Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.
During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours.
Litecoin reached a $1 billion market capitalization in November 2013. By late November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin). By mid-December 2017, the coin’s marketcap had reached US$20,000,000,000 and each litecoin was valued at approximately US$371.00.
In May 2017, Litecoin became the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness. Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second.
Differences from Bitcoin
Litecoin is different in some ways from Bitcoin.
- The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
- Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Due to Litecoin’s use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
Litecoin. Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.
Litecoin Mining Hardware. The Litecoin mining industry is less developed than Bitcoin’s. ASICs—powerful computers designed to solve Bitcoin’s proof of work function—are available for litecoin but difficult to purchase. … It’s possible, for example, to buy a Bitcoin Antminer S7 ASIC on Amazon for $714.
In 2009, Satoshi Nakamoto launched bitcoin as the world’s first cryptocurrency. The code is open source, which means it can be modified by anyone and freely used for other projects. … Here’s our guide to show you the crucial difference between bitcoin and litecoin.
The era of Bitcoin mining on the GPU is dead. … Many of these are undoubtedly Bitcoin miners switching over now that GPUs are no longer cost effective, but some of these systems are probably driven by new miners. Litecoin, like Bitcoin, is a cryptocurrency, but it’s based on scrypt, not SHA-256.