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Introduction Of Litecoin

Jeremy
Jeremy Posts: 14637 Points

The Litecoin cryptocurrency is a fork of the Bitcoin codebase that was positioned as “a silver to Bitcoin’s gold.” It was created by former Google and Coinbase engineer Charlie Lee in 2011. 

While similar to Bitcoin in terms of tech and monetary policy, even featuring its own periodic halving of its supply schedule, Litecoin features some core changes such as block times that are four times longer and a supply cap that is four times as large compared with BTC.

One key technical difference Litecoin has with Bitcoin is its mining algorithm, Scrypt, which makes it easier for users to generate hashes with commonly available hardware and participate in the mining process.

In June 2017, Charle Lee left his position at Coinbase to commit to Litecoin full time and is currently head of the Litecoin Foundation, which stewards and finances Litecoin ecosystem development.

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