An Open Source Peer-To-Peer Digital Currency.
- Litecoin (LTC) is a peer-to-peer cryptocurrency that aims to enable fast and low-cost payments to anyone in the world.
- The Litecoin Project was conceived and created by Charles Lee, a former Coinbase employee, with the support of multiple members in the Bitcoin community. It was launched on October 13th 2011, and has introduced a number of modifications based on the original Bitcoin protocol.
- The most prominent of these is Litecoin’s Proof-of-Work consensus: its algorithm is based on Scrypt, instead of SHA-256d. Furthermore, Litecoin has a target block time of 2.5 minutes, and a total supply of 84 million.
- In May 2017, Litecoin adopted Segregated Witness (SegWit). In the same month, the first Lightning Network transaction was completed on Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second.
- Future development areas include the addition of privacy-features (an implementation of the MimbleWimble protocol), the support of Schnorr Signatures, and Taproot (a privacy preserving switchable scripting feature).
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