Apprendre avec le sourire

You've likely heard about this powerhouse cryptocurrency, but do you know what it really is? In this article, we're exploring what Ethereum is and what use case it provides to the blockchain industry. Spoiler alert: a big one. As the second biggest cryptocurrency and currently holding over 20% of the market share, now is an excellent time to learn about Ethereum.

What is Ethereum?

Ethereum is a blockchain platform that allows developers to create their own decentralised applications (dapps) and smart contracts. With the intention to build the blockchain industry, Ethereum provides a platform for anyone from any sector to incorporate blockchain into their business and harness the power of decentralised technology.

Smart contracts are digital agreements that automatically execute when the predetermined criteria have been met.

Using a decentralised network of computers to maintain and operate the network, much like Bitcoin, Ethereum is a computing platform. The network also allows for the digital transaction of value/money, as well as facilitating the creation of new cryptocurrencies.

What Is ETH?

ETH, also known as Ether, is the digital currency that fuels the Ethereum network. Ethereum refers to the platform as a whole. When someone refers to the Ethereum price, they are actually referring to the price of ETH.

How does Ethereum work?

The platform is currently transitioning from a Proof-of-Work consensus to a Proof-of-Stake model which will change the way that Ethereum works. While both will remain decentralised networks with ETH as the native currency, the way in which the network is operated will change significantly.

In the PoS model, the network will rely on validators (instead of miners) to confirm and execute transactions, with each validator needing to stake a certain amount of ETH in the network in order to participate. Staking involves locking ETH in the network, and acts as surety that the validators will act with best intentions.

Using blockchain technology, all transactions are stored in the transparent public ledger, with each block storing the data kept in chronological order.

What gives Ethereum its value?

Ethereum is currently the largest platform on which dapps and smart contracts can be created, and the most widely used. With strong leadership and an impressive community of developers behind the project, Ethereum has gained a reputation for being reliable, innovative and a positive force in the blockchain industry.

In terms of ETH, the cryptocurrency gains value through supply and demand. A small portion of ETH is also used to pay "gas fees" which allow any transactions on the network to take place.

How is Ethereum different from Bitcoin?

When comparing the first and second biggest cryptocurrencies one must first understand that the two networks provide two different functions. While they can both be used as a medium of exchange, facilitating BTC and ETH transactions around the world in minutes, their primary use cases differ substantially.

Bitcoin was designed to provide a digital payment system that is free from any centralised control. The network provides peer-to-peer payments as well as a strong store of value, as the Bitcoin price has proven over the last several years.

Ethereum on the other hand was created to provide a computing platform on which people could create new decentralised applications on top of blockchain technology. The platform's intentions are to build the blockchain industry, allowing anyone interested to take part.

What is Ethereum used for?

Ethereum is most prominently used for the creation of dapps and smart contracts, however, users can also transfer value through the platform (ETH acting as a digital currency). ETH has also proved to be a valuable store of value, with many investors buying the token anticipating returns over a certain time period.

Who founded Ethereum?

The idea of Ethereum was initially fleshed out in 2013 by a young crypto enthusiast, Vitalik Buterin in a blog post. He joined forces with several developers and entrepreneurs and started building the decentralised platform in late 2013.

According to one of the founders, the initial founders of the decentralised platform were Vitalik Buterin, Anthony Di Iorio, Charles Hoskinson, Mihai Alisie and Amir Chetrit in December 2013. With Joseph Lubin, Gavin Wood, and Jeffrey Wilcke joining in early 2014.

In 2014 a successful crowd sale was launched, selling 72 million ETH and raising around $18 million. The platform officially launched on 30 July 2015.

How do you buy Ethereum?

If you'd like to invest in Ethereum, you will need to purchase ETH through a trusted crypto exchange platform. The Tap app provides users with several convenient payment options as well as an Ethereum wallet in which users can securely store the cryptocurrency.

