Young Platform

Litecoin (LTC) lands on Young Platform!

Anna Perozzi

February 19, 2020

2 min

Litecoin is now tradable on Young Platform

LTC, the Litecoin crypto also called digital silver, is now available on Young Platform’s exchange

Among the cryptocurrencies available for trading on Young Platform is Litecoin (LTC). Discover the use cases and features of the first altcoin!

What is Litecoin?

Litecoin is one of the first blockchains to be created and it is nicknamed Bitcoin’s ‘little sister’. The project was founded in 2011 from an idea of former Google and Coinbase engineer Charlie Lee. It is to all intents and purposes a fork of Bitcoin’s source code, the two blockchains are very similar in this respect. However, the differences they have are related to the block validation time and hashing algorithm. Litecoin has tried to maintain the strengths of Bitcoin’s blockchain and at the same time improve its weaknesses. Like the parent blockchain from which it derives, Litecoin works according to the Proof-of-Work consensus mechanism: it is the miners who validate transactions through their computational power and who create the new blocks in the network.

What is LTC?

‘Altcoin’ is the term used to refer to all alternative cryptocurrencies to Bitcoin. The first crypto in this category to be developed is LTC. While Bitcoin is often referred to as ‘digital gold’, Litecoin is known as ‘digital silver’. So, what is Litecoin used for? The main use case for LTC is peer-to-peer payments. Since Litecoin can process transactions 4 times faster than BTC, payments are cheaper and faster.

Why did we choose LTC?

LTC is one of the blockchains that made the history of cryptocurrencies. In operation since 2011, it continues to guarantee fast, cheap, low-energy transactions without neglecting network security. Litecoin is trying to establish itself more and more as a network for small everyday payments. It is also a blockchain known for its focus on privacy. The network integrated the Mimblewimble protocol in 2022, which takes care of transaction privacy through five different cryptographic mechanisms.