The competition between Litecoin (LTC) and Stellar (XLM) is still underestimated, especially since Stellar still compares with Ripple and Litecoin with Bitcoin and Bitcoin Cash. But make no mistake, the two are in direct competition.
It is almost certain that the future of both is true, their pieces are incredibly good and the projects are just as phenomenal. But what distinguishes the two and which is the better of the two?
Like Bitcoin, Litecoin has also been developed as a peer-to-peer Internet currency, allowing worldwide payments at almost zero cost and instant speed. The part is based on the Bitcoin code, but Bitcoin is denied in terms of scale, speed and cost. Litecoin improved it. The most notable is the extraction algorithm, where Litecoin can be exploited in common PCs, unlike Bitcoin, which requires professional hardware.
Litecoin has also improved transaction speed, which only takes 2.5 minutes, while Bitcoin takes 10 minutes. The litecoin, although it has unique characteristics, is one of the many cryptographic currencies that aims to become the central value of the trade and replace the Fiat. Its advantage over the rest, however, is that many people thought that the best cryptocurrency to replace Fiat was Bitcoin, but its shortcomings proved too important to be ignored. So what comes, but have their deficiencies improved? Litecoin.
The medal of the cryptography market has grown significantly in recent years and its launch has grown considerably. The project also created several unique and important partnerships that made it accessible to a broader market and helped develop its network.
In the next few years, Litecoin could become better than Bitcoin.
Stellar (XLM); “The future of the banking”
According to the Stellar website, Stellar is a “free open source network that allows anyone to develop affordable financial products for their community.” If you know Ripple, it’s the same concept. In fact, Stellar was created in 2014 as a fork by Ripple. Stellar aims to capitalize the benefits of blockchain technology to improve the financial ecosystem.
If Stellar really differs from Litecoin, it is because it believes that a cryptographic currency is not used to establish a value in a transaction. Why should not users transfer an equivalent loan to Fiat through their blockchain? This model integrates existing financial institutions when the loan is granted. They act as a bridge between the Fiat and Stellar network.
Some say that Stellar is not really decentralized due to its participation in traditional financial institutions. It is also widely criticized for the fact that it is greatly benefiting financial institutions that use its block chain to accelerate payments, reduce transaction costs and engage with the world.
However, the results of the network are undeniable, since it beats in 2 to 5 seconds in real time, which is significantly higher than the 2.5 minutes of Litecoin.
The integration of existing financial institutions by Stellar increases their chances of being adopted. While most cryptographic currencies like Litecoin try to outdo traditional financial systems, Stellar is trying to bring together the old and the new to create something that works for everyone. For the same reason, the project has partnered with giant companies such as IBM, KlickEx, Deloitte, Stripe and ICICI Bank.
Although the debate over whether Stellar is truly decentralized can never be successful, there is no denying that the project is promising and will soon be implemented en masse, both by users and by financial institutions.