What started off as a joke has become an international phenomenon with a market cap that ranks it among the top 10 cryptocurrencies (not to mention price gains). As we explore what Dogecoin is, let's take a look at where the digital cash network came from, why the cryptocurrency became such a sensation and how it compares to Bitcoin.

Leading the way in the meme-based movement, Dogecoin has become the most unlikely of leaders in its field as it trades at a very attractive price. Everyone from investors to run-of-the-mill Internet users has followed the hype and invested in this meme-inspired altcoin.

Did you know that Dogecoin has more DOGE in circulation than Ethereum and Litecoin combined? Let's dive in to understand the true value behind this Internet meme-inspired cryptocurrency

Who created Dogecoin?

Dogecoin was created as a joke cryptocurrency in 2013 and is based on a Shiba Inu dog meme circulating at the time. Two developers, Billy Marcus and Jackson Palmer got together to create the cryptocurrency to poke fun at Bitcoin, which turned out to be a lot more than that almost a decade later.

What is Dogecoin?

Dogecoin is a peer to peer payment system with its native cryptocurrency, DOGE, acting as the medium of exchange. The cryptocurrency was created in December 2013 through a hard fork off of the Litecoin network. The cryptocurrency has no limit on the maximum amount of coins and currently has over 131 billion DOGE in circulation.

While a popular option as a digital cash payment method, the cryptocurrency is most commonly used as a tipping system to reward quality content on social media platforms like Twitter and Reddit. Working in a similar way as cash would in a financial transaction.

What's triggered Dogecoin's surge?

The self-proclaimed "Dogefather" and Tesla CEO Elon Musk has contributed to Dogecoin's recent success with his tweets about the cryptocurrency making news headlines around the planet. His tweets have had a significant effect on the cryptocurrency's price as published on the CoinMarketCap website.

With a similar mining style to Litecoin, Dogecoin is a popular option when it comes to trading cryptocurrencies.

How does Dogecoin work?

Using blockchain technology, Dogecoin facilitates digital transactions in a transparent and mutable way. Hard forked off of the Litecoin network, Dogecoin uses the same Scrypt technology in the Proof-of-Work protocol. Unlike Litecoin, however, the cryptocurrency can execute transactions in 1 minute.

Users simply need to create a wallet in order to store DOGE, from where they can either send and receive the cryptocurrency or simply store it. DOGE works similarly to other cryptocurrencies in this regard.

In the last year, investors have seen high gains as the celebrity-endorsed hype surrounding the cryptocurrency increased its value. As interest grew in the Shiba-meme token, so too did its market cap, pushing Litecoin out of the top 10 biggest cryptocurrencies and edging closer to Ethereum (currently in second place).

The Dogecoin foundation

In 2014 members of the Dogecoin team created a not-for-profit foundation to oversee project development and direction. This dissipated over the years and was recently relaunched in 2021 with several key new members and an inflated market capitalisation.

While co-founder Billy Markus and Dogecoin's core developer Max Keller remain on the board, two new additions have been made with the likes of Ethereum founder Vitalik Buterin as well as Jared Birchall, the manager of Elon Musk's family office. 

The team meets on a monthly basis to discuss issues relating to the virtual currency, with each member taking responsibility for various aspects. Markus is responsible for overseeing the community and memes while Keller will function as the cryptocurrency technical advisor.

Buterin will serve as the blockchain and crypto advisor and Birchall as the financial and legal advisor (representing Elon Musk).

Dogecoin's following

From its initial launch, Dogecoin has had a spirited and loyal following. In its early days, the community raised funds for high profile events, like sponsoring a NASCAR driver and sending the Jamaican bobsleigh team to the 2014 Olympics.

To date, a number of high profile celebrities have put their name behind the coin, most notably Elon Musk and billionaire Mark Cuban. Musk was responsible for several waves in the crypto market in 2021, causing substantial boosts and dips in the capitalisation of the market. Most notably in May, after a tweet from Musk stating only "How much is that Doge in the window?" The DOGE price increased by 11% in mere hours. 

