- Fork LTC and rewrite it in LISP or C
- Add things like "improved stability", "more secure", etc.
- Give it a funny name
- We from /prog/ invest on it firstly
- With all our knowledge on JEWS, we mimic all their abilities to make someone spread
- It gets famous
- It gets more valuable
- We cash out (easily and at once, by a way created earlier)
I might set up a Github if more people is interested in helping.
Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It differs from its parent Bitcoin in that can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations (targeted at every 2.5 minutes on average) and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have. The Litecoin network is scheduled to produce four times as many currency units as Bitcoin.
One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used.
Litecoin uses scrypt in its proof-of-work algorithm which requires pseudorandom access to memory resources that were initially not available for GPU-based mining. Since this kind of memory is relatively expensive to add to FPGA and ASIC processors, Litecoin is unlikely to have such specialized processors developed for it until it is widely used.
Litecoin is a free software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Litecoin blockchain differs from its Bitcoin counterpart in that it has more frequent blocks which at the beginning will have less transactions per block but will later support more transactions on the network without further modificaiton. While this means merchants get faster confirmations for their online products they still may want to wait for a sufficient number of confirmations for bigger ticket items.
Fresh from the Bitcoin codebase is wallet encryption, which allows you to secure the private keys in your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending your litecoins. This serves as not only a protection to viruses and trojans, but also a sanity check before sending payments.
Miners will initially generate 50 coins per block. In light of our faster blocks and to properly mimic Bitcoin's generation trajectory, the amount of coins generated gets halved every 840,000 blocks. Litecoin is therefore scheduled to produce roughly 4 times as many units as Bitcoin, or about 84 million litecoins.