Litecoin (LTC) is a decentralized cryptocurrency launched on October 13th 2011 by Google employee and former Coinbase Engineering Director Charlie Lee. Litecoin is a fork of Bitcoin. The changes made to Litecoin include a decreased block time, increased total supply, different hashing algorithm, and a modified GUI. Nearly every other detail is identical to the original Bitcoin network. By decreasing the block time, Litecoin enables transactions to be confirmed faster compared to Bitcoin. Furthermore, Litecoin uses the hashing algorithm Scrypt, compared to Bitcoin’s SHA-256. Due to the use of Scrypt over SHA-256, Application-Specific Integrated Circuits (ASICs) are more complicated and expensive to create compared to Bitcoin, countering the arising problem of mining centralization.
The code repository for Bitcoin can be found at: https://github.com/litecoin-project/litecoin
Start: October 7th 2011
Block Time: 2.5 Minutes
Current Block Reward: 12.5
Timestamping Scheme: Proof of Work
Hash Function: Scrypt