Charlie Lee, a former Google engineer created Litecoin (LTC) October 2011 as an alternative to cryptocurrency. Although Litecoin adopts Bitcoin’s open-source code, Litecoin owns several modifications. It is the lite version of Bitcoin. The similarity between the two are in the form of an open-source global payment network. Central authority, in this case, does not have direct control over this. Litecoin is different from Bitcoin because the block generation rate is faster. Bitcoin also uses Scrypt for the work scheme proof. So many consider that Litecoin is one of the altcoins from Bitcoin original open-source code.
Lee was a graduate of Massachusetts Institute of Technology (MIT). Plus, he was a former Google engineer interested in Bitcoin in 2011. In a statement, he said that he was playing around with the Bitcoin codebase. Then, he guessed that the short of it was he wanted to create a fork of Bitcoin as a side project.
In this scenario, Litecoin is bitcoin’s strong competitor. However, although the cryptocurrency market is more competitive recently, Litecoin’s popularity has grown. People see Litecoin as a reaction to Bitcoin. Lee announced Litecoin’s debut on the occasion of the famous Bitcoin forum. He said that Litecoin is the lite version of Bitcoin. For this reason only, Litecoin has many similar features like Bitcoin. Litecoin continues to adapt and change other aspects necessary for the development to improve.
1 LTC was worth around $215, this was as of November 2021. In this sense only, Litecoin is the 14th-largest crypto with a market cap of $15 billion. Government does not issue Litecoin, just like many other decentralized cryptocurrencies. It is not under the regulation of the central bank and press at the Bureau of Engraving and Printing. Litecoins pass under a cryptocurrency procedure called mining. This procedure allows the process of Litecoin transactions.