Litecoin (LTC) is a cryptocurrency engineered to facilitate swift, secure, and cost-effective transactions by harnessing the distinctive attributes of blockchain technology.
Derived from the
Bitcoin (
BTC) protocol, Litecoin differs in its utilization of a distinct hashing algorithm, a defined hard cap, block transaction times, and several other factors. With a mere 2.5-minute block time and exceptionally low transaction fees, Litecoin is well-suited for micro-transactions and point-of-sale payments.
Introduced through an open-source client on
GitHub on October 7, 2011, Litecoin's network went live just five days later on October 13, 2011. Since its inception, it has experienced significant growth in both usage and acceptance among merchants, consistently ranking among the top ten cryptocurrencies by market capitalization.
Charlie Lee, a former Google employee, is the creator of Litecoin. His vision was to craft Litecoin as a "lite version of Bitcoin," featuring many similar properties while maintaining a lighter overall profile.