The project of Litecoin is developing as a payment system for transferring digital assets between users. Litecoin became one of the first alternative coins created using the Bitcoin source code.
Former Google employee Charlie Lee realized the great potential of Bitcoin. But he also noticed the limitations inherent in this digital asset. Bitcoin had a fairly slow transaction speed and high transaction fees. Lee understood that these traits needed to be corrected. A new altcoin appeared as a result of a fork in October 2011.
At the beginning
Charlie Lee has developed his platform to create more blocks than BTC and get a greater maximum supply. He believed that in this way it would be faster than the reference cryptocurrency.
LTC reached a billion US dollar capitalization 2 years after its inception. For a long time, he kept in the TOP-3 according to the market valuation of the cryptocurrency. As of mid-August 2021, the project is ranked 15th in the digital assets rating by total turnover.
First transaction
In May 2017, LTC adopted the Segregated Witness protocol, joining the Bitcoin network upgrade process. In the same spring, the first transaction took place on the Lightning Network from Zurich, Switzerland to San Francisco.
Litecoin developer Charlie Lee has returned to the team after a short hiatus while working for Coinbase (from 2013 to 2017), and the coin has an ambitious roadmap. In May 2017, the LTC cryptocurrency was listed on the Coinbase crypto exchange.
Fork
Another Litecoin hard fork occurred in February 2018, which led to the creation of the Litecoin Cash coin. As a result of the fork, there was a strong discrepancy in the protocols, which led to the emergence of a new digital chain. After the fork, owners received 1 new coin for every unit of LTC they had in stock.
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