Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency created by Charlie Lee in October 2011. The Creation and transfer of coins is through an open source cryptographic protocol, and is not managed by any central authority. Litecoin is an open source software project under the MIT/X11 license.
Reduced block time
In many regards Litecoin is technically nearly identical to Bitcoin, however, Litecoin claims some technical advantages over Bitcoin. For example, the block generation time of Litecoin is approximately 1/4 the block generation time of Bitcoin; making it four times faster. The reduced block time allows Litecoin to process faster transactions and increase throughput. The cost of speed improvements is a trade off between network propagation time to block creation time, which creates a variety of security tradeoffs.
Litecoin utilizes the scrypt hashing algorithm instead of Bitcoin's SHA256. Scrypt was made in 2014, and increases the difficulty of creating specialized Litecoin ASIC mining hardware.
Litecoin was an early adopter of the Segregated Witness update, adding it on May 10, 2017. Litecoin is also an early tester and developer of technologies such as the Lightning Network and atomic swap.
Litecoin is one of the oldest cryptocurrencies in existence, and a variety of decentralized projects have forked from the open source Litecoin codebase to create their own cryptocurrencies. Examples of cryptocurrencies forking from Litecoin directly, or originating from Litecoin forks, include Feathercoin, Dogecoin, Dash, Gulden, Reddcoin.
Litecoin Foundation is incorporated
The Litecoin foundation is a non-profit organization registered in Singapore.
Litecoin source code released
Litecoin is announced on bitcointalk as an alternative cryptocurrency to Bitcoin, described by its creator Charlie Lee as "silver to Bitcoin's gold".
Alpha Technology Announces ASIC Miners for Litecoin are Coming Soon
Litecoin Has Now Deployed Segregated Witness
Aaron van Wirdum
Litecoin's SegWit Activation: Why it Matters and What's Next
Seasonality and Interconnectivity Within Cryptocurrencies - An Analysis on the Basis of Bitcoin, Litecoin and Namecoin
Martin Haferkorn, Manuel Quintana Diaz
Thai Perception on Litecoin Value
Toby Gibbs, Suwaree Yordchim
What is the Difference Between Litecoin and Bitcoin?
Documentaries, videos and podcasts
Litecoin on CNBC with Charlie Lee
Jul 31, 2017
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Segregated Witness (SegWit)Segregated witness, or SegWit, is an update to blockchain protocols in which the digital signatures are separated from the transaction data in the blocks. It is the name used for a soft fork change in the transaction format of the cryptocurrencies Bitcoin, Litecoin, and others.
- Lightning NetworkThe Lightning Network is a decentralized network utilizing smart contract functionality to enable off-chain transactions with cryptographic confidence of on blockchain enforceability.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- Atomic swapAn atomic swap allows for a simultaneous exchange of different cryptocurrencies using a hashed time locked contract.
- DecredDecred (Decentralized Credit) is a self funded cryptocurrency project with community based governance.
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