Litecoin 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 was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, litecoin is nearly identical to Bitcoin. One of the first cryptocurrencies to use Scrypt as a hashing algorithm. Litecoin is consistently among the largest cryptocurrencies in terms of market capitalization and it currently has more than 84 million coins in circulation. Litecoin is designed to produce four times as many blocks as Bitcoin (1 new block every 2.5 minutes to Bitcoin’s 10), and it also allows for 4x the coin limit, making its main appeal over Bitcoin to do with speed and ease of acquisition. However, because Litecoin uses scrypt (as opposed to Bitcoin’s SHA-2) as a proof-of-work algorithm, the use of mining hardware such as ASIC miners or a GPU mining rig requires significantly more processing power.
Original author – Charlie Lee
Programming language of implementation – C++
Initial release – 7 October 2011
Development status – Active
Website(s) – litecoin.org / litecoin.com