Litecoin is an alternative digital currency and a decentralized P2P payment network that is based on Bitcoin technology.
To achieve decentralized consensus about its state, Litecoin uses proof-of-work with the memory-intensive hashing function scrypt.
The abbreviation for Litecoin is LTC. Its creator is Charles Lee.
One of the key features of Litecoin is its full decentralization – it was designed so that no one can influence, destroy, counterfeit, seize accounts, control money flows, or cause inflation.
The network has no central point that can make decisions about its operation. Litecoin’s code is released as open source, allowing for transparency and free access to its technology.
One of the main advantages of Litecoin is its lower transaction fees. The total supply of Litecoins is limited to 84 million, which is four times more than Bitcoin.
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