Litecoin is a peer-to – peer open-source cryptocurrency on the basis of bitcoin. The Litecoin network, founded on the 13th of October 2011 by former Google programmer Charlie Lee, allows fast currency trading with near-zero transaction fees to anyone in the world. Like any cryptocurrency it is an open source design for a global payment network that is fully decentralized without any central authorities. Litecoin has shorter approval times for transfers and enhanced storage capacity than the leading math currency. Litecoin is an established commercial mechanism complementary to bitcoin with significant industrial funding, trading volume and liquidity.
Litecoin has followed Bitcoin closely since it was created. The core updates of Litecoin ‘s protocol are mainly based on the core updates of Bitcoin’s Protocol. While comparable to the architecture of Bitcoin, the structure of Litecoin develops away from BTC. For example, when sending and receiving LTC digitally, the addition of new opt-in privacy features. Also includes additional features as follows: The Scrypt Proof of Work memory-intensive mining algorithm, block generation confirms faster than Bitcoin, and With independent checking of binaries and their respective source code, data validity can be copied, used, updated, and circulated by anyone.
In 2017, Litecoin was the first of the top five proof-of – work cryptocurrency groups to adopt Segwit as a result of the scaling debate with Bitcoin in August 2017 a few months later.
In 2019, Litecoin creator Charlie Lee announced the plans for the use of Mimblewimble (propagated by Grin and Beam) protocol for private transactions for Litecoin. Development is underway and testnet is projected to be available in September 2020, according to the announcement.