Litecoin (LTC) is a cryptocurrency supported by the P2P network that allows instant payments and almost zero cost anywhere in the world. Litecoin is a global and open source payment network that is completely decentralized and without central authorities. Mathematics secures the network and allows individuals to control their own finances. Litecoin provides faster transaction confirmation times and improved storage efficiency over the main mathematical-based currency. With substantial industry support, volume of transactions and liquidity, Litecoin is a proven means of commerce complementary to Bitcoin.
The Litecoin was created by the former Google engineer Charles Lee in the year 2011. It was created with the aim of improving Bitcoin. The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.
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Litecoin has a currency limit of 84 million, which means that there is a total of 84 million Litecoins that can be extracted or generated.
The miners can initially generate 25 coins per block. The amount of coins generated is reduced by half every 4 years (840,000 blocks). Therefore, the Litecoin network is programmed to produce approximately 4 times more currency units than Bitcoin.
The Litecoin’s Scrypt algorithm is less demanding in relative terms than the algorithm used by Bitcoin, making it somewhat easier to extract Litecoins using desktop computers than the ones of a lifetime.
The block generation time for Litecoin is 2.5 minutes, instead of the 10 minutes needed for Bitcoin. This makes Litecoin more efficient than Bitcoin when it comes to handling a large volume of transactions.
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