Litecoin (LTC) is a digital cryptocurrency created by Charlie Lee in 2011. It is a fork of Bitcoin and is often referred to as "the lightweight version of Bitcoin" or "digital silver." Its original purpose was to serve as a counterpart to Bitcoin.
Compared to Bitcoin, Litecoin offers faster transaction speeds and lower transaction fees, with a block confirmation time of 2.5 minutes. Litecoin has a total supply of 84 million coins.
Litecoin uses a proof-of-work (POW) mechanism to process transactions and maintain the blockchain.It employs the Scrypt algorithm, which allows for mining with consumer-grade hardware, eliminating the need for specialized mining rigs. This accessibility promotes decentralization. Litecoin also supports the MimbleWimble upgrade, enhancing privacy features.
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