Litecoin
Litecoin (LTC) is the "little brother" of Bitcoin. Litecoin's objective is to make the design of the model faster, simpler and more reliable while at the same time ensuring maximum security and anonymity.
Website of Litecoin Litecoin.com Website
Litecoin is a crypto currency designed and launched by Charlie Lee in 2011. Its design is closely modelled on Bitcoin, but tries to make the system slimmer and lighter. Litecoin achieves noticeable improvements, especially with regard to the processing speed in the network nodes.
The Bitcoin network is notorious for long transfer times. This is due on the one hand to the enormous transaction volume and on the other hand to the limitation of the block size of 1mb. Litecoin was founded to solve Bitcoin's scalability problems. The processing rate of the blockchain was increased (a new block every 2 minutes and 30 seconds; Bitcoin needs 10 minutes). Conversely, this means that Litecoin is also able to transfer more value in the network than Bitcoin during the same period. Since Litecoin generates currency units four times as fast as Bitcoin, the total amount of diggable Litecoins is also four times as high, namely 84 million.
Digital transactions Source: Litecoin.com
As a further measure to increase transaction speed, Litecoin uses a less compute-intensive hash algorithm for the Proof of Work: Scrypt.
Scrypt is cryptanalytically more susceptible than Bitcoin's SHA-256, but according to current knowledge it is sufficient to guarantee the integrity of the blockchain.
From the user's point of view Litecoin offers another decisive advantage: The fees per transaction are lower by orders of magnitude. Litecoin is regarded by many as a so-called "testnet" for Bitcoin. Innovations regarding performance, scalability and architecture can be implemented and tested faster. If successful, these improvements will often also be applied to the Bitcoin network.