Litecoin Litecoin (LTC, the currency symbol: Ł) is an online currency based on "peer-to-peer" technology and is an open source software project licensed under MIT / X11. It can help users pay instantly to anyone in the world.
Litecoin was inspired by the Bitcoin (BTC) and technically has the same principle of realization. The creation and transfer of Litecoin is based on an open source encryption protocol that is not managed by any central authority. Litecoin aims to improve Bitcoin, compared with Litecoin in three significant differences. First, Litecoin network can process one block every 2.5 minutes instead of 10 minutes, thus providing faster transaction confirmation. Second, the Litecoin network is expected to yield 84 million Litecoin, four times the amount issued by the Bitcoin network. Third, Litecoin uses the scrypt encryption algorithm first proposed by Colin Percival in its workload proofing algorithm, which makes it easier to mine Litecoin on regular computers than bitcoin. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimal places.