We may have lost sight of Litecoin, but the launch of this project should put Bitcoin’s competitor at the forefront. Indeed, the Litecoin foundation has just announced, in partnership with Antpool, the creation of a research laboratory on cryptocurrencies.
Despite its young age, the cryptosphere is growing at an accelerated rate. It is not only distinguished by being a disintermediated and decentralized payment solution, but also a springboard for the technological world of tomorrow.
After the development of smart contracts, via DAOs, DeFi and decentralized applications called dApps, innovation is at the very heart of the cryptosphere. Without forgetting, of course, the emergence of NFTs and the metaverse.
As a result, it is necessary to create research laboratories in order to circumscribe innovation at the level of industry in a scientific scheme. This is how the Litecoin Foundation will launch the LTC Labs. But first, focus on its cryptocurrency, Litecoin (LTC).
Litecoin: everything you need to know about “digital money”
Created on October 13, 2011 by computer scientist Charlie Lee, Litecoin is a decentralized peer-to-peer payment method. If Bitcoin has been nicknamed “digital gold”, Litecoin aims to be ” digital money “. In reality, the two cryptocurrencies are very similar.
Indeed, Litecoin uses the proof-of-work governance mechanism, just like Bitcoin. The token generation structuring is codified around this same sliding scale reward system, known as Halving, or halving in French. Like BTC, LTC has a fixed supply, capped at 84 million tokens. This is why the two assets are considered by experts as ” stores of digital value “.
However, there are some differences between the two cryptocurrencies. First, Litecoin uses a hashing algorithm, Scrypt, considered to be lighter than that of Bitcoin, namely SHA-256. Then, its network is much more scalable than that of BTC because the transaction validation time is very short. Finally, transaction fees are much lower on the Litecoin blockchain.
Other points of difference between cryptocurrencies are very well summarized in the table below:
Support research in the cryptosphere
The Litecoin foundation and crypto mining company Antpool are now partnering to develop LTC Labs. According to the information shared on the official website of the litecoin foundation :
“The research lab will focus on research and information on anonymous transactions, decentralized applications, digital currency evolution, wallets, and other projects focused on growing the Litecoin ecosystem. »
We learned that as part of this partnership, Antpool agrees to pay half of its mining income each month.
Antpool did not hide his joy at the launch of this project. The company said on his twitter account:
“We are very happy to cooperate with the @LTCFoundation. We are very happy to cooperate with the @LTCFoundation, to contribute to the growth of the Litecoin ecosystem and to promote the development of PoW! »
What impact on the price of Litecoin?
Unfortunately, the announcement did not have a positive effect on Litecoin’s price. Moreover, at the time of writing the article, the price of LTC is down 7.75%. The overall market trend therefore seems to overshadow the news. Cryptocurrencies have fallen by 5.70% over the past 24 hours, according to data collected on CoinMarketCap.
Like other cryptocurrencies, Litecoin has not had an easy start to the year. Between January and February, its price fell by 36.91%, from $149 to $94. It rallied a bit during the month of March as it rallied 40.42%, climbing as high as $132. However, he was still far from his HUD.
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Litecoin Foundation Announces Creation of Cryptocurrency Research Lab – BeinCrypto
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