What is Litecoin?


Litecoin was created by copying Bitcoin's open source code and modifying some of its features. Like Bitcoin, therefore, Litecoin is based on a global network that allows peer-to-peer transactions without the need for central validators. It differs from the first cryptocurrency in the blockchain's block generation time and the programming language used by the process.


As in Bitcoin, Litecoin leverages a proof-of-work consensus algorithm, so miners receive new Litecoins as an incentive for adding a block to the Blockchain and this reward is halved every 840,000 blocks (about 4 years). The premium was initially 50 Litecoin while today it is 12.5 Litecoin after the occurrence of two halving (halving). The monetary policy of the project provide for the maximum existence of 84 million Litecoins.

In 2017, Litecoin adopted "Segregated Witness" (SegWit), an enhancement that enables transaction efficiency by increasing security and reducing the space occupied in a block, which was later implemented in Bitcoin as well. In the same year, the first Lightning transaction was completed on Litecoin, demonstrating the benefits of developing higher layers built on a Blockchain, such as Bitcoin's famous Lightning Network. Since then, Litecoin has proven to be a valuable testbed for experimental features.

In Conio it is possible to buy and sell Litecoin (the native currency of Litecoin's blockchain), however, it is not yet possible to withdraw and deposit Litecoin. On the other hand, you can use the "Convert" function to convert Litecoin to another asset from among those in the Conio marketplace.

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