Litecoin Overview

Founded: 2011

Key persons: Charlie Lee

Capitalization: $13,737,332,409

Trading volume (24h): $2,934,600,392

CoinMarketCap rank: 14

Litecoin (LTC) facts.

• The second most recent fork (improved copy) of Bitcoin.
• 350 000 followers on Reddit.
• Charlie Lee, project founder, sold all of his Litecoin (LTC) in 2017 to avoid accusations of rate manipulation.

Project objective:

Creating an improved version of Bitcoin for convenient global money transfers. Designed to be more secure, faster, and with lower fees. For instance, transferring over 90 million USD would take about two minutes and cost less than a dollar.

Project trends & plans.

Charlie Lee, a programmer and blockchain enthusiast, developed Litecoin (LTC) as a peer-to-peer transfer network based on Bitcoin software code. Litecoin (LTC) uses a more advanced proof-of-work encryption algorithm and scrypt module to create a secure and encrypted environment (whereas Bitcoin uses a SHA-256 module). On average, it takes about two and a half minutes to create a block (vs. 10 minutes for Bitcoin). It is possible to mine up to 84 000 000 coins, of which about 67 000 000 have already been mined.

The Litecoin Fondation, registered in Singapore, is in charge of the project development. Its board of directors consists of the original founders and developers, permanent full-time developers, volunteer developers and global representatives (ambassadors) of the project. As part of its development, the Foundation creates educational initiatives, sponsors and co-brands events with a variety of traditional businesses, growing brand awareness. As part of the 10th Litecoin (LTC) Anniversary, a special art collection by international artists was released along with unique NFT tokens.