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Litecoin (symbol: Ł; abbrev: LTC) is a cryptocurrency supported by a peer-to-peer network and an open source project released under the MIT license. It is inspired and almost technically similar to Bitcoin (BTC). Litecoin creation and transfer is based on an open source encryption protocol and is not managed by a central authority. Litecoin developers aim to try to improve Bitcoin and offer three fundamental differences.
Litecoin was founded by Charlie Lee on October 7, 2011.
Firstly, the Litecoin network processes one block every 2.5 minutes instead of every 10 minutes as is the case with bitcoin.
Second, the Litecoin network will produce 84 million litecoins, which is four times more units than the Bitcoin network.
Finally, Litecoin uses the scrypt function in its working proof algorithm: a sequential rigid memory function that was originally thought by Colin Percival. This function is intended to prevent GPU, FPGA and ASIC mining from having a significant advantage over CPU mining, although GPU mining is currently 10 times more efficient than CPU mining. Each litecoin is subdividable into 100,000,000 smaller units, defined by eight decimal places.
