On July 9th, a tweet by Litecoin’s creator Charlie Lee emerged online, where he explained the story behind Litecoin’s nomenclature through a Twitter reply.
When a fan, Crypto Hodler asked, ‘How did you come up with the name Litecoin?’, the computer scientist replied:
“Wanted a name that represented a quicker and easier to use Bitcoin. Thought of Litecoin and Lightcoin. Didn’t like light as much because it could also mean light in light bulb. And lite is kind of like elite. Com/org/net domains were all available. The rest is history.”
Litecoin was created with the purpose of being ‘silver’ to Bitcoin’s ‘gold’. The two coins share stark technological differences. The coin limit of Bitcoin is 21 million, while for Litecoin, it is 84 million. The algorithm that Bitcoin uses is called SHA256, and the one used by Litecoin is called Scrypt. The mean block time for Bitcoin is 10 minutes while it is just 2.5 minutes for Litecoin. The inception of Bitcoin took place in the year 2009. Litecoin followed it into existence in 2011.
The common technology that both Bitcoin and Litecoin use is SegWit or Segregated Witness. It is a technology that excludes signature data from the transactions to free more space to solve the malleability issue on the blockchain.
LTC stands on the 6th position in the rankings of CoinMarketCap. Recently, its price has been in the news for its unpredictable highs and lows.
This week on LTC:
- 2nd July: The coin opened in the market with a trading price of $80.21. On the same day, the price took a miraculous pump of $86.27 with a market cap of $4.9 billion.
- 3rd July: The coin again took a red dip of $83.9, only to bounce even higher at a trading price of a solid $89.
- 4th July: The highest figure it achieved in the week was $89.12.
At press time, LTC is trading at $82.36 with a market cap of $4.7 billion. The past week has seen a change of -3.59% in its price. The 24-hour trading volume of the coin is over $254 million.