Litecoin

About

Litecoin is a decentralized, peer-to-peer, open-source cryptocurrency developed in 2011. It serves as an alternative to Bitcoin, offering faster transaction times and lower fees. Litecoin uses the Scrypt algorithm, which is more memory-intensive than Bitcoin's SHA-256, making it easier to mine with consumer-grade hardware. The total supply of Litecoin is capped at 84 million coins, and its transaction fees are typically very low, averaging around $0.05 per transaction. Litecoin is designed to facilitate instant, near-zero cost payments globally. It operates on a blockchain, ensuring transparency and security without central authority intervention. Litecoin's community and development team continuously work on enhancing its features, such as integrating MimbleWimble technology for improved privacy. Despite facing competition from newer cryptocurrencies, Litecoin remains a well-established player in the digital currency space, offering users a reliable and efficient payment solution.