#Litecoin

Let's talk about #Litecoin

**What is Litecoin (LTC)?**

Litecoin is a cryptocurrency and an open-source blockchain project that was launched in **October 2011** by **Charlie Lee**, a former engineer at Google and Coinbase. It is often referred to as "digital silver" in contrast to the "digital gold" that Bitcoin represents.

It was created with the intention of being a faster and more efficient version of Bitcoin, improving some of its features to facilitate its use in everyday transactions and lower-value payments.

**How does Litecoin work?**

Litecoin is based on the same source code as Bitcoin, but with some key modifications to its parameters:

1. **Hashing Algorithm (Scrypt):** Unlike Bitcoin, which uses SHA-256, Litecoin employs the **Scrypt** algorithm. This algorithm was designed to be more memory efficient and to be more resistant to ASIC (Application-Specific Integrated Circuit) mining in its early days, aiming to allow more people to mine with common CPU and GPU hardware. Although ASICs for Scrypt exist today, the algorithm remains a distinctive feature.

2. **Faster Block Time:** While Bitcoin has an average block time of about 10 minutes, Litecoin is designed to generate a new block every **2.5 minutes**. This means that Litecoin transactions are confirmed significantly faster.

3. **Higher Total Supply:** The maximum supply of Litecoin is **84 million LTC**, four times the limit of 21 million of Bitcoin. This was designed to accommodate more transactions and a potentially lower unit value, making it more accessible for small payments.