Litecoin is a network-based currency based on "peer-to-peer" technology, which helps users make payments to anyone in the world instantly.
Litecoin is inspired by Bitcoin (BTC) and has the same implementation principle in technology. Litecoin's creation and transfer is based on an open source encryption protocol that is not managed by any central organization. Litecoin aims to improve the bitcoin, compared with Litecoin with three significant differences. First, the Litecoin network can handle a block every 2.5 minutes (instead of 10 minutes), thus providing faster transaction confirmation. Second, the Litecoin network is expected to produce 84 million Litecoin, which is four times the amount of money that is paid by the Bitcoin network. Third, Litecoin uses the scrypt encryption algorithm first proposed by Colin Percival in its work proofing algorithm, which makes it easier to implement Litecoin mining on a regular computer than a bit currency. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimal places.