Blockchain 101 Episode 71 – Cryptocurrency Litecoin

Litecoin, abbreviated as LTC, was created by Charlie Lee. on November 9th 2011.

Litecoin’s aim was to improve on Bitcoin. Hence it shares many similarities with Bitcoin and is commonly thought of as the “silver” to Bitcoin’s “gold”.

Litecoin has a higher supply limit and faster verification speed than Bitcoin. Litecoin’s total supply is 4 times of Bitcoin, at 84 million. Similar to Bitcoin, its block reward is halved every 4 years.

The consensus mechanism used is Proof of Work (PoW), same as Bitcoin. Litecoin’s block confirmation time is 2.5 minutes, a quarter of Bitcoin. It takes 2.5 minutes to confirm a block.

The block reward for Litecoin was 50 LTC initially and As of January 2018, the block reward for Litecoin is at 25 LTC, with a total of 54 million being issued.