Litecoin

Litecoin is a type of cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It’s based on the Bitcoin protocol, but it differs in a few key ways:

1. Block generation time: Litecoin uses a faster block generation time than Bitcoin – 2.5 minutes compared to Bitcoin’s 10 minutes. This makes transactions faster.
2. Algorithm: Litecoin uses a different proof-of-work algorithm. While Bitcoin uses the SHA-256 algorithm, Litecoin uses a script algorithm. The script algorithm is generally considered to be more memory-intensive, meaning it’s harder to create specialized hardware to mine Litecoin. This was done intentionally to make Litecoin more accessible to individual miners, compared to Bitcoin, which tends to be dominated by large mining operations.
3. Total supply: The total supply of Litecoin is capped at 84 million coins, which is four times the maximum supply of Bitcoin.