Litecoin[LTC]
Litecoin, launched in 2011, is one of the earliest "altcoins" that emerged as a fork of the Bitcoin protocol.
Litecoin, a modified version of Bitcoin, was created to facilitate faster and more cost-effective transactions compared to the Bitcoin network. It utilizes the Proof of Work mechanism like Bitcoin but employs the Scrypt hashing algorithm instead of SHA-256. This algorithm allows Litecoin to generate new blocks approximately every 2.5 minutes, significantly faster than Bitcoin's average block confirmation time of 10 minutes.
The Scrypt algorithm was specifically developed by the Litecoin team to establish a decentralized mining ecosystem separate from Bitcoin and to increase the difficulty of a 51% attack on Litecoin. Initially, Scrypt enabled mining using more accessible GPU and CPU cards, preventing ASIC miners from dominating Litecoin mining. However, over time, specialized ASIC miners were developed for Litecoin, rendering GPU and CPU mining less efficient and practical.
The Scrypt algorithm was specifically developed by the Litecoin team to establish a decentralized mining ecosystem separate from Bitcoin and to increase the difficulty of a 51% attack on Litecoin. Initially, Scrypt enabled mining using more accessible GPU and CPU cards, preventing ASIC miners from dominating Litecoin mining. However, over time, specialized ASIC miners were developed for Litecoin, rendering GPU and CPU mining less efficient and practical.
Smart Contract PlatformLayer 1 (L1)
Current price
24h:2.24%Market cap
Trading volume 24h
Fully diluted market cap
All time high price
82.65%All time low price
6,095.91%Token supply
0 LTC (0%)
84M LTC (100%)
$4.3
$71.23
$0
$5.98B
74.79M LTC (89.04%)