Litecoin was created in 2011 by a developer Charlie Sheen. The project altered some parts of the code of Bitcoin in order to build a more scalable blockchain network. As it emerges from Bitcoin, the core features of enabling cryptocurrency payments remain the same. By introducing a scalable blockchain, Litecoin developers focused on building a peer to peer cryptocurrency payment systems that can be easily accessed by merchants.
Litecoin, represented by its ticker symbol LTC, facilitates cryptocurrency payments with low transaction fees. In comparison to Bitcoin, Litecoin handles more transactions per second thereby facilitating a use-case in the financial ecosystem.
The supply of Litecoin is fixed at 84 million. To generate new Litecoins, it uses the concept of mining. Similar to Bitcoin, miners receive a block of rewards that are halved after a certain time duration. A new block in the Litecoin blockchain is produced every 2.5 minutes.
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