Advertisement
AD

Main navigation

Litecoin (LTC) Network Crosses Historic Milestone, Here's What It Is

Advertisement
Thu, 25/05/2023 - 7:54
Litecoin (LTC) Network Crosses Historic Milestone, Here's What It Is
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Litecoin (LTC), one of the digital currency ecosystem's oldest Layer 1 protocols, has hit an historic milestone in terms of the total number of transactions it has processed. According to an update it shared earlier, the blockchain network said a total of 160 million transactions have been processed since its inception, an indication of its broad embrace in its 12-year history.

Advertisement

The Litecoin protocol was designed to serve as a payment token, and all these years, the blockchain has served its purpose without disruption. Time and again, Litecoin has boasted of being one of the few protocols that has maintained a reliable uptrend since its launch, a feature that has made it more attractive to users across the board.

Litecoin has evolved over the past year as new innovations are beginning to make their way into the network. Besides its core payment role, Litecoin has also introduced LTC-20 token standard as a way of encouraging the growth of non-fungible tokens (NFTs) in the network.

The current woes of the Bitcoin network have also added to the massive embrace of Litecoin by users who typically carry out crypto transactions. With the major milestone, the potential impact on the price of the asset remains a subject up for debate.

Related
Litecoin (LTC) Set to Welcome Bullish Reversal, Here Are Signs

Halving impact

The growth of Litecoin transactions is about to be complemented by the forthcoming halving event that the protocol is set to undergo in less than 70 days. Halving is a network event in which the reward given to miners of proof-of-work (PoW) protocols like Litecoin are slashed by half.

As programmed into the core code, the halving event takes place every four years, with the coming event notably the third the protocol will experience. The halving event has been linked to higher price growth, and there are growing projections that this upcoming one will not be an exception.

Litecoin is changing hands at $84.32, down 2.17% at the time of writing, per data from CoinMarketCap.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
RHUNA Launches to Revolutionize the Events and Entertainment Industry with Fintech Innovation
Our social media
There's a lot to see there, too

Popular articles