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In an exciting move for Litecoin (CRYPTO: LTC) supporters, founder Charlie Lee revealed a physical replica of the cryptocurrency that will be distributed for free to attendees of the upcoming Litecoin Summit.
What Happened: Sharing the photo of the collectible coin made of stainless steel, Lee revealed that he would fund the tangible equivalent from a transaction sent from the Litecoin Genesis address.
"I have these in hand now and they look great," Lee remarked.
The Litecoin Foundation, an organization that promotes the adoption and development of Litecoin, had earlier announced that each "limited edition coin" would be loaded with 100 Lites, equivalent to 0.1 LTC.
The physical Litecoin would function as a self-custodial cold wallet and be given free to attendees of the upcoming Litecoin Summit, scheduled to take place in Nashville from July 24 to July 25.
See Also: Shiba Inu Lead Developer Shytoshi Kusama Stirs Up Crypto World With Mysterious Post: ‘I’ve Been Shy And Quiet These Past Few Years… But It’s Time That Changes’
Why It Matters: Litecoin was created from the hard fork of Bitcoin (CRYPTO: BTC) in 2011, and like its parent, has a proof-of-work mechanism and a capped circulating supply.
However, unlike Bitcoin, Litecoin is much faster, with a block generation time of 2.5 minutes compared to Bitcoin's 10 minutes. Hence, it is viewed as the "lighter" version of Bitcoin.
That said, the cryptocurrency has massively underperformed this year. Litecoin is the 18th largest coin by market cap, growing just 2.95% YTD, compared to Bitcoin's 48% growth in the same time.
Price Action: At the time of writing, LTC was trading at $74.99, trading mostly flat in the last 24 hours, according to data from Benzinga Pro.
Photo by DIAMOND VISUALS on Shutterstock
