Litecoin was launched by Charles Lee in 2011 and it is a top 5 cryptocurrency. It is a P2P crypto and it has gained immense popularity in the recent past. In a similar fashion to BTC, Litecoin is a form of digital money that uses blockchain technology to maintain a public ledger of all transactions. It is an open source software project released under the MIT/X11 license.

Litecoin has gained popularity due to its-

  • Increased speed
  • Number of coins
  • Market cap

In brief, the differences between BTC and LTC is-

PARAMETERS BITCOIN LITECOIN
Coin limit 21 Million 84 Million
Algorithm SHA-256 Scrypt
Mean block time 10 minutes 2.5 minutes
Initial reward 50 BTC 50 LTC
Current block reward 25 BTC 50 LTC
Created by Satoshi Nakamoto Charles Lee
Creation date 2009 2011
Market cap as of Nov 2017 $10,467,596,650.78 $540,274,528.26

Having already published a tutorial on setting up an Ethereum node in your server, in this tutorial we will walk you through setting up a Litecoin node in your CentOS 7 server.

PrerequisiteS

Steps to setup A full litecoin node in centOS 7

We will install the latest version of Litecoin from the official website. First log into your CentOS 7 server with root access and navigate to home directory using the command – cd ~ or any download directory.  Use wget to download Litecoin using the command- wget https://download.litecoin.org/litecoin-0.14.2/linux/litecoin-0.14.2-x86_64-linux-gnu.tar.gz

wget

Once the download is complete, you will be able to see a console message as shown below-

download_Complete

You can verify that the download has been successful by using the command- ls -ltr : 

ls_command

Once downloaded, you can extract the directory using the command- tar -zxvf litecoin-0.14.2-x86_64-linux-gnu.tar.gz

tar_command

Now we are ready to install all needed packages. To install use the command- sudo install -m 0755 -o root -g root -t /usr/local/bin ~/litecoin-0.14.2/bin/*

Install

This completes our initial installation. Once installed you will be able to use commands – litecoind and litecoin-cli from anywhere in your command prompt. To verify you can try using the litecoin -cli command on the console as shown below-

Litecoin_verify

We now need to configure the LTC node. First, create a folder using the command- mkdir .litecoin

Create folder

Please note this is a hidden folder and will not be visible if you use the command ls-ltr. Instead, to verify, you can use ls-ltra. This will list your folder on the screen:

hidden folder

Navigate to the newly created folder using the command- cd .litecoin/ as shown below-

navigate hidden folder

Create a new config file with vim using the command- vi litecoin.conf

New config file

Add the following entries (but make sure to modify the password) to the config file:

rpcuser=litecoinrpc
rpcpassword=Test123
txindex=1
server=1
daemon=1
rpcbind=127.0.0.1
bind=127.0.0.1

A snapshot of the file is shown below-

Config file values

Make sure you’ve changed the rpcuser and rpcpassword values and save the file. With this, we complete our litecoin configuration.

To start your new Litecoin node use the command- litecoind. To verify that it is downloading blocks, use the command- litecoin-cli getinfo.

That’s it!! Assuming you followed the steps outlined above, you now have a full Litecoin node running on your CentOS 7 server.

Facebooktwittergoogle_plusredditpinterestlinkedinmail