Litecoin is a popular cryptocurrency that was created by a former Google employee Charlie Lee. It was released through an open-source client on GitHub, and the network went live back on October 13th, 2011.
It has some similarities with Bitcoin, and crypto enthusiasts commonly refer to it as the “silver to Bitcoin’s gold.” Similarly to BTC, Litecoin is also capped and there will be no more than 84 million of it to be ever mined.
By design, Litecoin’s network is also decentralized, and it shares a lot of the benefits with the world’s leading cryptocurrency. It’s censorship-resistant, meaning that anyone with access to the internet can obtain it. It’s also decentralized which suggests that there is no central point of authority.
Litecoins are also mined, but unlike the Bitcoin network that uses the SHA-256 Proof-of-Work algorithm, it uses one called Scrypt. They are different in quite a few things, such as the block size, the time needed to add a new block to the network, the rewards for miners, and so forth. Similarly to Bitcoin, though, the Litecoin network also goes through halvings. Whenever 840,000 new blocks have been added to the blockchain, the reward that miners receive for their work is slashed in half.
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