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Litecoin Price

About Litecoin

Litecoin (LTC) is a cryptocurrency that powers the Litecoin blockchain, an open-source project modeled after Bitcoin. Its creator, Charlie Lee, a former software engineer at Google and Coinbase, designed Litecoin to offer faster transaction speeds and better scalability than Bitcoin. Launched in 2011, Litecoin is often referred to as the “silver to Bitcoin’s gold.”

Litecoin has a capped supply of 84 million tokens, with 150 pre-mined tokens at the time of its launch. The project rewards 50 LTC per block, with the block reward halving every 840,000 blocks until the final block is mined in 2142. LTC’s price has seen highs followed by prolonged periods of stability, reaching an all-time high of $412.96 in May 2021 before declining by over 50% in the next six months.

How does Litecoin work

Litecoin, an open-source blockchain project, operates on a public-key system for its users to send and receive LTC through digital wallets. It uses code similar to Bitcoin, but incorporates the Scrypt proof-of-work algorithm, allowing for mining with consumer-grade hardware rather than specialized equipment.

One key difference between Litecoin and Bitcoin is the time it takes to confirm blocks on the network. While it takes Bitcoin an average of 9 minutes, Litecoin only takes 2 and a half minutes. This, along with its use of the Scrypt algorithm, makes Litecoin a testnet for potential improvements to be implemented on the Bitcoin blockchain. For instance, Litecoin was the first to integrate the Lightning Network, a technology for creating micropayment channels, ahead of Bitcoin.