee launched Litecoin as a complement to Bitcoin and wanted a blockchain environment where payments amongst users could take less than a few seconds for processing while keeping the transfer fees as low as possible.
So he took Bitcoin technology and located the code sectors which created information bottlenecks that slowed things down and made them lighter without affecting the swiftness of the process. The project succeeded.
Litecoin is similar to bitcoin in every way. It is a fork from the Blockchain of bitcoin. So it is the same Blockchain tech with the consensus system altered to offer more speed than bitcoin.
How Litecoin surpasses bitcoin
Litecoin is the seventh coin by market cap. It is quite popular and is also considered a robust Blockchain project.
The token exchanges amongst network users are instantly settled, and the fees for each transaction are meager. The final coins to be mined is also another differentiating factor.
BTC, on the other hand, is made to mine 21 million coins while Litecoin mines 84 million in total. Another edge is the flexibility of infrastructure.
LTC can create a different block every 180 minutes rather than ten minutes like bitcoin does. This is because of the scrypt which is used on each Blockchain in the proof-of-work protocol. The scrypt collisions are a lot faster to compute, and this helps improve the speed.