Litecoin (LTC) is a cryptocurrency based on "peer-to-peer" technology and also an open source software project under the MIT/X11 license. It helps users pay instantly to anyone in the world. Litecoin is inspired by Bitcoin (BTC) and technically has the same implementation principle. The creation and transfer of Litecoin is based on an open source encryption protocol. Litecoin aims to improve details of Bitcoin. Compared to Bitcoin, Litecoin has three significant differences. First, Litecoin network can process one block every 2.5 minutes (rather than 10 minutes), thus providing faster transaction confirmation. Second, Litecoin network is expected to produce 84 million Litecoins, which is four times the amount of BTC issued by Bitcoin network. Third, Litecoin uses the scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to mine Litecoin out. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimals.
- LTC official website: https://litecoin.org/cn/
- Explorer address: https://chainz.cryptoid.info/ltc/
- Total amount: 84000000 LTC
- Algorithm: Scrypt
- Block time: 2.5 minutes
- Block reward adjustment interval: 84000 blocks
- Difficulty adjustment: every 2016 block
- Block reward: 12.5 LTC
- The above statistics are recorded on December 7, 2021.