Litecoin (LTC, currency symbol: Ł) is a network currency based on peer-to-peer technology and an open source software project under the MIT/X11 license. It can help users instantly pay to anyone in the world.
Litecoin is inspired by Bitcoin (BTC) and has the same technical implementation principle. The creation and transfer of Litecoin is based on an open source encryption protocol and is not managed by any central agency. Litecoin aims to improve Bitcoin. Compared to it, Litecoin has three significant differences. First, the Litecoin network can process one block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation. Second, the Litecoin network is expected to produce 84 million Litecoins, which is more than four times the currency issued by the Bitcoin network. Third, Litecoin used the scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to perform Litecoin mining on ordinary computers than Bitcoin. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimal places.