Leading founder: Charlie Lee
Issue size: 84 million
Litecoin (trade name: LTC) is a peer-to-peer (P2P) cryptocurrency and open source software project that shares the same principles as Bitcoin, but the appearance of Litecoin aims to improve Bitcoin usage. Therefore, Litecoin’s transaction times are shorter, and it can handle larger transaction volume with a lower transaction cost.
Litecoin packs each block 75% faster than Bitcoin and produces one block every 2.5 minutes. Currently, each block can produce 25 Litecoins. At the same time, the production of Litecoin currency will be reduced by half every four years, so the total supply is four times that of Bitcoin. Since Litecoin uses a script encryption algorithm, it is more suitable for mining with the image processor (GPU) on the display card. However, the memory (RAM) is more expensive. There has been some market controversial about Litecoin, for example, its nature is similar to Bitcoin and the founder Charlie Lee sold all of his Litecoin because holding Litecoin was a conflict of interest.