Created by Google developer Charles Lee, Litecoin enables quick transaction speeds (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm allowing regular computers and GPU’s to fully utilize the infrastructure, giving it a strong comparative advantage to Bitcoin. Similar to Bitcoin, the Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years.
Inspired by its predecessors, Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. The exchange and creation protocols of tokens is decentralized thanks to LTC’s open source code.
In May 2017, Litecoin became the first of the top 5 cryptocurrencies by market cap to implement the SegWit scaling solution. Furthermore, LTC became the first coin to implement the lightning network for ultra fast transaction times.