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Litecoin cryptocurrency was created by Charlie Lee in the year 2011. The rapid growth of this cryptocurrency resulted in an approximate Litecoin market cap of $1 billion in the year 2013. In addition to Lee, there are other software developers and members of the Litecoin community that support this cryptocurrency network.

Litecoin is a digital currency that facilitates quick peer-to-peer payments without an intermediary to individuals in any part of the world. This cryptocurrency uses an open source distributed platform; it is a decentralized network without the control of any central authority. This cryptocurrency is a suitable medium for e-commerce that complements Bitcoin.

Litecoin has a total market cap of $2.1 billion; its open source platform enables users to modify, run and distribute the modified software. The Litecoin blockchain is developed to support a high transaction volume. The frequent generation of blocks enables this cryptocurrency to support a high volume of transactions. This feature enables merchants to get quicker confirmations. Litecoin has adopted segregated witnesses to scale up its transactions. Litecoin was the first out of the top 5 digital currencies to implement this scale up solution.

The focus of the Litecoin network is to process one block in two and a half minutes. This cryptocurrency is expected to release four times the currency units released by the Bitcoin trading network.

Litecoin cryptocurrency is stored in a wallet; the wallet is secure and encrypted; the encryption enables users to check their account balance, transactions as well as transfer the cryptocurrency. Litecoin users must enter their password to gain access to their Litecoin wallet.

Litecoin is also generated by mining; miners are compensated with 25 litecoins per block; the amount is reduced by half after 4 years. Litecoin uses scrypt algorithms to generate new blocks. The use of a proof-of-work algorithm in addition to higher trading volumes and blocks differentiates Litecoin from Bitcoin.