Litecoin

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Litecoin
LTC-400.png
Founded 2011
Headquarters USA
Key People Charlie Lee, creator
Employees 15-25
Twitter @satoshilite
Website Litecoin home

Litecoin (LTC) is one of the major cryptocurrency alternatives to bitcoin, sometimes called an altcoin. It is not to be confused with Litecoin Cash (LCC), a cryptocurrency which, despite borrowing Litecoin's name and promising returns for existing Litecoin holders on its website, is not affiliated with Litecoin.[1]

Overview

Litecoin was created in 2011 by Charlie Lee, a former employee of both Google and Coinbase.[2][3] Litecoin was designed to run on a Scrypt-based mining system, in an effort to prevent miners with expensive, high-end equipment from gaining a significant advantage over other miners. This was to prevent a hardware "arms race" similar to the one happening among bitcoin miners.[4][5]

In July 2018, the Litecoin Foundation announced that it had acquired a 9.9 percent stake in Germany's WEG Bank AG in exchange for helping the bank develop cryptocurrency payment methods for its customers. This payment method is also being developed with TokenPay, a blockchain developer.[6] When news of the deal broke, Litecoin's price briefly spiked above $81.[7]

In December 2018, the Litecoin Foundation announced that it had entered into a partnership with Ultimate Fighting Championship (UFC), making LTC its first-ever crypto sponsorship.[8]

Litecoin Cash (LCC)

In February 2018, the crypto company Litecoin Cash (LCC) was announced as a fork, or offshoot token, of Litecoin. Charlie Lee has firmly stated that this alleged fork is not genuine and that Litecoin is not affiliated with Litecoin Cash in any way. He also issued a warning to investors that they could potentially "lose everything" by investing in LCC, implying that it is likely a scam.[9][10]

"The Flappening"

In February 2018, Lee predicted that Litecoin would overtake Bitcoin Cash in terms of price and market cap by the end of the year, in a phenomenon that he called "The Flappening." His prediction came true in December.[11]

MimbleWimble

In February 2018, the Litecoin Foundation announced that it was working with cryptoasset development company Beam to potentially integrate MimbleWimble, a privacy, scalability, and security-augmenting software protocol, into the Litecoin protocol. After the news broke, LTC's price climbed 10 percent.[12]

LTC surges 330%

In April 2019, Forbes reported that since the beginning of that year, Litecoin had experienced a gain of over 200%. By doing so, it had outperformed bitcoin, Ether, XRP, and Bitcoin Cash.[13] By the middle of May, the price of LTC broke $100.[14] Litecoin continued this upward trend into June, in which its price surpassed $135 per coin, a 330 percent increase since the start of the year, marking a 13-month high.[15] One Twitter user quipped that LTC was doing so well, "Craig Wright will soon be claiming he's Charlie Lee."[16]

References