‘What is Litecoin?’, ‘When was Litecoin made?’, ‘What do we need it for?’ are rather popular questions nowadays. The global banking and financial crises have shown that traditional money resources pose a lot of threat and danger. As a result of such events, many depositors lost a huge part of their savings.
Innovative developers not only realized the threat but also invented a new type of currency, which goes without paper and coin money completely.
Here we’re talking about the Litecoin cryptocurrency. When was Litecoin created? First of all, let’s mention the fact that the whole stage of crypto development belongs to Bitcoin’s creator, Satoshi Nakamoto.
Today, innovative developers introduce more and more interesting approaches to the global monetary system. Inspired by the history of Nakamoto’s decentralized currency, Litecoin was developed by Charles Lee in 2011. Let’s consider the Litecoin’s history as well as how Litecoin is made!
Litecoin When Was It Created: Who is Charles Lee?
Nowadays, there’re a lot of people who wonder ‘When was Litecoin created?’. Let’s try to find out!
Inspired by the dazzling success of bitcoins, a software engineer from California — Charles Lee — started his own crypto journey. Two years later, after his first experience with the famous online currency, he first introduced Litecoin on October 7, 2011, via the GitHub online service.
Unlike Satoshi Nakamoto, the inventor of Bitcoin, whose identity lives in the shadow, the identity of Charles Lee is rather well-known. That is, Charles Lee is the one who can give a clear answer on ‘litecoin when was it created’ question.
However, the software developer often remains silent when it comes to his personal life. He is known to be a California software engineer who successfully graduated from the university in 1999. It’s clear that he’s working on a project with six other people.
In his interviews, he doesn’t reveal any information about their personalities. Most of them just don’t want to be publicly mentioned.
Lee is also convinced that cryptocurrency is a powerful weapon against the government. Accordingly, he also protects his team from the intervention of the American government.
How Litecoin is Made: Key Features to Note
Once, we have found a clear answer on ‘when was Litecoin made’ question, it’s necessary to take into account other issues! Let’s try to find out how Litecoin is made.
It’s not a surprise that the idea of Bitcoin served as a basis for Charlie Lee’s invention.
However, before proceeding with Litecoin’s development, he got his first experience in mining Nakamoto’s digital currency. Therefore, Litecoin mining is an integral part of his project necessary to simplify the process of entering a crypto stage.
It’s necessary to mention that Litecoin mining consists of processing a list of transactions. Unlike traditional currencies, the supply of litecoins is fixed. There will ultimately be only 84 million litecoins in circulation.
Let’s remember that Litecoin was founded by Charlie Lee a few years after the creation of the very first cryptocurrency. Currently, Litecoin is one of the most popular cryptocurrencies on the market. The market value is several billion dollars.
Hope we’ve helped you to find out about Litecoin when was it created as well as other important issues!