What is Litecoin?

Litecoin is a decentralized digital currency that enables cost-effective and instant payments globally. It operates on a Proof of Work mechanism, using the Scrypt hashing algorithm to secure transactions and promote participation. The network features a block generation time of 2.5 minutes, facilitating faster transaction confirmations and a maximum supply of 84 million tokens.

The LTC token serves various purposes, including global payments and microtransactions, with smaller units referred to as litoshis. New tokens are rewarded to miners for validating transactions, undergoing a halving approximately every four years to manage inflation. Founded by Charlie Lee, Litecoin is supported by the Litecoin Foundation and maintained by a decentralized community and a global network of miners.