Crypto Academy Season 2 Week 1 , Homework Post For @yohan2on

Hello Steemians , Hope all of you are doing fine both mentally and physically . So in this post I will be posting homework on Litecoin(Altcoin). as per asked to submit by @yohan2on cryptoprofessor.

First a little bit about Altcoins.

Altcoins

As the name suggests it means alternative coins , but alternative to which coin , so the answer is bitcoin , any cryptocurrency except bitcoin is known as Altcoins.

But why do we need such alternative coins or Altcoins , the answer is simple nothing is perfect in this world so ,

1. To overcome the limitation of bitcoin .
2. By overcoming the limitation , the purpose is to make a better cryptocurrency than bitcoin .

Now to the main topic .

Litecoin

It is a peer to peer currency , by saying peer to peer currency I mean that it is de centralised like steem , means there is not any third person involved at the time of transaction , only the sender and receiver is involved which makes it a safe cryptocurrency to invest in.

Image source : https://images.app.goo.gl/h8QAhuLeGtd8aHEn7

Creation of Litecoin

It was created by Charlie lee in 2011 after just 2 years or launch of 1st cryptocurrency, bitcoin .
At the time of launch it was made or you can say designed for smaller or faster transactions unlike bitcoin which was stored to serve a purpose in near future .

Mining algorithm of Litecoin

Unlike SHA-256 in bitcoin , Litecoin uses a different algorithm for mining known as scrypt. It works on the same function as bitcoin called proof of work .
It was invented by Colin Percival in 2009 . As the ASIC miners were superior to CPU's and GPU's , Scrypt was made to decentralise the mining , so that the one who has ASIC miners don't have whole control over the mining . It is memory intensive so the generated numbers get stored in RAM and can be reanalyzed again . But now there are Scrypt capable ASICs , which can work on scrypt , and can do mining with a larger hash rate.

Market cap of Litecoin

Source : https://coinmarketcap.com/currencies/litecoin/

It shows the market cap of litecoin , it's rank , highest amount and lowest amount reached in last 24 hrs in USD and percentage increase and decrease in the value of litecoin.

Well there must be something about Litecoin so that one can invest in it over bitcoin , so for that we are now going to see difference between bitcoin and Litecoin.

Difference between bitcoin and Litecoin or pros and cons of litecoin

Bitcoin	Litecoin
1. Speed of transaction in the case of bitcoin is less compared to litecoin	1. Speed of transaction of litecoin is faster than bitcoin and can process manu of them together at a time in any part of the world.
2. Blocks generation at the time of mining is slower than litecoin	2. Blocks generate 4 times faster than bitcoin during mining.
3. Only 21 million coins available for circulation	3. 84 million coins available for circulation .
4. It has larger market cap than litecoin	4. Smaller market cap in comparison of litecoin.
5. Uses SHA-256	5. Uses scrypt .
6. De centralised cryptocurrency	6. It is also a de centralised cryptocurrency.
7. Transaction fee is more compared to litecoin	Low transaction fee than bitcoin.

Now some cons of litecoin

1. Used in dark webs which can lead to unreliability of a cryptocurrency .
2. Losing its credibility over the time , when the creator of litecoin sold all his jodunga at the all time high of litecoin , people starred doubting litecoin.

Trading of litecoin

It is very easy to trade a litecoin as it is valued in USD , you can get the amount equal to the litecoin you have whenever you want with a very less fee .
For example , if I have 5 litecoin and I want to sell them , today it's value is 273.64 usd , so I will easily get , 5 ×273.64 usd at any time with a negligible fee.

Conclusion

In my opinion it is a very good alternative of bitcoin without any limitation of bitcoin , it is fast , secure and has a complex mining , it will be a good cryptocurrency to invest in .

Cc:
@steemitblog
@steemcurator01
@steemcurator02
@yohan2on