Twitter was awash with Litecoin themes on October 12, as users and the coin community celebrated Litecoin at 10. The Litecoin network was launched in 2011 as an alternative to Bitcoin or a light version of Bitcoin. The coin actually has a founder, Charlie Lee. who initiated the concept of a lighter version of Bitcoin just 2 years after Satoshi Nakamoto launched Bitcoin.
The Litecoin network and the community around it have come a long way since then. As at the time of filing this report, the network has processed over 100 billion USD in transactions.
You may wonder why the Litecoin and crypto community are celebrating Litecoin at 10. The reason is that, just like Bitcoin, Litecoin is one of the few early coins that persevered and survived through a period that few knew about blockchain technology. It is a testament to the LTC robust code base that carefully followed what Satoshi Nakamoto did (with some adjustments) with Bitcoin.
You may not be aware that when Litecoin was built, there were other coins that were its peers that are nowhere to be found such as Novacoin, Peercoin. Davecoin, Terracoin and Namecoin. All these succumbed to faulty codes, design flaws or even catastrophic bugs.
🎉10 Years of Litecoin!!🎉 thanks to @whisdi_com for this creation!
Here's to the next 10!
— Litecoin (@litecoin) October 13, 2021
It is important to note that Bitcoin was the guiding light to what Litecoin eventually became. By 2011 when Charlie Lee proposed the cryptocurrency, it was already obvious to developers that Bitcoin was a near-perfect machine that shows the possibilities inherent with distributed ledger technology.
Followed The Steps of Bitcoin
With more than 3000 coins already launched by 2021, developers have enough information to innovate, unlike 10 years ago when Charlie Lee made it clear that the proposed coin would imitate the principles that made Bitcoin a success, such as proof-of-work, decentralization and fair distribution during launch instead of premining the coins. As you may be aware, some excellent projects such as Bytecoin were hampered because they were premined.
We are also aware of the issues faced by centralized blockchains such as Ripple which has been severally accused of “minting money out of thin air”. Some of these are issues that were avoided by Litecoin that has made it one of the successes of the blockchain revolution.
Stepping in To Diffuse Pressure
Many never knew the importance of Litecoin to the coin community, even though you wouldn’t miss this role when BTC network is congested and fees soar. At such times, LTC always became an alternative for coin users seeking lower fees.
This is a testimony to the wisdom in the creation of a coin which retained most features that made BTC a success while having lower network fees. That Litecoin plays this role well cannot be separated from the fact that users trust its market liquidity, security and reliable code base.