Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Litecoin network is scheduled to produce 84 million currency units.
One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisfy these goals. It is unlikely for ASIC mining to be developed for Litecoin until the currency is widely used.
(13 user ratings) 4.4 out of 5 stars
uam (2530) - 2013-08-28 15:40:25
Litecoin is currently by far the second best cryptocurrency and is one to watch.
shellc0de (2350) - 2013-08-28 14:41:59
Litecoin is the second most popular cryptocurrency, and that is saying a lot with 200 alternative coins. It is ASIC resistant so mining it is a little tougher to keep people with low computing power in the race!
jabberdog (21670) - 2013-08-26 00:57:48
Litecoin is a great alternative to Bitcoin, intelligently designed mining mechanism, and only 2.5 minutes on average for transaction confirmation.