Litecoin [[LTC]] is a decentralized, open-source #cryptocurrency that was created in 2011 as a fork of the [[Bitcoin]] protocol. It is often referred to as the "silver to Bitcoin's gold" due to its similarities and differences compared to the leading cryptocurrency. Key characteristics of Litecoin include: 1. Faster Transaction Times: Litecoin has a faster block generation time of 2.5 minutes, compared to Bitcoin's 10 minutes. This allows for quicker transaction confirmations on the Litecoin network. 2. Larger Supply: The total supply of Litecoins is 84 million, which is four times the supply of Bitcoins. This larger supply can make Litecoin more suitable for smaller, everyday transactions. 3. Improved Efficiency: Litecoin uses the Scrypt algorithm for its proof-of-work consensus mechanism, which is designed to be more memory-hard and ASIC-resistant than the [[SHA-256]] algorithm used by Bitcoin. This can help promote more decentralized mining. 4. Compatibility: Litecoin is largely compatible with the Bitcoin protocol, allowing for easy integration with Bitcoin-based software, wallets, and infrastructure. 5. Adoption and Liquidity: While not as widely adopted as Bitcoin, Litecoin has established itself as the fifth-largest cryptocurrency by market capitalization and is supported by many major exchanges and payment processors. Litecoin is often viewed as a complement to Bitcoin, serving as a faster and more affordable option for smaller-scale transactions, while Bitcoin remains the dominant store of value and medium of exchange in the cryptocurrency ecosystem. The two cryptocurrencies have coexisted and evolved together, with Litecoin benefiting from the growth and development of the broader digital asset market.