Litecoin - Page 15
Litecoin is a peer-to-peer cryptocurrency that was created by Charlie Lee in 2011 as a lighter version of Bitcoin. It is designed to enable fast, low-cost transactions over the blockchain, utilizing a different hashing algorithm called Scrypt, which allows for quicker generation of blocks. Litecoin aims to improve upon the efficiencies of Bitcoin, particularly in terms of transaction speed and scalability. It has a predetermined supply limit of 84 million coins, and it employs a shorter block generation time of approximately 2.5 minutes, compared to Bitcoin's 10 minutes, making it suitable for smaller, everyday transactions. Like Bitcoin, Litecoin operates on a decentralized network and is not controlled by any single entity or authority.
