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Litecoin (Abbreviation: LTC; sign: Ł) is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. [4] [5] In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase.
Since the creation of bitcoin in 2009, the number of new cryptocurrencies has expanded rapidly. [1]The UK's Financial Conduct Authority estimated there were over 20,000 different cryptocurrencies by the start of 2023, although many of these were no longer traded and would never grow to a significant size.
For example, Litecoin aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes which allows Litecoin to confirm transactions faster than bitcoin. [19] Another example is Ethereum , which has smart contract functionality that allows decentralized applications to be run on its blockchain. [ 44 ]
Bitcoin, the first decentralized cryptocurrency, was announced in October 2008 with the whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto, [12] [13] followed by the implementation of the protocol as a peer-to-peer network in January 2009. [14]
HBO is the latest to try to solve the identity of Bitcoin’s creator. Here are the details.
In October 2011, he released Litecoin on Bitcointalk. [7] He had written the blockchain technology based on Bitcoin in his spare time while employed at Google. He released Litecoin to the public after mining only 150 coins. [5] Lee has stated that he did not intend to compete with Bitcoin but meant Litecoin to be used for smaller transactions. [6]
First, that Dr. Wright is not the author of the Bitcoin white paper. Second, Dr. Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011. Third, Dr. Wright is not the person who created the Bitcoin system. And, fourth, he is not the author of the initial versions of the Bitcoin software. [63]
In 2012, J. R. Willett published a whitepaper that described the possibility of building new cryptocurrencies on top of the bitcoin blockchain. [13] [non-primary source needed] Willett went on to help implement this idea in the cryptocurrency Mastercoin, which had an associated Mastercoin Foundation (later renamed the Omni Foundation [14] [non-primary source needed]) to promote the use of this ...