What is Litecoin (LTC)?

Litecoin is an open-source global peer-to-peer (P2P) cryptocurrency network that enables users to send payments worldwide in a fast and affordable manner. The Litecoin network was founded on October 13, 2011, and was originally created as a fork of Bitcoin (BTC) to improve on three main issues faced by the Bitcoin network — speed, scalability and centralization.

How does it work?

Like Bitcoin, Litecoin operates on an open-source blockchain that isn't under the control of a single central authority. To ensure that new transactions don’t contradict the blockchain's transaction history, each Litecoin node operator has a copy of every blockchain, and miners assist in processing new transactions by including them in recently mined blocks.

What are the features of Litecoin (LTC)?

1. Proof-of-work with 2.5-minute block periods."

2. Mined using the Scrypt algorithm instead of SHA-256.

3. One of the oldest blockchains.

4. Digital Silver

5. Maximum total supply of 84 million

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