Introduction to Litecoin

Litecoin was created in 2011 and is a well-known cryptocurrency. It was developed by Charlie Lee and shares many technical similarities with Bitcoin while also possessing its own unique highlights.

Litecoin uses the Scrypt encryption algorithm, which lowers the professional mining threshold compared to Bitcoin's SHA-256 algorithm, allowing more ordinary users to participate in the mining process, thereby promoting the decentralization of the network. In terms of transaction confirmation speed, Litecoin performs exceptionally well, completing a transaction confirmation on average every 2.5 minutes, far surpassing Bitcoin's confirmation time of around 10 minutes. This gives it an advantage in scenarios where high transaction efficiency is required. Its total coin supply is set at approximately 84 million coins, which is relatively more lenient compared to Bitcoin's cap of around 21 million coins.