- Launched: 2011
- Creator: Charlie Lee
- Purpose: Created as a “lighter” version of Bitcoin, Litecoin offers faster transaction times and lower fees, making it more suitable for everyday transactions.
- Features:
- Faster Block Times: Litecoin’s block time is 2.5 minutes, compared to Bitcoin’s 10 minutes.
- Proof of Work: Uses the same consensus mechanism as Bitcoin, but with the Scrypt hashing algorithm instead of SHA-256.
- Use Cases: Peer-to-peer payments, store of value, and an alternative to Bitcoin.
- Status: Known as the “silver” to Bitcoin’s “gold,” Litecoin has consistently been a popular altcoin.
Leave a Reply