The Future of Global Payments Start Here
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data.
Litecoin (Trading symbol LTC) is a peer-to-peer cryptocurrency and open source software project. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical improvements over Bitcoin, and most other major cryptocurrencies, such as the adoption of Segregated Witness, and the Lightning Network. These effectively allow a greater amount of transactions to be processed by the network in a given time, reducing potential bottlenecks, as seen with Bitcoin. Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.
Litecoin Australia is a business that is educating the Australian public on Litecoin and the technology of Blockchain, the world is witnessing a financial revolution in the making, the website promotes the extraordinary vision of independent control over currency and payments without any middle men. Litecoin is a decentralized global network payment platform providing friction-less, cheap and extremely fast transactions for settlement and remittance. Litecoin Australia is targeting the Australasia region to gain knowledge and understanding and seeks to educate the public on the subject of this leading cryptocurrency.
Cryptography is just a fancy word meaning to secure information on the internet most often associated with scrambling cleartext into ciphertext a process called encryption, then back again known as decryption.
A cryptocurrency is a digital/virtual asset designed to work as a medium of exchange over the internet and is very secure using mathematics to send transactions thought virtual space. Think of it as a virtual coin like money in your bank account.
Segregated witness is a solution to a traffic problem think of cars going down the highway now lots of cars are on all lanes it slows down traffic this is what happens on the blockchain when too many people want send transactions at the same time it causes delays as each block is at 2.5 min intervals.
Bitcoin was the first Cryptocurrency and is now leading the way, soon to be used globally its value is compared to digital gold as it’s a new asset class and does not exist in the physical world. Only a string of random letters and number in such a way is used as a private key to store your bitcoin on.