In an interesting development, Litecoin [LTC] reached an important milestone on Saturday. The altcoin announced that there are now 60 million LTC minted which constitutes 71.5 percent of the total LTC meant to exist. The Litecoin algorithm has set the limit of LTC to be produced at 84 Million which means that a total of 24 million is still left. This news was made public by the open source software project in its official Medium blog.
The blog says, “As of 12th of January 2019, block #1560000 minted into existence the 60 millionth Litecoin marking ~71.5% of the total 84M according to data provided by LitecoinBlockHalf.”
There’s also an important aspect to this development as it marks the point at which there are only 3 million more Litecoin left before the halving process, which will see the Block reward fall from 25 LTC to 12.5 LTC. The next halving is expected to occur around the 8th of August this year.
The blog further notes that at the current reward rate it takes nearly 70 days to mine 1 million new coins into circulation and after the halving this time will double to nearly 140.
As per the calculations, the final coin is estimated to be mined sometime in 2142 and at this point, 0.00000042 Litecoin will be the block reward.
In November last year, Litecoin creator Charlie Lee revealed the “threats” that the coin had faced during its early days and what he did to secure it. According to Lee, utilizing “checkpoints” to secure Litecoin was important for the coin as “there were threats of 51% attacks” and it made sense for a coin in its beginning days. Checkpointing is a very important feature as it depends on the developers to decide the right chain.
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