Litecoin

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LITECOIN

 

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.

 

Algorithm
Block Confirmations
Block Halving
Block Reward
Block Time
Consensus

Scrypt

6

840,000

25

150 seconds

PoW

Difficulty Cycle
Pre-mine
Ports
Max Supply
Mining
Launch Date

3.5 Days

150 LTC

-

84,000,000 

GPU

7 October 2011

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