Last Updated on May 31, 2023
Litecoin is a peer-to-peer cryptocurrency and open source software project released in 2011 by Charlie Lee. The coin was heavily inspired by, and its technical details are nearly identical to those of Bitcoin.
Notable differences include a reduced block generation time, larger maximum supply, and a new hashing algorithm. Like Bitcoin, the creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.