What is Litecoin?
Litecoin is a digital currency based on peer-to-peer technology that pays anyone in the world instantly and at near-zero cost.
The appearance of Litecoin
The appearance of Litecoin was inspired by Bitcoin and technically the same as Bitcoin. The creation and transfer of Litecoin is based on an open source encryption protocol that is not managed by any central authority.
The characteristics of Litecoin
Litecoin aims to improve Bitcoin, compared to Litecoin, which has faster transaction confirmation time (2.5 minutes) and higher storage efficiency. The Litecoin network can process a block every 2.5 minutes (rather than 10 minutes), thus providing faster transaction confirmation. In addition, the total output of Litecoin is 84 million, which is four times the circulation of Bitcoin.
Litecoin used the scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to drill Litecoin on a regular computer compared to Bitcoin. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimals.
With a large amount of industry support, trade volume and liquidity, Litecoin proved to be a complementary commercial medium to Bitcoin.
Intro to Litecoin
Date of issue: 2011-11-09 Total issued amount: 84,000,000
Total Liquidity: 58,170,000 Circulation Market Value: US$3.3 billion
Litecoin white paper: https://coss.io/documents/white-papers/litecoin.pdf
Official website: https://litecoin.org/
Block query: https://chainz.cryptoid.info/ltc/