Litecoin (LTC)

Litecoin (LTC) is a decentralized peer-to-peer cryptocurrency created in 2011 by Charlie Lee, a former Google engineer. Designed as a "lite" version of Bitcoin, Litecoin aims to provide faster transaction times and a more efficient mining process, making it suitable for everyday transactions.

Key Features:

• Faster Transaction Times: Litecoin generates a new block every 2.5 minutes, compared to Bitcoin's 10-minute block time, allowing for quicker transaction confirmations.
• Scrypt Algorithm: Unlike Bitcoin's SHA-256, Litecoin uses the Scrypt hashing algorithm for its proof-of-work consensus mechanism. This design choice was intended to make mining more accessible by allowing it to be performed using consumer-grade hardware, promoting greater decentralization.
• Higher Supply Limit: Litecoin has a maximum supply of 84 million coins, four times that of Bitcoin's 21 million, aiming to make the currency more accessible and reduce scarcity.
• Lower Transaction Fees: Litecoin typically offers lower transaction fees compared to Bitcoin, making it more practical for smaller, everyday transactions.
• Active Development and Upgrades: Litecoin has adopted various technological upgrades over the years, such as Segregated Witness (SegWit) and the Lightning Network, to enhance its scalability and transaction speed.