Litecoin is often seen as silver Bitcoin but in reality, it’s much more than that. Most crypto enthusiasts will know this already but Litecoin actually celebrated its eighth this month after around $500 billion were transacted via the network.
It was stated in a post published by the Litecoin Foundation that the first block that was mined on the currency’s network was performed in October 2011 with the following message.
“@NY Times 05/Oct/2011 Steve Jobs, Apple’s Visionary, Dies at 56”
As a result, two blocks were mined in order to validate the genesis block and to ensure the network was functioning right too. After it was confirmed by Charlie Lee, the creator of the cryptocurrency that he used to the well-known Bitcointalk forum to question users as to when Litecoin should be launched to ensure the community had a say.
The decided time was on Thursday 13th October at 3:00 GMT with user interest being originally low but as cryptocurrency adoption starts to grow, so does Litecoin’s.
As reported by CryptoGlobe:
“The cryptocurrency, according to CryptoCompare data, now as a market cap of $3.59 billion and one of the largest trading volumes in the cryptocurrency space. Per Charlie Lee, a total of $500 billion were transacted through the Litecoin network.”
Whereas Litecoin isn’t doing well as a protocol and currency, it hasn’t always been that way.
Litecoin has been dubbed as a testnet for BTC by some and has acted as such when it came to integrating Segregated Witness (SegWit) as the Litecoin network accepted it before Bitcoins.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!