Litecoin Price Prediction: What Will Litecoin Be Worth in 10 Years?

Litecoin is a cryptocurrency that was designed to offer fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The coin was created as a copy of Bitcoin protocol but with a different hash algorithm, block transaction times, and some other factors. So it offers a very short block time of 2.5 minutes and extremely low transaction fees, so it can be easier to perform micro-transactions and point-of-sale payments. The transactions on the Litecoin network are confirmed within seconds with almost negligible transaction fees. 

Litecoin is the second largest cryptocurrency after Bitcoin among pure cryptocurrencies. It is also one of the most accepted coins with over 2000 merchants and stores accepting it worldwide. 

The token was released via an open-source client on GitHub on October 7, 2011, and the network went live in 5 days on October 13. It got a lot of adoption in a very short time with many merchants using it, and it got in the top ten cryptocurrencies by market capitalization.

The founder of the project is Charlie Lee, a former computer engineer at Google, who meant Litecoin as a lighter version of Bitcoin with very similar features but lighter in weight. The name of Charlie Lee is held in high regard in the crypto space. He’s also known in the community as a Chocobo, an early Bitcoin miner, and a computer scientist. Lee also worked as a director of engineering at Coinbase between 2015 and 2017. 

Litecoin Foundation is a non-profit organization that works alongside Litecoin core development team to help advance the project. There are 3 other people serving as board directors: Xinxi Wang, Alan Austin, and Zing Yang. 

In 2017 Lee shocked the community by selling all of his LTC holdings, just after the token hit its all-time high. Critics accused Lee of manipulating the crypto market through his Twitter account. 

Litecoin is a Proof-of-Work network, meaning that the number of tokens in circulation increases with each new block mined. Though, the number of LTC tokens mined per block decreases every four years according to the block reward halving scheme. Litecoin is known for its high level of cryptographic security. The network utilizes a modification of the consensus algorithm using a Scrypt Proof-of-Work consensus, making the miners compete using specific equipment. The Litecoin network allows using consumer-grade hardware for mining new blocks. 

In 2020 Litecoin went through the release of the MimbleWimble testnet, which is used for a certain type of confidential transactions on the network. When the feature will move to the Mainnet the network will achieve higher fungibility and enhanced privacy. The MimbleWimble extension block upgrade is the largest ever upgrade of Litecoin, which also importantly improves the scalability of the network. 

This upgrade was proposed in 2019 through a Litecoin improvement proposal. One of its main goals of it was to improve anonymity on the network. It was finally successfully activated on May 19, 2022. It caused some adoption complications, as many regulators don’t really accept privacy-based cryptocurrencies. it caused several South Korean exchanges to delist the LTC token from their platforms shortly after the upgrade took place, because it makes it impossible to adhere to the Act of the Reporting and Use of Specific Transaction information. 

Litecoin has several hard forks, including Junkoin, Monacoin, Litecoin Cash, Cloak Coin, and Einsteinium, though Lee insists on calling any hard fork of the chain a scam. 

LTC is the native token of the Litecoin network. Around 500 000 LTC were instamined the next day after the block genesis day. Among the first miners, there are mainly the Litecoin network developers. The token has a max supply of 84 million coins with over 71 million in the current circulation. 

LTC has a big number of fiat trading pairs and can be exchanged for numerous fiat currencies for those who want to buy LTC.