Description
Litecoin (LTC) is a peer-to-peer cryptocurrency that facilitates instant, near-zero cost payments to anyone in the world. As a decentralized global payment network, Litecoin is an open-source software project released under the MIT/X11 license, enabling individuals to operate in a fully decentralized manner. It was created by Charlie Lee in October 2011 as a fork of the Bitcoin protocol, differing primarily in terms of the hashing algorithm used, block transaction times, and the number of coins that will be produced. Litecoin aims to improve upon Bitcoin's shortcomings, offering reduced transaction confirmation times of just 2.5 minutes, compared to Bitcoin's 10 minutes, making it more suitable for small-size purchases and time-sensitive transactions. The network utilizes the memory-intensive "Scrypt" as its proof-of-work algorithm, which allows consumer-grade hardware to participate in the network's mining process, promoting greater decentralization of currency issuance. The Litecoin network seeks to process a block every 2.5 minutes, allowing for quicker transaction confirmations. In addition, Litecoin aims to produce a total of 84 million Litecoins, four times as many curren...
Litecoin (LTC) is a peer-to-peer cryptocurrency that facilitates instant, near-zero cost payments to anyone in the world. As a decentralized global payment network, Litecoin is an open-source software project released under the MIT/X11 license, enabling individuals to operate in a fully decentralized manner. It was created by Charlie Lee in October 2011 as a fork of the Bitcoin protocol, differing primarily in terms of the hashing algorithm used, block transaction times, and the number of coins that will be produced. Litecoin aims to improve upon Bitcoin's shortcomings, offering reduced transaction confirmation times of just 2.5 minutes, compared to Bitcoin's 10 minutes, making it more suitable for small-size purchases and time-sensitive transactions. The network utilizes the memory-intensive "Scrypt" as its proof-of-work algorithm, which allows consumer-grade hardware to participate in the network's mining process, promoting greater decentralization of currency issuance. The Litecoin network seeks to process a block every 2.5 minutes, allowing for quicker transaction confirmations. In addition, Litecoin aims to produce a total of 84 million Litecoins, four times as many curren...
