What is the Litecoin ?
The litecoin is an open source crypto-currency that was created on October 7, 2011 by Charlie Lee.
It uses a decentralized system, without central authority, and therefore allows users to manage their finances via software.
Litecoin is somewhat similar to Bitcoin, if Litecoin is less known, it is still one of the most used crypto-currencies. Like Bitcoin, it uses several encryption systems.
Charlie Lee studied at the famous MIT (Massachusetts Institute of Technology) and holds a master’s degree in computer science from this institution, obtained in 2000.
After graduation, he worked for two companies, Kana Communications (3 years) and Guidewire Software. In September 2007, he started working at Google, where he was responsible for the creation of the Google Chrome browser.
Charlie Lee attempted to create his first crypto-currency, Fairbix. It was a Tenebrix fork.
A few weeks after the failure of Fairbix, Charlie Lee decided to create the Litecoin, based on Bitcoin, and published his project on Bitcointalk in October 2011.
Two years after creating the Litecoin, Charlie Lee left Google to work at Coinbase.
Different between litecoin and bitcoin?
Litecoin transaction fee’s are mere cents compared to bitcoin transaction fee’s that can cost dollars. It has a faster network. Transaction’s are much faster than they are in the bitcoin network.
An Average Litecoin transaction takes 2 minutes. An average bitcoin transaction take’s 10 minutes on a good day. Total amount of bitcoin is 21 million coin. Litecoin has 84 million coins.
Litecoin also uses a different algorithm. Bitcoin use’s Bitcoin’s SHA-256. Litecoin use Litecoin’s Scrypt.