Over eight years, more than $ 500 billion transactions have been made in Litecoin network

Bitcoin's Litecoin (LTC) fork, also known as "digital silver," celebrated its8th anniversary. One of the oldest cryptocurrencies in the space, today Litecoin ranks sixth in terms of capitalization in the CoinMarketCap rating.

The network was launched on October 13, 2011, and this date is considered the official reference point for the history of LTC. The source code of the project, its creator Charlie Lee published, however, six days earlier.

In a published tweet, Lee notes that over eight years of Litecoin's existence on the network, transactions worth more than $ 500 billion have been carried out.

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Cryptocurrency Meets Its Eighth Birthdayat a time when the Litecoin Foundation behind its development is experiencing certain financial difficulties. Assumptions that the organization is on the verge of bankruptcy, Charlie Lee categorically rejected, asking users not to spread false information on the network. According to him, the money available today is enough for at least 2 years of work.

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Charlie Lee confirms salary cuts in AugustFund employees, but, according to him, they took this step on their own initiative as a sign of support to the organization. Cryptocurrency creator donations make up to 80% of the total funding of the Litecoin Foundation.

Also note that compared to the beginning of 2019years, LTC is trading 88% higher (about $ 57 as of October 14), although during this time the cryptocurrency had to go through a correction of 60% of the June maximum.

Data: coin360

Also, shortly after held in AugustHalving began to drop Litecoin hash. This means that the network has become less secure, and miners have significantly reduced activity. To date, the computing power of the network has decreased by almost half compared with the peak indicator in July.