Litecoin [LTC], the seventh largest cryptocurrency on the planet by market capitalization, accomplished 7 years of its existence within the cryptocurrency area. A member from the Litecoin group posted on Twitter concerning the coin making it into its eighth yr for the reason that genesis block for LTC occurred on eighth October 2011.
The tweet was additionally reposted by Charlie Lee, the previous Google worker and pc scientist who created Litecoin. The Twitter submit learn:
“The #Litecoin genesis block occurred 7 years in the past on October eight, 2011. Blissful Birthday, Litecoin! Cheers to @SatoshiLite and all who construct with #LTC”
The imaginative and prescient behind the creation of Litecoin in 2011 after the inception of Bitcoin in 2009 was to defeat the drawbacks skilled with Bitcoin. In contrast to BTC’s SHA-256, LTC used Scrypt the place the block affirmation time was solely 2.5 minutes in opposition to BTC’s 10 minutes.
The cryptocurrency went dwell on 13th October 2011 after its genesis block was added on eighth October in the identical yr.
Of late, Charlie Lee has been opening up about his targets for the coin whereby he has expressed that the group has its prime give attention to adoption. Be it a service provider, vendor or cryptocurrency change, the Founder desires Litecoin to be included within the day-to-day lifetime of its customers.
Lee’s viewpoint in the marketplace efficiency of LTC will not be an formidable one. Concerning this, he has at all times said that the short-term efficiency of a cryptocurrency doesn’t matter over the long-term outcomes, which he believes can solely happen by means of crypto-adoption. At numerous occasions, Lee has additionally proven curiosity in propagating the concept of ‘monetary freedom and other people’s cash’.
A Litecoin follower and a cryptocurrency area fanatic, PC SpecOps on the event commented:
PC SpecOps: “Blissful Birthday Litecoin!!! Stonking work to date Charlie! Stick with it @SatoshiLite”