Crypto Guide For Beginners - Litecoin (LTC) to Logarithmic Finance (LOG)

Crypto Guide For Beginners - Litecoin (LTC) to Logarithmic Finance (LOG)

2022-06-23 | Selina Mathew

Crypto Guide For Beginners - Litecoin (LTC) to Logarithmic Finance (LOG)

In this series, we’re going to talk about cryptocurrencies and blockchain technology. We’ll talk about how to get started in the crypto market, and how to find the right cryptocurrency for you.

We’ll start by introducing the 3 very different philosophies of Bitcoin (BTC), Litecoin (LTC), and Logarithmic Finance (LOG). Then we’ll take a closer look at LTC, how it came about, who created it, why it was created, and what makes it special.

Litecoin (LTC) is one of the oldest large-cap cryptos, and still, to date, one of the top 10 cryptocurrencies by market cap.

Since its inception in 2011 by Charlie Lee (who later went on to create another popular crypto known as Litepay), it has continuously been among the top 10 most valuable cryptocurrencies, with a high of more than $350 at its peak.

At the time of writing this article, LTC is trading at $118, with a market cap of more than $7.6 billion.

What makes LTC one of the most successful and well-known cryptos is that it adheres to many of the conventions established by Bitcoin (BTC).

The most notable similarity is that LTC uses Proof of Work (PoW) mining.

This means that miners are rewarded with new Litecoin for processing transactions on the blockchain. Miners are required to solve hard mathematical problems in order to validate a transaction, which can only be done by them—not just by one person, but by multiple miners working together via mining pools.

Litecoin has been around since 2011 and is still one of the top 10 cryptocurrencies by market cap today at $7.6 billion USD—this is no small feat considering how many others have come and gone in those years since its inception!

PoW mining is a common way to verify transactions and create new blocks in blockchains.

Miners around the world work hard to solve computationally difficult problems associated with validating transactions and adding new blocks to existing blockchain networks.

Blockchain technology is an exciting field, but it can seem overwhelming at first glance.

There are many different cryptocurrencies out there, each with its own unique features and processes for verifying transactions and adding new blocks to the network’s blockchain—the public ledger that records all cryptocurrency activity.

At the end of each cycle, when a miner solves the problem faster than other miners, they are rewarded for their effort using the cryptocurrency.

In the case of Litecoin (LTC), miners will receive $25 worth of LTC every 10 minutes or so as an incentive for their computing power on behalf of Litecoin’s network.

PoW mining, or proof-of-work, is a way for cryptocurrencies to operate. It’s the process by which transactions are verified and added to a public ledger.

Miners use computers to solve complex math problems that are required in order for transactions to be verified on the blockchain.

The incentive for miners is pretty simple: every time they solve a problem faster than other miners, they get rewarded with cryptocurrency (in this case $25 worth of Litecoin) in exchange for their computing power on behalf of the network. Read More  @  Shiba Inu Coin Price Prediction 2050 

Conclusion

My goal is to make this a regular column where we learn more about cryptos each week.

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