While Dogecoin was not created to be a store of value, the Dogecoin price increases certainly brought about tons of media attention and healthy returns for investors.

Dallas Mavericks owner Mark Cuban is also a huge fan, celebrating the cryptocurrency for being "the one" when it comes to a digital medium of exchange. In 2021, the NBA team started accepting Dogecoin as a payment option for merchandise and ticket sales, incorporating blockchain into the main league.

What is the difference between Dogecoin and Bitcoin?

While both cryptocurrencies are designed to provide a medium of exchange, they differ in a number of ways. For starters, they both use the same Proof-of-Work mining concept which is based on miners solving complex mathematical problems in order to mine new blocks and control the supply.

Different from each other, the Dogecoin network can process transactions 10x faster than Bitcoin (1 minute vs 10 minutes for BTC). They also have varying inflationary statuses, with Bitcoin being deflationary in nature due to its 21 million coin cap while Dogecoin is highly inflationary as it has an unlimited supply. 

While Bitcoin can be held as a store of value, Dogecoin is less supported in this area due to its lack of maximum supply and the fact that millions of DOGE are entering circulation each day. DOGE however, is better suited to being a medium of exchange.

While Bitcoin has a strong following around the world, there is a significant Twitter and Reddit community punting the coin and encouraging traders to buy the cryptocurrency. From internet meme to international top 10 traded cryptocurrency, Dogecoin has an impressive history when it comes to market value.

How do I buy Dogecoin?

In just nine months the cryptocurrency has become a legend of sorts in the crypto community (including Reddit), moved into the top 10 cryptocurrencies based on market cap, and grown 5,000% in value.

Should I immediately pour my life savings into it? Probably not. But if you're looking to add the cryptocurrency to your cryptocurrency investment portfolio, look no further than the Tap Global platform. DOGE is one of the latest cryptocurrencies to be onboarded on the mobile app. 

We have all heard older generations complain about the price of products "nowadays", talking about how $1 used to buy them a movie ticket and popcorn, compared to the average cost of $10 for just a ticket today. They aren't complaining about nothing, this is a very real issue the world is currently facing and it's known as inflation.

Although, with the way the economy has been going lately, hyperinflation may feel like a more fitting term. In basic terms, hyperinflation is referring to a very high and accelerating inflation rate. Let's cover what inflation is, and how this differs from hyperinflation.

What is inflation?

Inflation refers to a decrease in purchasing power related to a specific currency. This means a progressive increase in the price of goods and services results in a certain amount of money being able to buy less over time.

As already stated above, what $1 used to buy back in the day is merely a fraction of what the product or service now costs. Usually, inflation occurs at a gradual rate, however, there have been instances where inflation rates have accelerated at much faster speeds. This rapid acceleration rate leads to the value of a country's currency being diminished at an alarming rate. This is then referred to as hyperinflation.

Hyperinflation is measured when the inflation rate increases by 50% or more in one month.

What causes hyperinflation?

You may be wondering how hyperinflation occurs, and that's a great question. From an economic standpoint, there are two main causes, although external factors can also come into play. External factors might include war, natural disasters, a pandemic, and more, however, here we will be covering the two main causes.

Number one is an increased money supply. Most think that an excess supply of money sounds great, but it can have colossal impacts on a currency if not backed by economic growth. Countries usually grow through trading, businesses, and bringing money into the country from outside the borders.

This issue comes into play when countries print money at an accelerated rate, increasing government debt with central banks which they then have to pay back with interest. This additional interest and debt gets placed on citizens, who are then expected to pay more tax and pay more for products. 

The second is demand-pull inflation. This can also be described as supply vs demand. While some small businesses see this as a benefit, being able to increase prices due to their unique products, the same can not be said for common household items. This inflation occurs when the demand for products goes up, especially as capitalism rises, yet the production of said products can not contend. 

This creates a gap within the supply, making it hard for businesses and economies to make money unless they raise their prices. So again, we see product prices rising thus reducing the purchasing power of a currency. 

