Litecoin (LTC) is a cryptocurrency that is largely similar to Bitcoin. Fundamentally, Litecoin is also a decentralized cryptocurrency which utilizes similar protocols as Bitcoin except for a few parameter tweaks. Much like Bitcoin, Litecoin also relies on proof-of-work for consensus and operates on a permissionless peer-to-peer network where users are able to transfer funds to one another without the need to rely on any central authority.
Litecoin was created by Charlie Lee in October 2011 as a spinoff of Bitcoin, and is considered as one of the early alternative cryptocurrencies (altcoins). Litecoin aims to be the “Silver to Bitcoin’s Gold” by taking on the best innovations of Bitcoin with a more lightweight approach to achieving Bitcoin’s noble goals.
The first block of the Litecoin network, or the Genesis Block, was mined on the 7th of October 2011.
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