Litecoin is a peer-to-peer cryptocurrency based on the Bitcoin protocol , the difference between them being the hashing algorithm. Litecoin uses the Scrypt proof of work algorithm that allows consumer
-grade hardware to mine the coins, albeit the algorithm is much more memory intensive than Bitcoin’s SHA-256.
A few of the benefits that Litecoin has over Bitcoin are faster transactions, as the block generation time is 2.5 minutes over Bitcoin 10 minutes, a bigger block size for handling more transactions and substantially lower fees.
Since its inception, Litecoin has earned widespread industry support and consistent trade volume and liquidity over the years.
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