A peer-to-peer cryptocurrency offering faster transactions with an alternative blockchain hashing algorithm than Bitcoin.
Faster Transaction Speed: Litecoin’s block generation time is 2.5 minutes (compared to Bitcoin’s 10 minutes). This faster block time allows for quicker transaction confirmations, making Litecoin more practical for day-to-day transactions.
Scrypt Algorithm: Litecoin uses a different mining algorithm called Scrypt, as opposed to Bitcoin’s SHA-256. Scrypt is designed to be less resource-intensive, making it more accessible to a broader range of miners. This reduces the influence of specialized mining hardware (like ASICs) and allows for a more decentralized mining network.
Higher Supply Limit: Litecoin has a maximum supply of 84 million coins, four times more than Bitcoin’s 21 million cap. This higher supply can make Litecoin more accessible and potentially less subject to scarcity-driven price volatility.
Decentralization and Open Source: Like Bitcoin, Litecoin is a decentralized, open-source network that operates without a central authority. The Litecoin community actively supports its development, and its code is publicly available, which promotes transparency and community trust.