Litecoin was one of the very first “altcoins” to be created with the goal of being the “digital silver” to Bitcoin’s digital gold. Litecoin was also a fork of Bitcoin (as many cryptocurrencies were in the early days), but it could generate blocks four times faster and have four times the maximum number of coins (84 million).
It also uses a different mining algorithm, called “scrypt,” compared to Bitcoin, which uses SHA256. This gives Litecoin a mining decentralization advantage because people only need GPUs to mine Litecoin, as opposed to Bitcoin, where ASICs are required these days for any sort of mining reward.
More recently, the original developer of Litecoin committed to working full time on the cryptocurrency. He also set a mission for Litecoin to become a mature cryptocurrency where new innovations could be tested out before Bitcoin adopts them, too. This would make it safer for Bitcoin to adopt new technologies while also raising the importance of Litecoin on the market.
Max Supply: 84,000,000
Circulating Supply: 59,450,863
Total Supply: 59,450,863
Cryptographic Algorithm: Scrypt
Issue Date : 2011-10-08
Source Code: https://github.com/litecoin-pr
Issue Price: –
White Paper: –
Consensus Protocol: POW
Explorer 1: http://explorer.litecoin.net/chain/Litecoin
Explorer 2: https://chainz.cryptoid.info/ltc/
Explorer 3: https://live.blockcypher.com/ltc/
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