Litecoin aims to be a more advanced version of Bitcoin. It is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. The most fundamental technical difference between Bitcoin and Litecoin are the different cryptographic algorithms they employ. Bitcoin makes use of the longstanding SHA-256 algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt.
LTC has three main advantages:
- Litecoin’s confirmation time is roughly 2.5 minutes, making it more attractive for merchants.
- Litecoin can accommodate up to 84 million coins, four times Bitcoin.
- Litecoin makes use of a comparatively new algorithm known as Scrypt, introduced by Colin Percival, that makes mining easily accessible.
Release date: 2011-10-07
Total coins: 84000000
Market Cap: 4,192,076,020 BTC
Block time: 150 sec
Block reward: 50
Retarget: 2016 Blocks