The effects of hyperinflation 

One of the most common effects of hyperinflation is the devaluation of currencies, moving those who hold them to switch to more valuable assets. Whether it is investing in the stock market or another currency, this takes additional money out of the currencies' economy and proceeds to make hyperinflation worse. Luckily those who have invested in other means of value are not as affected by this additional pressure.

Previously, inflation in Zimbabwe reached such dire levels that the country ultimately wrote off its national currency and switched over to the US dollar. At one point, their currency was so hyperinflated that their $100 trillion Zimbabwe dollar banknote could only buy a few loaves of bread. This impact affected banks, foreign trading, and basic government services, creating another ripple effect leading to further inflation. It's a problem that continues to occur, ravaging countries and livelihoods around the world.

Hyperinflation and monetary policies

Central banks play a vital role in preventing hyperinflation through the implementation of monetary policies.. As they control the money supply, regulate interest rates, and oversee the stability of the currency, central banks are responsible for maintaining a balance between growth and inflation. Done so by carefully monitoring economic indicators to manage and prevent potential risks of excessive growth and inflation.

In order to keep hyperinflation at bay, governments need to practise responsible fiscal policies, avoiding excessive borrowing and uncontrolled spending. Maintaining a stable exchange rate and encouraging foreign investments can also strengthen economic stability.

How to combat hyperinflation

In an attempt to curb the devastating effects of hyperinflation, below are four measures that governments and central banks could implement.

Tightening money supply

An obvious one, central banks can reduce hyperinflation risks by curbing the rapid increase in the money supply. This involves limiting the printing of new money and implementing stringent monetary policies.

Interest rate adjustments

By raising interest rates, central banks can discourage excessive borrowing and spending, which acts as a means of stabilising the currency's value and mitigating hyperinflationary pressures.

Currency controls

Implementing currency controls can be a smart move to stop money from leaving the country and prevent risky speculation, all while keeping the currency strong during uncertain economic times.

Currency reforms

In extreme cases, currency reforms, such as introducing a new, more stable currency or adopting a foreign currency as legal tender, can be considered to tackle hyperinflation and restore economic confidence, as was the case with Zimbabwe mentioned above.

Examples of hyperinflation in history

These instances from the past where hyperinflation wreaked havoc serve as a clear indication of the devastating economic impact it can have on countries.

Germany (Weimar Republic):

During the early 1920s, Germany experienced one of the most infamous hyperinflation episodes. Printing money to cover war reparations led to the German Mark's catastrophic devaluation, resulting in absurd price increases and widespread economic collapse.

Zimbabwe:

Mentioned above, in the late 2000s, Zimbabwe endured a severe hyperinflationary crisis, reaching unimaginable levels. Rampant money printing and political instability eroded the Zimbabwean dollar's value, rendering it practically worthless and forcing the country to abandon its currency.

Venezuela:

Starting in the 2010s, Venezuela suffered a hyperinflationary spiral driven by a combination of political mismanagement, plummeting oil prices, and economic turmoil. This ongoing crisis has caused immense hardships for the Venezuelan population.

Yugoslavia:

In the 1990s, Yugoslavia grappled with hyperinflation as a result of political fragmentation and war. Spiralling prices led to the eventual replacement of the Yugoslav dinar with new currencies in several successor states.

Hungary:

Post-World War II, Hungary faced hyperinflation of unprecedented proportions. Skyrocketing prices and economic instability plagued the country until it eventually switched to a new currency.

These history lessons serve as cautionary tales, showing us just how terrible hyperinflation can be and why it's crucial to have solid monetary policies in place to protect against these economic disasters.

In conclusion

Hyperinflation, rapidly increasing inflation rates, is a serious economic problem with disastrous effects, as seen in historical examples like Germany, Zimbabwe, Venezuela, Yugoslavia, and Hungary. While central banks play a crucial role in preventing hyperinflation through monetary policies, governments must too play their part and practice responsible fiscal policies.

