Since its beginning, Litecoin has bot rooted te the democratization of mining. It found its inspiration te several other altcoins that claimed to do the same thing back te 2011. Litecoin is a copy cat of the Bitcoin protocol, and it boasts one of the more successful and friendly cryptocurrency communities out there.
Litecoin grew from the early technical passions of Google software engineer Charlie Lee, who became involved te the crypto space ter 2011. His very first coin, Fairbrix, wasgoed modeled after the strenuously premined coin Tenebrix crafted by anonymous coder Artfortz.
Tenebrix wasgoed a GPU and ASIC resistant coin featuring the Scrypt (pronounced “ess-crypt”) algorithm. It wasgoed designed to run exclusively on CPUs, added a block every five minutes, and gained a puny following. But many complained that the anonymous founder had premined and stashed away 7 million coins.
To toonbank this, Lee created a fresh coin or ledger system named Fairbrix te September of 2011. Like Tenebrix, Fairbrix added a block every five minutes using the Scrypt proof of work algorithm.
Albeit Fairbrix only had one hundred premined coins, an punt arose when a bug te the coin’s client Multicoin prohibited the creation of fresh coins. This, along with a majority attack on the coin from its genesis, caused the Fairbrix launch to fail.
Still persuaded that he could produce a coin that wasgoed true to the original vision and early implementation of Bitcoin, Charlie Lee took the work he’d done with Fairbrix and applied it to a fresh client.
Lee copied much of what had worked with Fairbrix’s launch and then copied solutions from Bitcoin’s code to voorkant for Fairbrix’s mistakes. The fresh blockchain featured two-and-a-half minute blocks. Maintaining the Scrypt algorithm, it scheduled a halving for every Two,016 blocks with an 84 million block cap. Technically speaking, Litecoin is the brainchild of both Charlie Lee and Satoshi Nakamoto.
Litecoin wasgoed originally released spil a Bitcoin fork on October 7th, 2011 and wasgoed implemented almost a week straks on October 13th. Litecoin’s growth wasgoed stable until it spotted a droplet ter November 2013 which subsequently died down.
Te May of 2018, Litecoin became the very first of the largest five cryptocurrencies to implement Segregated Witness. Consequently, LTC’s value skyrocketed on its fresh exchange Coinbase, perhaps foreshadowing things to come with Bitcoin.
Litecoin would also accomplish the very first Lightning Network transaction ter May. This transaction of one photon (.00000001 LTC) wasgoed finished ter under one 2nd. More recently, Litecoin finished the very first atomic exchange to Decred, and has since performed exchanges with Vertcoin and Bitcoin.
Albeit it is sometimes passed overheen by investors looking for swifter growth te coins with more popular features, Litecoin is often deemed a relatively “stable” coin with a positive community, and has bot coined the silver to Bitcoin’s gold. And albeit it has a public, central creator te Charlie Lee, its founder seems dedicated to the growth of the coin while encouraging other smaller crypto communities.