The Litecoin is a peer-to-peer cryptocurrency, which has been released under the MIT/X11 license. There are many different benefits of Litecoin. It provides a faster transaction confirmation – it takes just 2.5 minutes on average, and uses a memory-hard, script-based mining proof-of-work algorithm, which helps to target the regular computers and GPUs most people already have. This is the main feature that differentiates Litecoin with Bitcoin.
Every four years, it is scheduled to produce 84 million currency units with a halving in reward, which is just like Bitcoin. This cryptocurrency was created by Charles Lee, who is a Google employee. It is currently in second spot to Bitcoin and over the years that it has been produced, it has produced numerous clones; yet the dedicated development team has been a solid base of support.
The project is currently being led by Charles Lee, who manages a core group of 6 software developers, along with a large community, which is only growing in support.
Litecoin has seen many highs over the years, and became the first of the Top 5 cryptocurrencies to implement the SegWit scaling solution in May 2017, as well as being responsible for the first Lighting Network transaction to be completed. It saw 0.00000001 LTC to be transferred from Zurich, all the way to San Francisco in less than one second.