While inflation rates might feel dire, hyperinflation is highly unlikely to ever take effect in the United Kingdom as The Bank of England and government have many tools at their disposal to identify and prevent the onset.

.

Coined in 2014, hyperbitcoinisation is the voluntary transition from an inferior currency to a superior one, referring to Bitcoin becoming the primary currency in an area. As was the case with El Salvador integrating Bitcoin into its financial service sector in 2021, the world is slowly progressing to a more inclusive space for cryptocurrencies, inching closer to the prospect of hyperbitcoinisation.

In this article, we explore this concept and what is contributing to its progress in the financial industry.

What is hyperbitcoinisation?

There are three core ideas behind the definition of hyperbitcoinisation. The first relates to a gradual transition from an inferior currency to a superior one, while the second alludes to a tipping point where fiat currencies are no longer sustainable and are abandoned for the use of cryptocurrencies. The final definition sees hyperbitcoinisation as the swift and irreversible adoption of Bitcoin as the world's primary monetary reserve. 

In conclusion, hyperbitcoinisation is Bitcoin-induced currency demonetization, it's intended not to disrupt the traditional currency markets, but rather to be used alongside them. It's the language of the Bitcoin maximalist, one who sees Bitcoin as the answer to everything (unit of account, store of value and medium of exchange). 

Hyperbitcoinisation would require the price to stabilize, providing a more stable economy for transactions to take place. It would also require stronger regulation in the space to ensure the protection of the people using it. While the decentralized nature of Bitcoin is often a drawing point for investors, it will require an element of regulation in order to become a legal tender and considered to be sound money.

The positive factors pointing toward hyperbitcoinization

In order for hyperbitcoinisation to take effect a number of things need to occur. For starters, Bitcoin would need to be adopted by a strong network of institutions, main street businesses, merchants, public and private companies, ETFs, central banks, governments and regular investors. 

From an operating perspective, the nodes on the Bitcoin network would need to increase substantially. Currently, there are roughly 14,000 nodes around the world with the main clusters in Germany, France, the United States, and the Netherlands. In order for hyperbitcoinisation to take full effect, the network would need to expand in both product numbers and globalisation. 

There are currently an estimated 400,000 daily Bitcoin users and over 100 million people holding Bitcoin. While these numbers are impressive, they represent only a small fraction of the world's population. As Bitcoin gradually moves through from the Early Adopters to Early Majority stages in the technology adoption scale, in order for hyperbitcoinisation to take full effect we would need to have transitioned to the Late Majority and Laggards segments. This would indicate that societal adoption has peaked and stabilised. 

On the note of societal adoption, it is estimated that collectively around the world countries hold over 250,000 BTC, while public and private companies own 414,000 BTC, and ETFs over 800,000 BTC. This indicates that Bitcoin adoption is creeping into government and company holdings as well as traditional investment vehicles. 

While there is much to be achieved, these factors all clearly indicate that the ball is in motion. 

_{The negative factors contributing to hyperbitcoinization}

The flip side of the coin shows which negative factors contribute to hyperbitcoinisation, namely central bank digital currencies (CBDC) and inflation. 

CBDCs provide a strong current in the flow toward global crypto adoption. While CBDCs are not decentralized or true to the origins of cryptocurrencies, they operate in the same way and will drive populations to become familiar with digital versions of cash. 

As more people become used to the concept, it is likely that they will incorporate Bitcoin and other cryptocurrencies into their daily habits as these, at their core, are more similar to cash than the CBDC alternative. They are also less monitored and offer a greater opportunity for financial freedom. 

Inflation on the other hand has already played a large role in the adoption of cryptocurrencies. Following the inflation-inducing stimulus implemented by governments during the Covid-19 pandemic, many investors and businesses turned to Bitcoin to protect their capital. By the end of 2021, countries around the world were experiencing the highest inflation rates in decades. 

As people lose faith in their fiat currencies and turn to cryptocurrencies, as witnessed by the incredible gains seen across the entire crypto market, this only fuels the road to hyperbitcoinisation. 

