Litecoin (LTC) is an open-source cryptocurrency which uses blockchain technology to record transactions. This cryptocurrency is designed to generate blocks quickly. Production of litecoin is limited to a maximum of 84 million litecoins.
This cryptocurrency uses proof of work technology to generate blocks and thus execute transactions. It is designed to generate blocks relatively quickly, delivering block mining times much shorter than those required for bitcoin transactions, but higher than those required for transactions in certain other altcoins.
The fact that it was one of the earlier altcoins to be developed resulted in a significant amount of publicity and subsequently in a relatively high level Litecoin mining and trading.
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