Litecoin - Facts and info
Litecoin Facts and Information (Crypto Wiki)
Founder: Charlie Lee
Date Created: 2011
Code Written in: C++
Code Repository: https://github.com/litecoin-project/litecoin
Structure: - Decentralized utilizing a Peer to Peer Network
Source Model: Open Source
Total Max Lite Coin Outstanding Possible: 84,000,000
Mining: Yes - Utilizes scrypt algorithm for Proof of Work as opposed to Bitcoin's SHA-256.
Litecoin is a fork from Bitcoin that has a few different features. Notably it is able to process a block every 2.5 minutes as oppose to Bitcoin's 10 minutes. Litecoin also has a max of Litecoin that is 4x higher than that of Bitcoin.
As opposed to SHA-256, Litecoin uses scrypt as its proof-of-work algorithm. Scrypt is a sequential memory-hard function that requires asymptotically more memory than an algorithm which is not memory hard. The idea of using scrypt is to make it easier for hobbyists to mine Lite Coin and make it harder for the specialized computers called ASICs to dominate its mining. This is considered ideal as it puts the currency in more users hands rather than centralizing in a few professional mines.
Nov 2013 - Litecoin reached a market cap of $1 billion dollars.
May 2017 - Litecoin was the first of the top 5 cryptocurrencies adopt segregated witness
Other Lite Coin Links:
LiteCoin Wiki - https://litecoin.info/index.php/Main_Page
LiteCoin Reddit - https://www.reddit.com/r/litecoin/
To get started with Litecoin we recommend reading the materials on https://litecoin.org/ and other forums.
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