Do you know that Litecoin is likely one of the longest standing cryptocurrencies within the ecosystem?
To assist perceive why, we lately spoke with Alan Austin, Managing Director of the Litecoin Basis on the Blockchain.com Podcast.
In case you missed it, listed below are 4 large insights from the dialog.
1. Litecoin is like bitcoin…
“Litecoin is a decentralized peer-to-peer cryptocurrency that allows prompt, low price funds, mainly anyplace on the earth with no third social gathering… There isn’t any financial institution within the center to direct what can and might’t occur with a person’s cash.” Alan explains.
2. …with just a few key variations
Alan informed us that “Though each Litecoin and Bitcoin maintain lots of the similar values, the primary distinction between Litecoin and Bitcoin is that Litecoin has 4 instances the provision of Bitcoin, it’s 4 instances as quick as Bitcoin, and due to these issues the charges are decrease than Bitcoin.”
3. Litecoin adoption is on the rise
“Litecoin is rising considerably. We had a complete quantity round 100 million transactions on the finish of 2021. We’re at present at about 123 million whole transactions,” shared Alan.
4. Litecoin can shield privateness
Alan described “a brand new non-obligatory characteristic of added privateness referred to as Mimblewimble Extension Blocks (MWEB)… may be utilized to hide the ‘to’ and ‘from’ addresses in addition to the quantity of Litecoin being despatched.”
He added, “[When] you go to a retailer and pay with money or bank card, they don’t know the way a lot is in your checking account, nor ought to they. So this can be a fundamental stage of privateness that’s already utilized to conventional finance”