Even though Bitcoin is in close competition with one of the top altcoins, Litecoin, still, they both share some similarities. One of the major facts about Litecoin mention about Charlie Lee, the ex-Google employee, and the genius mind behind the coining and development of Litecoin. 

 

When Bitcoin was used at times, the problem in mining persisted due to rising competition in the network. The matter was resolved by ASIC miners for mining cost and electricity accounting. 

 

However, Charlie had another motive, and it was to replace the use of ASIC miners with innovations. Hence came the development of Litecoin. The altcoin proved accessible and memory intensive. 

 

About Litecoin (Features)

 

Litecoin is one of the top alternate coins in the crypto space. It is an online P2P currency that finds its best use in offering a freebie payment with immediate effect worldwide. 

 

This altcoin is an open-sourced network operating globally with no need for a central authority. This altcoin is acquainted with efficient storage features and excels in speedy transactions. 

 

The process of transaction volume is higher. In terms of operation, Litecoin utilizes Scrypt, a hashing algorithm that appears to be memory concentrated. 

 

Working

 

In terms of functioning, it does not follow the pattern of monitoring the supply of money, instead, it leads to the distribution of work across the miners’ network. 

 

Because of this, they will line up a big pile or say blocks for the new transactions. These are those transactions visible on the LTC network. 

 

Hashing

 

Instead of block creation at will, a cryptographic block hash would rather be preferred by the miners meeting a specific goal. 

 

To search for the genuine one, requires a computing method, till the time luck comes in favor of you. Hence, this is what we call hashing. 

 

A Reliable Altcoin

 

Hence, this comes as another proving fact about Litecoin being a reliable altcoin. And it is all because of its feature of concerted memory and worldwide access. 

 

What Brought The Need For Litecoin

 

This is something that every crypto enthusiast loves to know about Litecoin. When Bitcoin is enough to become the best investment choice among the investors and is also very popular then what made Charlie Lee coin the idea of Bitcoin?. 

 

Well, it was all because of some lacunas in the functioning of Bitcoin. And Litecoin overcomes those shortcomings. 

 

The total coin limit of Litecoin is 85 million which is more than the 21 coin limit of Bitcoin. 

 

The next valid reason is the processing of transactions which is much faster than the latter dominant crypto coin. 

 

Litecoin Founder Becomes The Independent Board Member

 

According to the latest crypto update, a company dealing in blockchain and crypto assets, made a declaration to welcome the new independent member on its board. 

 

Any guess, who is this person? Okay, no need to scratch your head, he is none other than Litecoin founder, Charlie Lee. 

 

The company I am referring to is BTCS, and its CEO has expressed his greetings by giving honor to LTC genius in becoming a board member. 

 

According to him, Charlie is a genius pathfinder in the blockchain world. His inclusion to the BTCS board will reap positive outcomes. 

 

More About Charlie Lee

 

Other than popularly known as the founder of Litecoin, Charlie has proficiency in the field of computer science. 

 

An interesting fact about Litecoin is its ranking among the list of top major cryptocurrencies. 

 

$13 billion is supposed to be the estimated market cap of this altcoin. At present the ex-Google employee, Charlie holds the position of managing director at Litecoin Foundation. 

 

Initially, Charlie had experienced working for Coinbase as engineering director for four years. But before that, he worked in an American giant company, Google. 

 

He is a postgraduate in computer science. Another subject he studied from a reputed American university in the millennium decade was Electrical Engineering.

 

Charlie Views On Joining BTCS

 

Charlie also expressed his views on becoming a board member of BTCS. The Litecoin founder felt excited about his new joining and becoming a part of a company that is on the verge of corporate advancement. 

 

About BTCS

 

BTCS is one of the foremost public trading firms in the United States and is an initial entrant in the crypto market. It lays its focus on cryptocurrency assets and digital ledger technology called the blockchain. 

 

This firm makes the best use of its empowered business services of transaction checking for authenticating transactions on the blockchain and gets the reward of crypto assets for its operation. 

 

Now this company is also planning for a platform specialized in proprietary digital asset data analytics. With the help of it, crypto trades could be combined from various exchanges to a solo platform, letting the users visualize and notice their performances and other aspects.  

 

Ending Note

 

So this is all you need to know about Litecoin’s latest update, which reveals its founder Charlie Lee becoming the board member of BTCS. 

He will be holding the position of new independent director. Apart from Litecoin, you can also get to know about cryptocurrencies that pay dividends on Cryptoknowmics.