{"id":503,"date":"2023-06-17T17:49:13","date_gmt":"2023-06-17T14:49:13","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=503"},"modified":"2024-04-29T09:04:22","modified_gmt":"2024-04-29T09:04:22","slug":"whats-litecoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/whats-litecoin\/","title":{"rendered":"What\u2019s Litecoin (LTC)?"},"content":{"rendered":"<p class=\"graf graf--p\"><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">Litecoin (LTC)<\/strong> is one of the first altcoins in the world. Like <strong class=\"markup--strong markup--p-strong\">Bitcoin<\/strong>, it undergoes a halving event every 4 years. Litecoin is the first project in the history of blockchain to have similar working groups after Bitcoin. In this article, we will discuss what Litecoin is and what it does.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/whats-litecoin\/#What_is_Litecoin\" title=\"What is Litecoin?\">What is Litecoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/whats-litecoin\/#How_does_it_work\" title=\"How does it work?\">How does it work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/whats-litecoin\/#Litecoin_Mining\" title=\"Litecoin Mining\">Litecoin Mining<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/whats-litecoin\/#Tokenomics_of_Litecoin\" title=\"Tokenomics of Litecoin\">Tokenomics of Litecoin<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/whats-litecoin\/#Litecoin_Market_Statics\" title=\"Litecoin Market Statics\">Litecoin Market Statics<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"graf graf--p\"><span class=\"ez-toc-section\" id=\"What_is_Litecoin\"><\/span><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">What is Litecoin?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\">Litecoin is a peer-to-peer cryptocurrency created in 2011 by former <strong class=\"markup--strong markup--p-strong\">Google<\/strong> engineer <strong class=\"markup--strong markup--p-strong\">Charlie Lee<\/strong>. It is a fork of the Bitcoin blockchain, but it uses a different algorithm called <strong class=\"markup--strong markup--p-strong\">Scrypt<\/strong>. This makes Litecoin transactions faster and more affordable than Bitcoin transactions.<\/span><\/p>\n<h2 class=\"graf graf--p\"><span class=\"ez-toc-section\" id=\"How_does_it_work\"><\/span><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">How does it work?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\">Litecoin shares many features with Bitcoin, the largest cryptocurrency by market cap. Both Litecoin and Bitcoin use an open-source blockchain and the <strong class=\"markup--strong markup--p-strong\">Proof of Work(PoW) <\/strong> consensus mechanism. However, Litecoin uses a different algorithm to validate blocks than Bitcoin. Bitcoin uses the Secure Hash Algorithm (SHA), while Litecoin uses an algorithm called Scrypt. This difference in algorithms is intended to prevent institutional miners from dominating the Litecoin network.<\/span><\/p>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\">In addition to its algorithm, Litecoin differs from Bitcoin in two main ways. First, Litecoin blocks are mined four times faster than Bitcoin blocks. This means that Litecoin transactions can be confirmed more quickly. Second, Litecoin has a total supply of<strong class=\"markup--strong markup--p-strong\"> 81 million coins<\/strong>, which is four times the total supply of Bitcoin.<\/span><\/p>\n<blockquote><p><strong>You might also like: <a class=\"row-title\" href=\"https:\/\/coinengineer.net\/blog\/wp-admin\/post.php?post=2051&amp;action=edit\" target=\"_blank\" rel=\"noopener\" aria-label=\"\u201cWhat is Omni Network? How Can We Get OMNI Token Airdrop?\u201d (Edit)\">What is Omni Network? How Can We Get OMNI Token Airdrop?<\/a><\/strong><\/p><\/blockquote>\n<h2 class=\"graf graf--p\"><span class=\"ez-toc-section\" id=\"Litecoin_Mining\"><\/span><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">Litecoin Mining<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\">Litecoin mining is done using devices called ASICs, which are specially produced for this purpose. Mining Litecoin is quite difficult and cannot be done with a simple video card. As with Bitcoin, there is a halving every 4 years. This means that the reward for mining a block is halved every 4 years. For example, the reward for mining a block was 25 LTC on August 25, 2015, while the current reward is 12.5 LTC. On August 23, 2023, the reward will be 6.25 LTC.