Litecoin, created by Charlie Lee in 2011, is a peer-to-peer cryptocurrency that operates on a decentralized network. It is often considered a “silver” to Bitcoin’s “gold” due to its similarities in design and technology. Litecoin aims to provide faster transaction confirmation times and improved efficiency for everyday transactions compared to Bitcoin. It employs a different mining algorithm called Scrypt, which allows for faster block generation times and a higher maximum supply of coins. Overall, Litecoin serves as a digital currency for peer-to-peer transactions and is widely accepted by merchants and exchanges.
