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, like Dogecoin. 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.
Mining Reward[edit | edit source]
Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4
years (every 840,000 blocks). The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Wallet Encryption[edit | edit source]
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins. This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Community[edit | edit source]
Find support across a growing number of Litecoin communities:
- Litecoin Forums
- Reddit Litecoin
- Search for Users on Twitter
- IRC FreeNode network channels: #litecoin (for general users) and #litecoin-dev (for developers
Resources[edit | edit source]
Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki.
Up-to-date network statistics can be found at Litecoin Block Explorer Charts.
Source code for Litecoin-Qt and related projects are available on GitHub.
You can contact Litecoin project development team at firstname.lastname@example.org.