Litecoin (LTC) – if Bitcoin is called gold in the world of cryptocurrencies, Litecoin is commonly referred as “silver” by it’s supporters. The work of former Google employee Charles Lee was created in October 2011 and currently has the sixth largest capitalization (after BTC), which exceeds $ 5 billion, and one LTC costs about $ 100. This coin has significant differences compared to Bitcoin. The main difference is the change of the work proof algorithm from SHA-256 to Scrypt. This difference is significant because it increases network security as well as special devices designed to extract Bitcoin can not extract Litecoin. It was so important that people who could mine BTC on their own computers with the introduction of ASIC miners could still mine Litecoin in their homes. Currently, some companies have already specialized in the production of mining rigs that enable LTC mining.
From other technical aspects, the target number of coins is 4 times higher (84 million at 21 million BTC), and confirmations of transactions occur four times often (and each block with new coins is mined on average every 2.5 minutes, not 10). At present, over 55 million coins have been extracted.