Litecoin (abbreviation: LTC, currency symbol:? ) is a network currency based on peer-to-peer technology and an open source software project licensed by MIT/X 1 1. It can help users make instant payments to anyone in the world.
Litecoin is inspired by Bitcoin (BTC) and has the same realization principle in technology. The creation and transmission of Litecoin is based on open source encryption protocol and is not managed by any central organization. Litecoin aims to improve Bitcoin. Compared with Litecoin, 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 is expected to produce 84 million Litecoin, which is four times the amount of currency issued by Bitcoin. Thirdly, Litecoin uses the scrypt encryption algorithm first proposed by Colin Percival 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.