In Conclusion

Monetary and economic transitions take years to be properly implemented, however, if the last two years are any indication of what's to come, hyperbitcoinisation just possibly could happen in our lifetime. While there are many, many factors that need to take place before it's even a remote possibility, the groundwork already established indicates that we're on the right path. 

Know your customer also known as "KYC" is a regulatory requirement imposed by the Financial Crimes Enforcement Network to combat money laundering, terrorism financing, and fraud prevention. The requirements for KYC are determined on an industry-by-industry basis. Fintech businesses and the Bank sector typically requires KYC of customers who open a new account with them.

KYC ensures that financial institutions know their customers' identity well enough to understand where funds came from for deposits or how payments will be made before starting to use the company's services. KYC is an efficient first line of defense in combating terrorism financing by verifying customer identities to help identify any potential links to terrorist organizations, bribery, corruption, individuals with a history of money laundering.

KYC is an important measure in anti-money laundering regulations, making it a safety guard for cryptocurrencies. Financial institutions and regulated service providers such as Tap boast robust KYC process to protect our consumers so that you can feel more confident that your funds will remain secure no matter the business environment circumstances.

How does KYC work?

Within the Finance sector, any company or project must meet strict rules and regulations that require to have rigorous identification checks (also called regulatory compliance) such as verification of address information, validation of residency status. Apart from verifying a customer's identity, it's also important to confirm the user's location and address. Your identity documents will provide basic data like your name and date of birth, but more is needed to establish your residence, for example.

During a standard Know Your Customer process, you will be asked for several documents:

-A proof of identity ( such as passport, ID card, driving license)

-A proof of residence

-A selfie (to prove that it's you)

The KYC must be completed at the initial stage as well as on an ongoing basis so that businesses can deliver services or goods to clients. It is a best practice for any business offering financial services to re-verify the identity of their customers at regular intervals to ensure AML. Sometimes new customers have to go through several steps of verification before they can start any financial transaction/investment using the service of the company.

KYC Around The World:

KYC regulations can vary from country to country, but there is a lot of international cooperation on the basic data information needed. For example in America, KYC and AML processes are driven by financial crime prevention legislations such as The Bank Secrecy Act (2001) and Patriot Act (2006). In Europe, KYC compliance regulation falls under EU Anti-Money Laundering Directive with PSD2 providing additional regulatory guidance for all countries within the Union. Internationally however it's been agreed that FATF should coordinate multinational cooperation when it comes to regulatory conditions.

The Benefits: 

In spite of the time it takes to set up accounts, KYC identity verification is worth it when taking into account the benefits, keeping your funds safe, protect you from identity theft, fraud, and other illegal activities is largely the result of robust KYC control. These procedures ensure that financial service providers are not only safe but trustworthy. Trade Crypto with Confidence with regulated companies like Tap boasting robust KYC procedures to safeguard its customer assets and information.

In short: KYC is a common regulatory requirement that financial service providers are obliged to fulfill in order for businesses to operate under the law and consumers should take KYC seriously. KYC requirements differ across the financial sector. It is a necessary measure in anti-money laundering regulations, making it an important safety guard for cryptocurrencies as well as customer assets by preventing fraudulent activity. KYC in the Fintech or Bank sector is generally imposed on new customers who open a new account.

‍

Litecoin is part of the first generation of altcoins to emerge after Bitcoin ignited the crypto revolution. This peer-to-peer cryptocurrency is a popular option when it comes to transacting in the real world and investors' portfolios, and has been a permanent feature in the top 15 biggest cryptocurrencies by market cap for years. 

What Is Litecoin?

Litecoin was launched in 2011 as an alternative to Bitcoin, providing users with a faster means of transacting money over the internet. While it was never designed to replace Bitcoin, Litecoin was created to complement the original digital money. Litecoin is often referred to as "digital silver" compared to Bitcoin being referred to as "digital gold".

