Project basic information
Project IntroductionLitecoin is a cryptocurrency that enables nearly instant and low-cost payments. Similar to other cryptocurrencies, it works on a peer-to-peer network, through which users can send and receive money without the need for intermediaries.
Litecoin was founded in 2011 by former Google engineer Charlie Lee, who called it the “lite version of Bitcoin”.
Litecoin adopts many of the same features as Bitcoin, with the goal of prioritizing transaction confirmation speed to allow for more transactions per second. Its cryptographic algorithms improve network efficiency and facilitate a shorter block generation time. LTC was designed as a deflationary currency, with a total circulation capped at 84 million. It undergoes halving every 840,000 blocks (approximately every 4 years) until the block reward becomes 0.