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Litecoin is an open-source, secured, decentralized blockchain network that facilitates instant transactions. In fact, Litecoin can handle higher transaction volume than the most popular cryptocurrencies like Bitcoin due to frequent block generation.
The wallet encryption feature of Litecoin prevents wallet-stealing viruses and ensures your authorization before sending payments. Above all, Litecoin miners receive 6.25 new Litecoins per block, and the network is scheduled to produce 84 million Litecoins, which is four times more than Bitcoins, making Litecoin mining a lucrative field for miners.
Launched shortly after Bitcoin, Litecoin (LTC) was considered a potential altcoin in 2011. Since Litecoin is built by modifying the Bitcoin network, it has many similar features to Bitcoin. Both Bitcoin and Litecoin are open-source and decentralized global payment networks but vary in the mining algorithm.
Bitcoin follows the PoW-based SHA-256 algorithm, whereas Litecoin follows the same consensus mechanism but a different mining algorithm, Scrypt. In those early days, Litecoin was the best alternative to Bitcoin and was famously known as silver to Bitcoin’s gold.
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