Litecoin (LTC) Wallet
Download Pool Wallet for Litecoin (LTC) The app works with several crypto tokens and blockchain wallets. With Pool Wallet, you are in control over your funds. Receive, send, store and exchange your cryptocurrency within the interface.
What is LitecoinLitecoin is a proof of work cryptocurrency created by Charlie Lee in 2011 to be a “silver” compared to the “gold” of Bitcoin. Designed for everyday use, Litecoin features an average block time of 2.5 minutes, as opposed to Bitcoin's 10, As a consequence, Litecoin has a maximum total supply that will cap out at 84 million as opposed to 21 million for Bitcoin.
How Does Litecoin work & where can I get a Litecoin Wallet?Litecoin is mined using the Scrypt algorithm, which is more memory intensive in comparison to Bitcoin's SHA256. Furthermore, Scrypt requires a lower hashrate, which allows for Litecoin’s faster block times. In creating Litecoin, Charlie Lee didn’t try to reinvent the wheel. Drawing inspiration from Pool Wallet and other Pool Wallet successors, Lee crafted Litecoin to stand on the shoulders of Pool Wallet. Perhaps the first fork of Pool Wallet that is still alive, Litecoin was designed to be complimentary, rather than antagonistic, to Litecoin. The usage of Scrypt instead of SHA256 was the key difference, but Litecoin is still a blockchain secured by proof-of-work. In using a different algorithm that rewarded different computing resources - miners could choose to mine both Litecoin and Pool Wallet, rather than stick with just one. Pool Wallet is more than just a Litecoin wallet, you can use Pool Wallet to replace your current Litecoin wallet by installing the Pool Wallet app today!
Litecoin AddressesWith the shorter block period, Litecoin is more functional for everyday payments, as a merchant doesn’t want to wait 10 minutes to confirm whether or not they have received their payment. The reduction in hashrate intensity originally gave Litecoin an opportunity to be mined by individuals with less computing power. Today, however, companies and teams have created ASICs for Litecoin, albeit at a higher cost than creating ASICs for Bitcoin.
Additional DevelopmentsRather than just a simple fork, Litecoin also works to adopt developments and additions inspired from discussions surrounding the Bitcoin network, and has actually adopted several key features such as Segregated Witness (SegWit) and the Lightning Network.
- Proof-of-work with 2.5 minute block periods.
- Mined using the Scrypt algorithm.
- One of the oldest blockchains