Launched in 2011, Litecoin is one of the oldest digital currencies. It has fast transaction confirmations and uses a scrypt-based, memory-hard mining PoW algorithm to target the GPUs and computers most people use. This is Litecoin’s main difference to bitcoin. As a fork of bitcoin, Litecoin shares several characteristics as bitcoin; however, it strives to be faster and lighter with block generation times of about 2.5 minutes.
Consequently, compared to bitcoin, it has lower transaction costs and faster transaction clearance. According to the team behind this platform, it is a peer-to-peer online currency that allows for almost-zero, instant payments globally. It is a mathematically secure, open-source global payment system that is fully distributed.
The team aims to use technology to improve the coin’s main functions. This is why Litecoin enjoys liquidity, trade volume, and widespread industry support. Managed by Charles Lee, the project boasts a large community whose support is growing every day. It became the first of the largest cryptocurrencies to use the SegWit scaling solution in May 2017.