what is litecoin?
Litecoin is a peer-to-peer cryptocurrency (similar to bitcoin) it uses an open source cryptographic protocol like bitcoin.
It was introduced on the 7th of October 2011 (6 years ago)
the history of litecoin
Litecoin was introduced in October 2011 by a former Google employee named Charlie Lee, who released it on github on a open source client. It forked the bitcoin core client, which decreased the block generation time by 2.5 minutes and changed algorithm from SHA-256 to Scrypt.
During November 2013, litecoin experienced a massive 100% leap of value. And also reached a marketing cap of $1 billion. As of November 2017, the market cap was $4,600,081,733
($85.18 per coin on November)
what's the difference between bitcoin and litecoin?
°the average time to mine a bitcoin block is 10 minutes, while mining litecoin takes about 2.5 minutes per block.
°the litecoin network uses Scrypt, a proof of work algorithm, rather than bitcoins SHA-256 algorithm.
Also, the ASICs made for scrypt and litecoin are more complicated, and therefore more expensive.
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