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Litecoin as is the case with many altcoin was developed after the success of Bitcoin, is an altcoin released via the open source client Githulb by Charlie Lee a Google employee, on October 7 2011,he later became an engineering director at coinbase. On 13th of October of the same year, the network went live. Litecoin is a peer to peer and an open source project released under the MIT/XII license. Technically it is identical to Bitcoin to a degree.
Plural- Litecoins
Symbol - L
Litecoin uses Scrypt in it's proof of work algorithm. A sequential memory hard function requiring more memory than algorithm the latter not being memory intensive. It's down to the afore mentioned use of Scrypt algorithm, FPGA and ASPC, devices used in mining Litecoin are both requires high tech to create and unsurprisingly expensive to produce, than say:Bitcoin, which uses SHA 256.Many were of the opinion that Litecoin and Bitcoin would have connections with regards to payment but both platforms have diverged instead.
Litecoin would as of May 2017 become the first of the top five (by market cap)cryptocurrencies to adopt segregated witness(which is simply the process of increasing the block size limit by removing signature data from Bitcoin transactions.) Litecoin performed the premier lightning network transaction, transferring 0.00000001 LTC from Zurich in switching to San Francisco USA in under a second.
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