Litecoin (LTC) is a kind of network currency based on "peer-to-peer" technology. It is also an open source software project under MIT / X11 license. It can help users pay instantly to anyone in the world.
Litecoin is inspired by BTC and has the same implementation principle in technology. The creation and transfer of litecoin is based on an open source encryption protocol and is not managed by any central authority. Litecoin aims to improve bitcoin, which has three significant differences. First, the litecoin network can process one block every 2.5 minutes instead of 10 minutes, so it can provide faster transaction confirmation. Second, the litecoin network is expected to produce 84 million litecoins, four times the amount of money issued by the bitcoin network. Thirdly, in its workload proof algorithm, litecoin uses the scrypt encryption algorithm first proposed by Colin Percival, which makes it easier to mine litecoin on a general computer than bitcoin. Each litecoin is divided into 100000000 smaller units, defined by eight decimal places.
II. Detailed parameters:
English abbreviation: litecoin (LTC)
Core algorithm: crypt
Proof of consensus: pow
Issue date: November 9, 2011
Total issuance: 84000000
Total circulation: 54.296 million
III. relevant links:
Official website white paper