Litecoin (LTC) is a peer-to-peer cryptocurrency and is the result of an open source software project that was released under the MIT/X11 license.
Litecoin was inspired by the nearly technically Bitcoin (BTC). The creation and transfer of Litecoin is based on an open source protocol.
Litecoin is not managed by any central authority. The purpose of Litecoin as intended by its developers is to improve upon Bitcoin by offering several key differences. By November 2013, Litecoin had received extended coverage by mainstream media. Agencies such as the Wall Street Journal, CNBC and The New York Times cite it as an alternative or a possible successor to Bitcoin.
Litecoin transactions and a peer-to-peer network similar to Bitcoin’s handles Litecoin’s transactions, balances and issuance. They do so through scrypt, the proof-of-work scheme. The Litecoins are issued when a hash value that is small enough is found. At that point a block is created. The process of finding these hashes and creating blocks is called mining. The issuing rate forms a geometric series. This rate halves every 840,000 blocks, approximately every four years, until it reaches a final total of 84 million LTC.
For more information about Litecoin please visit: https://en.wikipedia.org/wiki/Litecoin
