What is Litecoin (LTC)?
Litecoin was designed as a "lite version of Bitcoin," with the primary goal of improving upon Bitcoin's perceived shortcomings and to offer faster transaction confirmation times. Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses "scrypt" as a proof of work, which can be decoded with the help of consumer-grade CPUs. Although it is technically similar to Bitcoin, Litecoin has some differences, such as a reduced block generation time of approximately 2.5 minutes (compared to Bitcoin's 10 minutes), a higher maximum number of coins, a different hashing algorithm (scrypt instead of SHA-256), and a slightly modified GUI.
What is Litecoin (LTC) used for?
Litecoin is used for a variety of purposes, including instant, near-zero cost payments to anyone in the world. It serves as a digital currency for peer-to-peer transactions, online purchases, and transferring funds. Its faster transaction confirmation time makes it attractive for small, everyday transactions as well as larger transfers. Merchants also benefit from the fast confirmation times of Litecoin, which enable them to accept payments more quickly compared to Bitcoin.
Who created Litecoin (LTC)?
Litecoin was created by Charlie Lee on October 8, 2011. Charlie Lee is a computer scientist with a background in technology and an interest in cryptocurrencies. Prior to creating Litecoin, he worked for Google on projects such as YouTube Mobile and Chrome OS. His intention with Litecoin was to improve upon Bitcoin's limitations and to create a lighter, more efficient version of Bitcoin for everyday use. Lee has been an outspoken advocate for cryptocurrencies and continues to be involved in the Litecoin project, although he announced in December 2017 that he had sold all his Litecoin holdings to avoid any conflict of interest and to focus on Litecoin's development.