Features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.
Charlie Lee, the founder of Litecoin, made an interesting proposal. His idea is to change the usual system of cryptocurrencies accounting units to a more understandable and simple one.
He had his thoughts published on the Reddit, saying that growth of Litecoin gave him such idea.
According to him, such accounting units as mLTC (milli-litecoin) and μLTC (micro-lightcoin) is an exponential representation of numbers that does not fit the general public.
Therefore, he suggests using the term "Lite" instead of mLTC and completely discarding the use of μLTC in the client.
As the marketcap of Litecoin grows and each litecoin becomes more and more expensive, I think we need a smaller unit of accounting. Humans are not used to seeing prices with more than 2 decimal places. As we see, Bitcoin has had trouble switching to a smaller unit of accounting. And we will have trouble also in the future when both the community and adoption are much larger.
I think that we should decide on a smaller unit of accounting now. mLTC and μLTC are scientific notations and not suitable for the general public.
My proposal is to use the term "lite" to replace mLTC and get rid of μLTC in the reference client. So 1 LTC equals 1000 lites and 1 lite is worth about $0.04 right now. People will use lites to measure litecoins, but exchanges will still trade in LTC.
Distributed database that is used to maintain a continuously growing list of records, called blocks.
The post caused a stormy discussion, and although many of Charlie Lee's offers people liked, alternative versions of the new accounting system also sounded.
For example, one of the commentators with nickname "sh4ms" proposed to use "1 LTC = 100 lites is better! because: 1 EUR = 100 Cents 1 USD = 100 Cents ..."
Also, don't forget that MIT is going to launch mysterious Litecoin project in 15 days.