Definition Litecoin is a crypto currency made in 2011 using open software (Open-Source Software) under the MIT / X11 license. Mining can be done using a GPU graphics card with a Scrypt-based PoW (Proof-of-Work) algorithm. Meanwhile, according to the official website of Litecoin.org, Litecoin is a P2P (Peer-to-Peer) Internet currency that allows instant payment of payments near zero to anyone in the world.
Litecoin is Open-Source (open for general development), and is a global payment network that is fully decentralized without central authority. A complicated mathematical algorithm secures networks and empowers individuals to control their own finances. Litecoin has a faster transaction confirmation time and better storage efficiency than other leading cryptographic currencies. With substantial industry support, trading volume and liquidity, Litecoin is a trading medium that has been proven to complement each other with Bitcoin.
So simply, Litecoin or known as the LTC unit as a whole is almost the same as Bitcoin (BTC), which is a decentralized blockchain-based currency that can be used to conduct transactions around the world by eliminating third parties (intermediaries), or commonly referred to as Peer-to -Peer (Individual-to-Individual), so the guarantee of transaction security can be obtained in full
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