Information about LitecoinLitecoin is a P2P cryptocurrency and open source software project. It is launched under MIX/X11 license. After getting inspired by Bitcoin (BTC), litecoin was introduced. Litecoin enables instant, near-zero cost payment to anyone in the world. The algorithm used in Litecoin is SHA- 256 algorithm which is much complex algorithm than comparing to Bitcoin. The creation and transfer of coins are based on an open source cryptographic protocol and is decentralized.
Litecoin gained a lot of attention as part of investing frenzy which cryptocurrency has been. As stated in CNBC report “Litecoin has grown to the extent of 5800 percent and earns its place in the big five cryptocurrencies along with Ethereum, Ripple, IOTA, and Dash”. Litecoin is decentralized, as it doesn’t have any authorized authority to control it. As Litecoin is an open source software project which is based on blockchain module, the blockchain is a public ledger of sorts which records every transaction. This ensures that litecoin doesn’t cheat or bogus the users.
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