What is Litecoin? Introduction to the issue price, total volume and white paper of Litecoin

Litecoin is a decentralized digital currency with a faster block generation time, larger maximum supply, and lower transaction fees compared to Bitcoin.

Oct 10, 2024 at 02:18 am

What is Litecoin?

Litecoin is a decentralized digital currency created by former Google employee Charlie Lee in 2011. It is based on the Bitcoin protocol but has some key differences, including a faster block generation time of 2.5 minutes compared to Bitcoin's 10 minutes, a larger maximum supply of 84 million coins compared to Bitcoin's 21 million, and the use of the Scrypt hashing algorithm instead of Bitcoin's SHA-256 algorithm.

Issue Price

Litecoin was initially released on October 7, 2011, with an issue price of $0.01 per coin.

Total Volume

The total volume of Litecoin is capped at 84 million coins, which is four times that of Bitcoin. This larger supply allows for a greater number of transactions and reduces the volatility of the currency.

White Paper

Litecoin's white paper, published in 2011, outlines the technical specifications of the currency, including its block generation time, maximum supply, and hashing algorithm. The white paper also discusses Litecoin's potential use cases, such as everyday payments and remittances.

Key Features of Litecoin

Faster block generation time: Litecoin's block generation time of 2.5 minutes is significantly faster than Bitcoin's 10 minutes, allowing for quicker confirmation of transactions and reduced wait times for users.
Larger maximum supply: Litecoin's maximum supply of 84 million coins provides a larger base of coins for circulation and reduces the volatility of its price compared to Bitcoin.
Use of Scrypt hashing algorithm: Scrypt is a memory-intensive hashing algorithm that is designed to be more resistant to ASIC mining (specialized hardware designed for mining cryptocurrency). This makes it more accessible for individuals to mine Litecoin with standard computer hardware.
Low transaction fees: Litecoin's transaction fees are typically lower than Bitcoin's, making it a more cost-effective option for small transactions and everyday use.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

MOODENG

$0.2777

123.21%

Trade Now
GOAT

$0.2384

58.11%

Trade Now
CHILLGUY

$0.1042

45.26%

Trade Now
FWOG

$0.0971

34.66%

Trade Now
PI

$1.25

34.01%

Trade Now
HASHAI

$0.0...08533

31.68%

Trade Now

Latest Crypto News

Artificial Intelligence As an ‘Emotional Mirror’
2025-05-12 14:20:12
Potato water, banana skins and beer: The household waste you can use to make your garden grow
2025-05-12 14:20:12
Ripple Labs Reaches Settlement with the U.S. Securities and Exchange Commission
2025-05-12 14:15:13
The wild square - together we are stronger!
2025-05-12 14:15:13
$1,000 In Shiba Inu Made Millionaires In 2021: Best Cryptos That Can Repeat This Success
2025-05-12 14:10:13
Bitcoin (BTC) is Holding Firm Near $103,000, Setting the Stage for a Breakout
2025-05-12 14:10:13

Related knowledge

What network is XRP based on? Does it support smart contract functions?

May 12,2025 at 01:56pm

XRP, often referred to as Ripple, is a cryptocurrency that operates on the RippleNet platform. RippleNet is a global payment network designed to facilitate fast and low-cost international money transfers. Unlike many other cryptocurrencies, XRP does not run on a traditional blockchain but on a unique distributed ledger technology called the XRP Ledger. ...

What does NEO mean? How does NEO support smart contracts?

May 12,2025 at 01:00pm

What does NEO mean? How does NEO support smart contracts? NEO, often referred to as the 'Chinese Ethereum,' is a blockchain platform and cryptocurrency that aims to digitize assets and automate the management of digital assets using smart contracts. The term 'NEO' itself has a dual meaning: it stands for 'new' in Greek, signifying a new era in blockchai...

What is ZEC? How does ZEC ensure transaction privacy?

May 12,2025 at 12:56pm

What is ZEC? How does ZEC ensure transaction privacy? Zcash (ZEC) is a decentralized cryptocurrency that prioritizes privacy and security. Launched in 2016, ZEC aims to provide users with the ability to conduct transactions privately, setting it apart from other cryptocurrencies like Bitcoin, which have transparent blockchains. ZEC uses advanced cryptog...

What is ENJ? How does ENJ empower gaming assets?

May 12,2025 at 11:49am

ENJ, short for Enjin Coin, is a cryptocurrency specifically designed to empower and enhance the world of gaming assets. Launched in 2017 by Enjin, a leading blockchain ecosystem for gaming, ENJ serves as the backbone for creating, managing, and trading digital assets within games. The primary goal of ENJ is to bridge the gap between traditional gaming a...

What is SAND? The role of SAND in the metaverse

May 12,2025 at 11:56am

What is SAND? The Role of SAND in the Metaverse SAND is the native cryptocurrency of The Sandbox, a decentralized virtual world built on the Ethereum blockchain. The Sandbox allows users to create, own, and monetize their gaming experiences using non-fungible tokens (NFTs) and SAND tokens. In this article, we will explore what SAND is and its critical r...

What does EOS mean? What is EOS's DPOS mechanism?

May 12,2025 at 12:28pm

What does EOS mean? What is EOS's DPOS mechanism? EOS is a blockchain platform designed to facilitate the development and execution of decentralized applications (dApps). Launched in 2018 by Block.one, EOS aims to provide a scalable and user-friendly environment for developers to create high-performance applications. The EOS token, which is the native c...