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Category: Digital Cash.
Litecoin is a Bitcoin fork from 2011. The forking came as a result of LTC’s developer team wanting to generate blocks faster and to increase the total supply of coins. As well as technological changes in terms of mining and user interface. The purpose of faster block generation was to achieve faster transactions than Bitcoin. Litecoin often implements technology that is later used on Bitcoin. Specific examples of this are segwit contracts and lightning network, both of which will contribute to reduced transaction costs. “Lightning network” makes LTC particularly attractive as it enables so-called “atomic swap” where one can trade across the different cryptocurrencies if they use the same cryptographic hash function. Implementation of this network in Bitcoin is also under way, which can create the basis for a symbiotic relationship between BTC and LTC. Other benefits of Lightning Network include huge scalability and instant payments.