Litecoin

About Litecoin

Litecoin is a decentralized, peer-to-peer digital currency designed to enable instant, near-zero cost payments globally. It operates as an open-source payment network independent of central banks, with a fixed maximum supply of 84 million tokens. The network uses a Proof of Work mechanism with the Scrypt hashing algorithm, featuring a 2.5-minute block time for faster confirmations. Key technical features include MimbleWimble Extension Blocks for enhanced privacy. LTC is used for global payments, microtransactions via litoshis, and as a liquid asset for portfolio diversification. New tokens are issued to miners through block rewards, which undergo halving events approximately every four years to control inflation. Created by former Google engineer Charlie Lee, the project is supported by the Litecoin Foundation, a non-profit organization.

• Litecoin was created by former Google engineer Charlie Lee.
• It has a fixed maximum supply of 84 million tokens, four times that of Bitcoin.
• Litecoin's block time is 2.5 minutes, enabling faster transaction confirmations than Bitcoin.
• It uses the Scrypt hashing algorithm, which is designed to be more memory-intensive than SHA-256.
• MimbleWimble Extension Blocks (MWEB) were added to improve transaction privacy.