What is Litecoin?

A peer-to-peer cryptographic digital currency and an open source software project under the MIT/X11 license, released back on October 7, 2011 via the Github open source client.

The currency symbol Ł, Litecoin is inspired by Bitcoin and has the same technical implementation principles. Litecoin is created and transferred based on an open source cryptographic protocol that is not governed by any central authority. Litecoin aims to improve upon Bitcoin and has three significant differences compared to it: first, the Litecoin network processes a block approximately every 2.5 minutes, thus providing faster transaction confirmations;] second, the Litecoin network is expected to produce 84 million Litecoin, which is four times the amount of currency issued by the Bitcoin network; third, Litecoin uses the Scryptryptography algorithm first proposed by Colin Percival in its proof-of-work algorithm. Third, Litecoin uses the Scrypt cryptographic algorithm, first proposed by Percival, in its proof-of-work algorithm, and before the creation of ASIC miners, it was easier to mine Litecoin on ordinary computers than Bitcoin.

Was this article helpful?
0 out of 0 found this helpful