▪ market cap: 13 billions USD
Litecoin is a decentralized blockchain secured peer-to-peer cryptocurrency that allows you to transfer money without high costs, and it is known for being very secure and reliable. It is also the largest global script based network which is integrated into an open-source-software-project. Charlie Lee published Litecoin in October 2011 through the open-source-client Litecoin Core on GitHub.
Technical, it is very similar -almost identical- to Bitcoin. You can exchange Litecoin into fiat money, Bitcoins or other digital currency. This process is usually handled by digital currency exchangers.
Three things distinguish Litecoin from Bitcoin:
1. In the Litecoin network, new blocks are produced every 2,5 minute instead of 10. That means, that the clients receive a faster transaction confirmation.
2. Because of that, the Litecoin network produces four times more units than the Bitcoin network in the entire process. That is why the number of Litecoin converges towards 84 million.
3. In contrast to Bitcoin, which uses SHA256, Litecoin uses script in its proof-of-work algorithm.
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