What is Litecoin? The Silver Bitcoin



Litecoin (sign: Ł; abr .: LTC) is a cryptocurrency supported by the P2P network, and an open source software project published under the MIT license. Inspired and virtually identical in its technical aspect2 to Bitcoin (BTC), the creation and transfer of Litecoin is based on an open source cryptographic protocol that is not managed by any central authority Litecoin was intended to be an alternative electronic currency4 of Bitcoin and offers three main differences:

First, the Litecoin network performs the processing of a block every 2.5 minutes instead of every 10 minutes, which allows faster confirmation of transactions. Second, the Litecoin network will produce approximately 4 times more units than Bitcoin, or about 84 million Litecoins. Third, Litecoin uses the scrypt function in its working test algorithm: a hard memory sequential function conceived for the first time by Colin Percival, facilitating mining, since it does not need sophisticated equipment as in the case of Bitcoin. Each litecoin is divided into 100,000,000 smaller units, defined by eight decimals.

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