What is LiteBar (LTB) Crypto Beginner’s Guide

LiteBar is a digital commodity. It is derived from Litecoin. It is an open-source, peer-to-peer technology.  It is stored like a precious metal, and it is a store of wealth. LiteBar uses Proof-of-Work for verification. There’s a MAC OS QT version and a Windows QT version. The source code is available at Github. LiteBar has the following features:

  • User-friendly UI/UX
  • Quick installation
  • World-wide acceptability
  • Easy-to-use
  • Clean code without bugs
  • New ideas are fostered
  • Privacy protection

LiteBar is traded on one exchange – Cryptopia. The LTB token is paired with the BTC token. LTB has a market capitalization of $162,900. Daily trading volume exceeds $170. The circulating supply is $944,841. LiteBar is ranked 1222nd by market capitalization.  

Block Explorer Description

There is a block explorer. Users can view transactions with it. The interface is designed well. The information is organized and easy-to-read. One notable aspect of this block explorer is the contrasting text and background. Several factors of the blockchain are listed across the top of the page including the network speed, difficulty rating, coin supply, and BTC price. There is a table that lists all the transactions. The date/time of the transaction is provided, along with the amount of LTB tokens mined, hash address, and block height. Another useful feature of the block explorer is the search bar. Users can search for transactions by entering the block height or transaction hash.

Proof-of-Work Verification

Proof-of-Work is a verification method used by a network to ensure the requester is legitimate. This reduces the chances that spam enters the network, and it prevents hackers from taking advantage of the network. The network requires the requester to perform a task. Usually, computer processing of some type is done to ensure the connection is legitimate.

Scrypt, NeoScrypt, and Mining Pools

LiteBar was updated from the Scrypt algorithm to the NeoScrypt algorithm. Scrypt required GPUs to process data since it had more processing power than CPUs. When it was first released (November and December 2013), there was a shortage of high-performing GPUs. NeoScrypt is currently used by 7,534 miners. The network hashrate is 3.08 GH/s. The pay rate is 0.0933 BTC/GH/day.

There are mining pools for new users. Hash-to-Coins is a popular mining pool. Another option is Mining-Dutch. A mining pool is a group of users that are dedicated to mining cryptocurrencies. The resources of the mining pool are usually available to each miner. Some mining pools charge a fee.

Background Info

Litecoin is a peer-to-peer cryptocurrency. It was created in October 2011. It was forked from the Bitcoin Core client. It has a shorter block generation time than Bitcoin and a different hashing algorithm (Scrypt). By November 2013, Litecoin reached a market capitalization of $1 billion. Litecoin enabled the first Lightning Network transaction. It took less than a second to transfer a fractional amount of LTC tokens from Zurich to San Francisco.

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