Litecoin (shorthand: LTC, L2C, currency symbol: Ł) is a peer-to-peer electronic cryptocurrency and an open source software project under the MIT/X11 license. Litecoin was inspired by Bitcoin (BTC) and technically used the same implementation principle. Litecoin's creation and transfer was based on an open source encryption protocol and was not managed by any central agency. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
Litecoin aims to improve Bitcoin, with three significant differences compared to Bitcoin:
First, the Litecoin network can process a block approximately every 2.5 minutes, thus providing faster transaction confirmation.
Secondly, the Litecoin network is expected to produce 84 million Litecoin, which is more than four times the amount of currency issued by the Bitcoin network.
Third, Litecoin used the Scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to perform Litecoin mining on ordinary computers than Bitcoin (before the birth of the ASIC mining machine). Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimal places.
Release Date：October 7th 2011
Number of currencies：84 million
Main features：Trade confirmations can be provided quickly, mining Litecoin on ordinary computers easier.
Litecoin forum link：https://litecointalk.org/