Celebrating 12 Years of our Digital silver – Litecoin

Exactly 12 years ago, on October 7, 2011, the alternative to our digital “gold” was born.

Created by former Google engineer Charlie Lee, Litecoin’s mission was to offer a faster and more efficient alternative to Bitcoin.

Litecoin is often referred to as “silver” compared to Bitcoin’s “gold.” It shares many similarities with Bitcoin, including its proof-of-work consensus mechanism and blockchain structure. However, Litecoin uses a different hashing algorithm called Scrypt, which is considered to be more memory-intensive and resistant to ASIC mining compared to Bitcoin’s SHA-256.

One of Litecoin’s standout features was its shorter block generation time, set at approximately 2.5 minutes compared to Bitcoin’s 10 minutes. This innovation meant faster transaction confirmations, making Litecoin a more efficient choice for everyday transactions.