Litecoin

 Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. 

History

• Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee. 
• The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.
• Litecoin reached a $1 billion market capacity in November 2013. As of August 16, 2017, its market capitalization is US$2,253,184,567 at around $42.94 per coin.

• In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies.   

Litecoin Minning

The Litecoin mining industry is less developed than Bitcoin’s. ASICs—powerful computers designed to solve Bitcoin’s proof of work function—are available for litecoin but difficult to purchase. Because Litecoin uses a different proof of work function Bitcoin miners cannot mine litecoins.

It’s possible, for example, to buy a Bitcoin Antminer S7 ASIC on Amazon for $714. No such miners are available for Litecoin.

The best Litecoin mining hardware available for purchase are graphic cards, but they are not profitable. If you are serious about mining litecoins, one option is to simply mine bitcoins with hardware like the Antminer S7 and convert the earned bitcoins to litecoin.

How Litecoin Mining Works

So, how does Litecoin mining secure the network? Like Bitcoin mining, Litecoin uses proof-of-work which makes mining a costly process in terms of both time and energy.

In order to send litecoins, transactions must be included in a block. Litecoin miners then verify these transactions through proof-of-work. The miners check incoming transactions against previous transactions on the blockchain. If no double-spends are detected, the miners create a block with new transactions and add it to Litecoin’s existing blockchain.

Each new block is then sent to nodes on the network. The nodes use the miners’ work to continue to verify and transmit transactions across the network.

As mentioned earlier, Litecoin mining requires vast amounts of time and electricity, which isn’t cheap. The block reward is paid to miners for each block mined, which provides an incentive for miners to contribute their hashing power to the network.

Wallet

Litevault is an online wallet service which uses in-browser cryptography to reduce the risk of the coin operator running with the funds. This same system is used by Blockchain.info - a well known online Bitcoin wallet (UNAFFILIATED WITH LITEVAULT). 

To download the litecoin wallet ( clickhere )

Earn Litecoin By Faucet 

Litecoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies.

 1. Moonlitecoin : Moon Litecoin is a litecoin faucet with a difference...YOU decide how often to claim! Whereas most faucets only allow you to claim once per hour or once per day, we allow you to claim as often or as little as you like.