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Litecoin (LTC) is an open-source cryptocurrency and software project released under the MIT/X11 licence. Starting in October 2011, Litecoin was an early bitcoin offshoot or altcoin. Litecoin is virtually comparable to Bitcoin in terms of technological specifications.

On October 7, 2011, Charlie Lee, a Google employee who subsequently became Engineering Director at Coinbase, launched Litecoin via an open-source client on GitHub. On October 13, 2011, the Litecoin network became online.

The fork of the Bitcoin Core client had a faster block generation time (2.5 minutes), a higher maximum amount of coins, a new hashing method (scrypt instead of SHA-256), and a somewhat altered GUI.

Litecoin’s overall value increased dramatically in November 2013, including a 100 percent increase in only 24 hours.

Litecoin was the first of the top five (by market size) cryptocurrencies to adopt Segregated Witness in May 2017. In May of that year, Litecoin executed the first Lightning Network transaction, sending 0.00000001 LTC from Zürich to San Francisco in under one second.

Differences From Bitcoin

In several aspects, Litecoin differs from Bitcoin.

Compared to Bitcoin’s 10 minutes, the Litecoin Network intends to process a block every 2.5 minutes. As a result, Litecoin can confirm transactions considerably more quickly than Bitcoin.

Litecoin’s proof-of-work algorithm is scrypt, a sequential memory-hard function that requires asymptotically more memory than a non-memory-hard method.

Because Litecoin employs the scrypt algorithm, FPGA and ASIC devices for mining Litecoin are more difficult and expensive to develop than Bitcoin, which uses the SHA-256 algorithm.

When it came to Litecoin as a payment mechanism, there was a link to Bitcoin’s prolonged payment patterns in the early days. Although one may expect Litecoin payment patterns to converge with Bitcoin, it has been discovered that there is no correlation between Litecoin and

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