Litecoin (LTC) Cryptocurrency is 7 Years Old Dating Back to Genesis Block Creation
Litecoin has just made annniversary. The 7th largest cryptocurrency in the world by market cap is now 7 years old and it has consolidated its brand as one of the most famous tokens and oldest tokens in existence.
Recently, a member of the Litecoin community posted on Twitter to commemorate the anniversary of the coin. The tweet was also reposted by Charlie Lee, the former Google employee and computer science who was the mastermind behind Litecoin.
— Litecoin Learner (@LitecoinLearner) October 8, 2018
The Creation of Litecoin
Litecoin was created in 2011 using some of the Bitcoin code. The main idea of the token was to defeat all the issues that plagued Bitcoin at the time, which was created in 2009 and was enjoying a moderate success with hardcore programmers and libertarians at the time.
The main difference from Litecoin and Bitcoin is that LTC does not use the SHA-256 protocol like BTC. Instead, it uses Scrypt, which has a block confirmation time of only 2.5 minutes instead of the 10 times that Bitcoin has. By doing this, Charlie Lee was able to effectively create a faster crypto, which has proven successful to stand the test of time despite not being as famous its older sibling.
Litecoin was officially created in October 8, 2011, as the genesis block was added at this time. However, the network only went online in October 13, in which Litecoin saw the light of the world for the first time.
The Future of Litecoin
When talking about the future of the token that he created, Charlie Lee affirms that the main goal is the same one that always has been the forefront idea of the currency: adoption. Only when merchants, vendors, users and crypto exchanges use Litecoin he will be satisfied. The journey will only be complete, he believes, when Litecoin is added to the daily life of the users.
It is fair to say that Charlie Lee is not very ambitious about the market performance of LTC. He knows that it will hardly surpass Bitcoin and has stated that short-term performance of cryptos simply do not matter all, as the adoption is the only important goal.
Lee is an adept of the idea that people should have financial freedom and has defended it on several occasions.