Litecoin founder Lee Qiwei English name Charles Lee, Litecoin's design and maintenance are carried out by him. Li Qiwei is Coinbase's director of engineering and is the brother of Li Qiyuan, the CEO of Bitcoin, a large digital currency trading platform. Li Qiwei is an Asian American who graduated from MIT in 1999 with bachelor's and master's degrees. His majors are electrical engineering and computer science.
Litecoin (LTC), a peer-to-peer electronic cryptocurrency, is an open source software project licensed under the MIT/X11 license. Litecoin was inspired by Bitcoin (BTC) and technically used the same implementation principle. Litecoin's creation and transfer was based on an open-source encryption protocol and was not managed by any central agency. Litecoin can currently exchange legal currency and most electronic currencies such as Bitcoin, most of them through online trading platforms. Compared with Bitcoin, Litecoin has faster transaction confirmation time, higher network transaction capacity and efficiency. Litecoin now has a complete industrial chain and sufficient liquidity to prove that it is a mature, secure and stable commercial financial system.
The plan behind Litecoin shields the platform and gives users the ability to control and manage their own assets. Litecoin is one of the earliest and most popular encryption modes in the industry. The
Litecoin has the following core features:
1.Open source software
Litecoin's software is open source, allowing users to run, tune, and copy applications as needed. The transparency of the program ensures the independent verification of the operation and the revision of the source code. Litecoin is an open source global payment network that is completely decentralized without any central authority. Mathematics guarantees the security of the network and empowers individuals to control their financial status. Compared to leading math-based currencies, Litecoin has faster transaction confirmation times and higher storage efficiency.
With rich industry support, trading volume and liquidity, Litecoin has become a complement to the Bitcoin business.
Due to the high frequency of block generation, the Litecoin platform is able to handle larger transaction volumes without the need to modify the software in the future. The Litecoin network processes a block approximately every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation. Therefore, the maximum transaction volume that Litecoin blockchain can handle is higher than that of virtual currency Pioneer-bitcoin.
3. wallet encryption
Wallet encryption ensures the security of your private key in your wallet, allowing you to view transaction status and account balances, but you must enter your password before you use Litecoin. This function not only prevents viruses and Trojan horses from intruding, but it is also an effective legal check before payment.
4. Mining rewards
Litecoin was used as a reward for the miner’s contribution platform, inspiring the mining of Litecoin and promoting the development of the entire platform.
The price of Litecoin U.S. dollars was initially quite stable during the initial period of issue. In April 2017, prices began to fluctuate and rise. On December 19, 2017, it experienced a significant increase and reached a record high of US$375.29. Since then, it has begun to drop sharply and fluctuate constantly.