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Concept
Litecoin
Summary
Litecoin (Abbreviation: LTC; sign: Ł) is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB (MimbleWimble extension block) upgrade.
Currency codes for representing litecoin is LTC. Its Unicode character is Ł.
One litecoin is divisible to eight decimal places. Units for smaller amounts of litecoin are:
lites, or millilitecoin (mŁ), equal to litecoin,
photons, or microlitecoin (μŁ), equal to ,
the litoshi, which is the smallest possible division, and named in homage to bitcoin's smallest denomination the satoshi, representing (one hundred millionth) litecoin.
By 2011, Bitcoin mining was largely performed by GPUs. This raised concern in some users that mining now had a high barrier to entry, and that CPU resources were becoming obsolete and worthless for mining. Using code from Bitcoin, a new alternative currency was created called Tenebrix (TBX). Tenebrix replaced the SHA-256 rounds in Bitcoin's mining algorithm with the scrypt function, which had been specifically designed in 2009 to be expensive to accelerate with FPGA or ASIC chips. This would allow Tenebrix to have been "GPU-resistant", and utilize the available CPU resources from bitcoin miners. Tenebrix itself was a successor project to an earlier cryptocurrency which replaced Bitcoin's issuance schedule with a constant block reward (thus creating an unlimited money supply). However, the developers included a clause in the code that would allow them to claim 7.
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