Inspired by Bitcoin (BTC), Litecoin (LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin offers three key differences from Bitcoin:
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes, which its developers claim allows for faster transaction confirmation.
Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
The Litecoin Network will produce 84 million Litecoins, or four times as many currency units as will be issued by the Bitcoin Network.
- English Name: Litcoin
- Abbreviation: LTC
- Developer: Charlie Lee
- Block Time: 2.5 mins
- Launch Date: Nov 1, 2011
- Algorithms: Scrypt
- Total Supply: 84,000,000