Litecoin is in principle an improved version of Bitcoin. They two were created with the purpose of serving as a platform on which instant transactions can be made to anywhere at an extremely low transaction fee.
The main areas where Litecoin differs from Bitcoin are:
– Lower block generation time; 2.5 minutes for Litecoin unlike 10 minutes for Bitcoin.
– A larger supply of coins, 84M for Litecoin vs Bitcoin?s 21M.
– Litecoin uses scrypt as its hash algorithm unlike Bitcoin which uses SHA-256.
|Company name:||?Litecoin is not an actual company|
|Target audience:||– Consumers
|Total amount created:||?84 million|
|?Amount in circulation:||?55.7 million as of March 2018|
|Market cap:||?$8 billion as of March 2018|
|Consensus Protocol:||?Proof-of-Work (PoW)|
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