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What Is Litecoin (LTC)?

Litecoin (LTC) claimed the status of silver (compared to Bitcoin’s gold status). It works very similar to Bitcoin and differs mainly in parameters such as hashing algorithm (Scrypt), coin supply limit (84 million) and average blocktime (2.5 minutes). Litecoin was launched in 2011 by former Google engineer Charlie Lee, in order to enable CPU mining at a time when GPUs took over as Bitcoin’s primary mining driver. However, people later managed to port Scrypt over to GPU as well as ASICs, yet tecoin has still managed to remain mostly in top 10 cryptocurrency list (ordered by market capitalization).

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

Information

Type Coin
Algorithm Scrypt
Proof PoW
Minable Yes
Premined No

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Community

Find support across a growing number of Litecoin communities:

Resources

Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki.
Up-to-date network statistics can be found at Litecoin Block Explorer Charts.
Source code for Litecoin Core and related projects are available on GitHub.

Open Source Software

Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.

Blockchain

The Litecoin blockchain is capable of handling higher transaction volume than its counterpart — Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having the ability to wait for more confirmations when selling bigger ticket items.

Wallet Encryption

Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.

Mining Reward

Miners are currently awarded with 12.5 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.