WHAT IS LITECOIN
What is Lite coin
Lite coin is a new type of crypto currency. It has been discovered following the success of the Bit coin. Lite coin is peer-to-peer crypto currency. It is open source software, which is released under the MIT/X11 license. Technically, in most aspects, it is identical to the Bit coin; it does have some minor differences from it.
The Lite coin has to be mined. Lite coin mining hardware is not as easily available as the Bit coin hardware. The Lite coin mining industry is not yet as developed as its Bit coin counterpart. ASICs powerful computers are also available for the Lite coin, however, it is difficult to purchase.
Who is a Lite coin miner
People who are already mining Bit coin cannot mine Lite coin. This is because the hardware for mining Bit coin is easily available, however, the one for making Lite coin is not common. The Bit coin mining industry is better developed than that of the lite coin.
Like Bit coin, Lit coin is a crypto currency. However, the latter is based on SHA-256, unlike the Bit coin, which is based on scrypt. We know that the era of Bit coin mining on GPU is long dead. Therefore, these miners have shifted to Lite coin mining. However, they are not successful.
Is it worth doing Lite coin mining
As indicated above, Bit coin mining was being carried out at one time. It was very unprofitable. Therefore, people switched to mining Lite coins. Both are crypto currencies. However, the hardware for mining lite coin is not as easily available as that for the Bit coin.
The Lite coin algorithm uses s-script. This algorithm utilizes the SHA-256 algorithm. However, the calculations of the SHA-256 are serialized as compared to those for the Bit coin. Therefore, mining Lite coin is much harder, than producing Bit coins. It is common knowledge that Bit coin mining is not profitable.
Therefore, involving in manufacturing Lite coins, which like the former, is a crypto currency, is not feasible. Also, the hardware required for manufacturing the former is not easily available. Therefore, it is not worth mining Lite coins. Like Bit coin mining, Lite coin manufacturing is likely to fail.
Future of Lite coin
Although, the Bit coin era is still 10 years old, competitors to this crypto currency have arisen. First there was Ethereum and now Lite coin. The latter is more closer to the Bit coin as opposed to Ethereum. However, until and unless people start accepting Bit coin, the acceptance of Lite coin too will be shrouded in mystery.
This in turn will render the future of Lite coins bleak. It is known that the discoverer of the Lite coin is Mr. Charlee Lee, a former Google employee. He is also the director of engineering at Coinbase, a large crypto currency exchange. Therefore, he was the first to list lite coin alongside other crypto currencies.
Thus, the future of lite coin appears bright considering that it has more coins in circulation than the Bit coin and Ethereum.