Litecoin wealth distribution

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This is an abridged version of the report. Litecoin LTC was founded in by former Google and Coinbase employee Charlie Lee as a peer-to-peer electronic currency designed to be complementary rather than competition to Bitcoin. Litecoin differentiates itself by enabling cheaper transaction fees, the ability to handle more transactions per second than Bitcoin, a different hashing algorithm, added emphasis on merchant and retailer adoption, and an increased maximum supply.

Litecoin LTC makes use of the most common sybil resistance scheme called Proof of Work PoW in conjunction with Nakamoto Consensus to ensure all the participants agree on the state of the public ledger blockchain , just as Bitcoin does. Just as in Bitcoin, miners work to validate transactions and add blocks to the blockchain for a block reward, currently Rather than having to purchase prohibitively-expensive, highly-specialized application-specific integrated circuits ASICs to mine, users of Litecoin can instead acquire more memory.

This, in theory, was supposed to make mining the network more accessible and thus more decentralized. By the year , nearly all It launched with a negligible pre-mined coins consisting of the genesis block and the following two blocks for confirmation. Litecoin does not have a formal governance system, relying instead on its off-chain consensus system similar to Bitcoin. Charlie Lee, the founder of Litecoin, seems to hold a non-insignificant amount of power and influence over the direction and health of the project as a whole, despite having sold his entire LTC position in This creates a confusing relationship with potentially misaligned incentives.

An argument could be made that he no longer has a financial reason to make sure the project is a success, or gains mass adoption. While the development team no longer solely works out of the master GitHub repo, as evidenced by the lack of contributions in , Litecoin development and LIPs Litecoin Improvement Proposals can be tracked on their Google page. Although Litecoin did not originally plan on ASICs being a part of their ecosystem, an added benefit to their inclusion is a strengthened, albeit possibly more centralized , total hash power.

Much of the security Litecoin enjoys is reliant upon a high token price. As the price falls, so do mining rewards, which could lead to fewer miners and less hashing power. Without a unique use case or clear competitive edge over other projects, Litecoin could become unnecessary as stablecoins become more prevalent and other projects discover scaling solutions leading to lower fees and faster transaction times.

On Twitter, founder Charlie Lee has , followers. LTC is available in trading pairs across exchanges. The Litecoin team and the foundation are headed up by founder Charlie Lee. In , prior to joining Coinbase, he founded Litecoin where he remains the chairman of the Litecoin Foundation and works on the project full-time.

Eidson is currently a partner and vice president with Beantown Media Ventures. While they may not spend their full time and attention on the project, many original bitcoin developers Gregory Maxwell, Peter Todd, Gavin Andresen have contributed to the base code at one time or another for Litecoin.

Being one of the more commonly used cryptocurrencies, Litecoin wallets run the full spectrum: including hardware devices, mobile wallets, web wallets, and simple exchange accounts. The full-node client direct from the Litecoin Foundation is Litecoin Core. The Litecoin Foundation maintains a broad list of the available wallets.

Transaction speed is high, among the three fastest crypto projects. Fees are generally low , often lower by an order of magnitude compared to Bitcoin. LTC continues as a preferred trading pair, often for moving coins between exchanges and wallets. Litecoin does not face special regulatory challenges beyond the cryptocurrency sector at large.

Litecoin would be under the same scrutiny directed at Bitcoin as both are technically similar. USA tax laws are murky, at best, though cryptocurrency has received increased legislative and agency attention in the past few years.

Cryptocurrencies that are used primarily as currencies — like Bitcoin and Litecoin — do not appear to meet the standards of the Howey Test. Additionally, a cooperative of exchanges believe the Litecoin is unlikely to be classified as a security. However, the appearance of centralization , such as through the influence of Charlie Lee and the Litecoin Foundation, is likely to raise questions in the government.

Unlike other cryptocurrencies, ETH relies on smart contracts. The currencies deposited under these contracts distort the distribution figures. After the currencies locked in smart contracts are removed from the equation, we will realize that the most important ETH addresses contain only The richest addresses accumulate As with the BTC, a significant portion of the currency is in the hands of exchanges and holders.

The actual amount of currency lost is probably higher. Unlike the other cryptocurrencies mentioned in this article, the entire Ripple has already been created, i. However, there are still only 44 billion coins in circulation today. Ripple, the company behind the payment Protocol and the XRP cryptocurrency, is delivering new coins held in escrow at a rate of 1 billion XRP per month.

As such, Ripple currently still holds most of its assets in escrow. Not surprisingly, the founders of Ripple are among the largest holders of XRP. In April, he got rid of 54 million coins. He claims to regularly sell his XRP for dollars. In particular, the largest accounts account for The second one contains more than 2.

It is not known who the other addresses belong to. These are probably the wallets of exchange platforms. Thus, we find a ratio similar to Litecoin. At the moment the most frequently used address contains BCH, or 2. The second largest is , BCH, or 1. Thus, Litecoin is important as a cryptocurrency where wealth inequality is most obvious.

It is more vulnerable to whale decisions than Bitcoin, Bitcoin Cash, and Ethereum. The lower liquidity and higher volatility of cryptocurrency markets means that whales can create a lot of resonance. Some investors trade currencies in such large quantities that they affect the value of the crypt itself, which undermines the decentralized principles on which blockchains and cryptocurrencies are based.

In fact, it is often impossible to find out who is behind most anonymous addresses. In addition, the percentages displayed by sites such as Bitinfocharts usually do not take into account the number of tokens or coins lost in nature that are not available to holders. Finally, keep in mind that many investors store their assets directly on the exchange, rather than in a special wallet.

So it is difficult, if not impossible, to get a real picture of the distribution of wealth in the crypto sector. The DeFi YAM token collapsed a few hours after a massive boom was recorded due to an error that permanently Recently, we have been talking about the problem and state of regulation of the crypto industry around the world, and The real distribution of wealth in the cryptocurrency sector Today we want to tell you how many addresses and wallets contain most of the Bitcoins, ethers, XRP and litecoins in circulation.

Third place is taken by Another huobi wallet — 94, BTC, or 0. Finally, the fifth largest address belongs to Binance — 88, BTC, 0. Kraken or Bittrex are next. Charlie Shrem is perhaps one of the most controversial bitcoin millionaires.

He invested quite a lot of money, buying a large amount of BTC at the dawn of the cryptocurrency. Shrem was also an active member of the Bitcoin Foundation and founded BitInstant at the age of