What is LiteBar?
LiteBar is a digital commodity reared out of Litecoin. Similar to Litecoin, LiteBar is open-source, uses p2p technology in order to function without any central authority, and relies on Scrypt algorithm as Proof of Work (PoW).
LiteBar can be stored as a precious metal, used like an interest bearing account, or even exchanged as a global currency.
LiteBar is based on sound financial principles which makes it a good choice for wealth preservation. Having said this, LTB was specifically designed to appreciate in value over time – unlike your paper currency.
The mining lifespan is equal to 5 years in which a total of 1.35m LiteBars will have been generated. Hereafter, it will lay in a state of perpetuity.
- Block Time: 3 minutes block target
- Confirmations: 4 tx confirmations
- Transaction fees: 0.001
- Algorithm: Scrypt as Proof of Work (PoW) protocol
- Difficulty Retargets: Once per block (using Kimoto Gravity Well)
- Total LiteBars Rewarded: 1350000 (1.35M) only. This is a rare bar!
- Design Type: Linear designed LiteBar production (reward will halve once only to a minimum reward of 1 LiteBar)
- Mining Lifespan: LiteBar generation process will last for 5 years only after which it will lay in a state of perpetuity (2014-2019)
- Starting Blocks: First 7200 starting blocks (15 days) will have 5 LiteBars per block Hereafter it will drop to 2 LiteBars per block and /2 once after 2.5 years (or 438000 blocks)
- Ports: The default ports are 9065 (connect) and 9055 (json rpc)