Litecoin (Chinese translation: Litecoin) is an online currency based on peer-to-peer technology, which can help users pay anyone in the world instantly. Litecoin is the second largest virtual currency in the world after Bitcoin. [1] Litecoin is inspired by Bitcoin (BTC) and has the same technical realization principle. The creation and transmission of Litecoin is based on the open source encryption protocol and is not managed by any central authority.
Compared with Litecoin aimed at improving Bitcoin, Litecoin has three significant differences.
First, Litecoin network can process a block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation.
Second, Litecoin Network is expected to produce 84 million Litecoin, which is four times the amount of currency issued by Bitcoin Network.
Thirdly, Litecoin uses the scrypt encryption algorithm first proposed by ColinPercival in its workload proof algorithm. Compared with Bitcoin, it is easier to mine Litecoin on ordinary computers. Each Litecoin is divided into100,000,000 smaller units, defined by eight decimal places.