WHAT IS LITECOIN?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin vs Bitcoin
Litecoin differs from Bitcoin in three ways.
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. Litecoin, therefore, allows for faster transaction confirmation.
Litecoin uses Scrypt in its proof-of-work algorithm. That is a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
The Litecoin Network will produce 84 million Litecoins That is four times as many currency units as will be issued by the Bitcoin Network.
Where can I discuss Litecoin?
The Litecoin community is extremely kind and robust. There are many forums and places where you can discuss Litecoin with others who are interested in the currency. Here are the main ones: