Litecoin (LTC) operates on a decentralized peer-to-peer network, utilizing blockchain technology to ensure security and transparency. Its blockchain generates blocks more frequently than Bitcoin's, allowing Litecoin to confirm transactions much faster. This efficiency makes Litecoin an attractive option for merchants and users seeking quick confirmation times. Furthermore, Litecoin employs the Scrypt algorithm in its proof-of-work consensus mechanism, differentiating it from Bitcoin's SHA-256 algorithm. This choice was intended to allow more people to participate in mining, as Scrypt was initially less susceptible to being dominated by specialized mining equipment, though this has evolved with advancements in technology.
LTC is a cryptocurrency that emerged as one of the earliest alternatives to Bitcoin, earning it the moniker of "silver to Bitcoin's gold." Founded in 2011 by Charlie Lee, a former Google engineer, Litecoin was designed to improve upon Bitcoin by offering faster transaction times and a higher maximum supply. Lee's vision was to create a more efficient and accessible cryptocurrency that could facilitate everyday transactions in a manner that Bitcoin could not, due to its slower transaction speeds and higher transaction costs.
Litecoin’s development team has continued to innovate, implementing features such as Segregated Witness (SegWit) and participating in the development of the Lightning Network to enable faster and cheaper transactions.
