Litecoin (LTC) is an alternative cryptocurrency created in October 2011 by Charles "Charlie" Lee, a former Google engineer. It was adapted from Bitcoin's open-source code but several modifications were made. Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects, such as its faster block generation rate and the use of Scrypt (pronounced ess-scrypt) as a hashing algorithm.
Key Takeaways
Litecoin is an early altcoin developed by former Google engineer Charlie Lee in 2011.
It has been referred to as "the silver to Bitcoin's gold" and was the 3rd largest cryptocurrency by market cap at its height.
Because its structure is similar to Bitcoin's, it has been used as a testnet or testing ground for improvements that later were applied to Bitcoin.