Litecoin is widely considered to be one of the most successful altcoins. Created as a hard fork off of Bitcoin's blockchain, Litecoin holds many similarities in the way it functions, however, the team behind the open-source cryptocurrency incorporated several features to ensure that the network operated in a faster manner.

These include changing the amount of time it takes to process transactions, the maximum total supply, the hashing algorithm, and charging very low transaction fees. Compared to Bitcoin's 21 million total supply and 10-minute transaction processing time, Litecoin has a maximum supply of 84 million LTC and can process transactions in 2.5 minutes. It also opted to use a Scrypt hashing algorithm over the SHA-256 one.

The network is known for pioneering advanced crypto features like the Lightning Network and Segregated Witness, both of which have since been implemented by the Bitcoin network. 

How Does Litecoin Work?

As Litecoin is based on Bitcoin's software, they function in very similar ways. Through the Proof-of-Work consensus, all transactions are executed through mining. When a transaction enters the mempool (pool of pending transactions) it is soon picked up by a miner who will then ensure that all the details are accurate (including valid wallet addresses and available balances).

The first miner to solve a cryptographic puzzle is awarded the task of executing the transactions and in turn, earns a reward. At the time of writing the reward was 12.5 LTC, however, after every 840,000 blocks mined the reward halves in what is known as a halving reward. This mechanism is in place to manage the supply of new tokens entering circulation as each block mined releases minted new tokens.

As mentioned above, transactions are executed in 2.5 minutes, provided there is no congestion on the network, making it attractive to merchants and other service providers. The cost of making a transaction on the Litecoin network ranges from $0.03 or $.04 US cents.

Litecoin vs blockchain technology

Litecoin, like many other cryptocurrencies, is built on blockchain technology. It relies on the blockchain as the underlying technology to facilitate secure and decentralized transactions.

Litecoin transactions are facilitated by the blockchain through a decentralized ledger. When a transaction occurs, it is grouped with other transactions into a block. Miners then validate the transactions and add the block to the Litecoin blockchain. This process ensures the transparency and integrity of Litecoin transactions.

Blockchain plays a crucial role in securing Litecoin transactions by providing a decentralized and immutable record of all transactional activity. Each block is linked to the previous block, forming a chain, making it extremely difficult for malicious actors to alter past transactions. The distributed nature of the blockchain network ensures that no single entity has control over Litecoin transactions, enhancing security and trust in the system.

What gives Litecoin its value?

The value of Litecoin is determined by supply and demand, often determined by trade activity on exchanges. Due to its global liquidity and finite supply, Litecoin is a deflationary currency and has witnessed price gains over the years, making it an attractive option for investors in the global financial landscape over the years. 

What is Litecoin used for?

Litecoin is a peer-to-peer payment system providing both a medium of exchange and a store of value. Due to its fast transaction times and secure network, Litecoin is often favored when making transactions that are time-sensitive, i.e. paying for a coffee or at a restaurant. LTC is widely used by merchants and service providers around the world and has experienced increased crypto adoption and investment over the last decade.  

Who created Litecoin?

The Litecoin project is the creation of a former Google engineer and MIT graduate named Charlie Lee. Two years after creating Litecoin, Lee would go on to become the Director of Engineering at a large cryptocurrency exchange. In 2017, Lee rejoined the team as managing director of the Litecoin Foundation, a non-profit organization dedicated to the development of the blockchain platform and its technology.

Litecoin development and community

Litecoin's development process involves a dedicated team of developers who work on improving the Litecoin software and its functionalities. It follows a transparent and open-source approach, allowing anyone to contribute to its development and propose changes.

The Litecoin software undergoes regular updates and enhancements to ensure it remains secure, efficient, and compatible with emerging technologies. These updates often introduce new features, improve performance, and address any identified vulnerabilities.

Litecoin has a vibrant and active community that actively participates in its evolution. Community members provide feedback, report bugs, and contribute to discussions on Litecoin's future development. Their contributions range from code contributions from developers to community-driven initiatives, fostering a collaborative environment and shaping the direction of Litecoin's growth.

‍

‍