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Litecoin is a peer-to-peer digital currency and open source software project issued under the MIT/X11 permit. It is a completely decentralized, open source, worldwide payment network and was made with the purpose to improve on Bitcoin’s shortcomings. Litecoin has gained industry support as well as high trade volume and liquidity over time. Forming and transferring coins is based on an open source crypto-agreement and is not operated by any central official. The Litecoin Network targets on processing a block every 2 minutes, which its designers believe will allows for faster transaction verification. Litecoin uses scrypt in its algorithm, a back-to-back memory-intensive operation. Due to Litecoin’s use of the scrypt algorithm, FPGA and ASIC devices for mining Litecoin are more difficult to make and more expensive.

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