Litecoin

Litecoin (LTC) is an open-source digital currency that works as a peer-to-peer payment network, with no central bank or intermediary involved. Its maximum supply is 84 million coins.

The network uses Proof of Work, in which miners spend computing power to validate transactions and protect the ledger. It produces a block about every 2.5 minutes, so confirmations come sooner than on earlier protocols. Its design includes the Scrypt hashing algorithm and MimbleWimble Extension Blocks, which give users a way to conceal the contents of a transfer.

LTC serves for payments and for small transfers in units called litoshis. Miners who validate blocks receive newly issued coins, and the amount issued is halved about every four years.

Litecoin was created by Charlie Lee, a former Google engineer. The Litecoin Foundation supports adoption of the ecosystem, and independent developers and miners around the world maintain the project.