Litecoin

About Litecoin (LTC)

Litecoin (LTC) is an open-source, open-innovation cryptocurrency that was designed to provide fast and secure payments using unique properties of the blockchain. Litecoin is not the same as the Bitcoin protocol as it uses a different algorithm to create blocks, called "scrypt", which makes mining Litecoin significantly faster than other popular cryptocurrencies.

Litecoin Background

Litecoin was founded by former Google engineer Charlie Lee in 2011 and has since turned into a legitimate competitor to BTC by providing more anonymity, quicker transactions, and lower fees.

The Litecoin Foundation also includes three other individuals- Xinxi Wang, Alan Austin and Zing Yang. The foundation is a non-profit organisation that works along the development team for Litecoin. The Litecoin foundation works on educational programs for its users, merchants and payment processors.

The Litecoin network activated Segregated Witness in 2017 and activated the Lightning Network in 2018 which has allowed lightning network payments between major LTC wallets and to non-major wallet addresses.

What Makes Litecoin Unique?

Litecoin has been largely successful due to its fast and secure transaction benefits. Litecoin transactions are confirmed in just minutes, which makes it an attractive cryptocurrency for many users, especially those in developing countries.

In September 2020, Litecoin activated the MimbleWimble protocol which enables private transactions for users and enhanced fungibility.