<\/span><\/p>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">Team<\/strong><\/span><\/p>\n<p><span style=\"font-size: 105%;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Charlie-Lee-Litecoin.png\" alt=\"What\u2019s Litecoin (LTC)? Charlie-Lee\" width=\"220\" height=\"220\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Keith-Young-Litecoin.jpg\" alt=\"What\u2019s Litecoin (LTC)? Keith Young\" width=\"221\" height=\"221\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Alan-Dustin-Litecoin.jpg\" alt=\"What\u2019s Litecoin (LTC)? Alan Dustin\" width=\"222\" height=\"222\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/Jay-Milla-Litecoin.jpg\" alt=\"What\u2019s Litecoin (LTC)? Jay Milla\" width=\"222\" height=\"222\" \/><\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"font-size: 105%;\"><strong>\u00a0Charlie-Lee\u00a0<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<strong>Keith Young<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <strong>\u00a0Alan Dustin\u00a0 \u00a0 \u00a0<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<strong>Jay Milla\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-size: 105%;\"><span style=\"color: #999999;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Co-Founder\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Operational Manager\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0General Director<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <span style=\"color: #999999;\">Marketing Manager\u00a0<\/span><\/span><\/p>\n<h2 class=\"graf graf--p\"><span class=\"ez-toc-section\" id=\"Tokenomics_of_Litecoin\"><\/span><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">Tokenomics of Litecoin<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">Litecoin<\/strong> tokens were not given to the team members or the founder. They were only distributed as a reward to Bitcoin holders at the time. Because Litecoin was forked from Bitcoin, BTC holders received LTC equivalent to the assets they held. The newly released <span style=\"color: #282828;\"><strong>LTC<\/strong><\/span> token can only be created through mining. The maximum supply is limited to<strong class=\"markup--strong markup--p-strong\"> 84 million<\/strong> <span style=\"color: #282828;\">units.<\/span> As the project\u2019s mechanism is Proof of Work (PoW), miners are currently rewarded with 12.5 LTC for each block they mine.<\/span><\/p>\n<h3 class=\"graf graf--p\"><span class=\"ez-toc-section\" id=\"Litecoin_Market_Statics\"><\/span><span style=\"font-size: 105%;\"><strong class=\"markup--strong markup--p-strong\">Litecoin Market Statics<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"graf graf--p\"><span style=\"font-size: 105%;\">According to <strong class=\"markup--strong markup--p-strong\">CoinMarketCap<\/strong> data, the maximum supply of Litecoin is 84 million LTC. The circulating supply of Litecoin is 73,079,789 LTC, which represents 87% of the total supply. The market capitalization of Litecoin is $6,382,609,933.<\/span><\/p>\n<p>You can learn all the news, announcements, and analyses about <strong>Litecoin<\/strong> by following our <a href=\"https:\/\/t.me\/coinengineernews\"><strong>Telegram<\/strong><\/a> and <a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><strong>YouTube<\/strong><\/a> channels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin (LTC) is one of the first altcoins in the world. Like Bitcoin, it undergoes a halving event every 4 years. Litecoin is the first project in the history of blockchain to have similar working groups after Bitcoin. In this article, we will discuss what Litecoin is and what it does. What is Litecoin? Litecoin<\/p>\n","protected":false},"author":1,"featured_media":515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,5],"tags":[168,167,165,169,170,166],"class_list":["post-503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-projects","category-project-review","tag-charlie-lee","tag-litecoin","tag-ltc","tag-ltc-price-prediction","tag-ltc-token","tag-whats-ltc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What\u2019s Litecoin (LTC)? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Litecoin (LTC) is one of the first altcoins in the world. 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