The LitecoinHalving is here. Here's what you need to know 👉
Litecoin, a “fork” or clone of Bitcoin, is sometimes affectionately referred to as “digital silver.” Both blockchains reward “miners” who process transactions and secure the network, with a reward – a combination of variable transaction fees and a predetermined “subsidy” that gets halved approximately every four years. On Wednesday, that subsidy was officially reduced by 50%, meaning that miners have basically received a pay cut, albeit one they were already expecting.
Litecoin founder Charlie Lee says these disinflationary halvings help achieve mass adoption without sacrificing network security. “Satoshi chose four-year block halving so that it gives enough time for the network to grow in time for the fees to eventually take over.” Lee explained during a Twitter livestream last week. “The idea is that there will be enough usage on-chain creating enough fees. The fees will be enough to pay the miners to continue to help secure the network.”
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