MarketCap $1.18T +1.27%
24H Volume $50.01B +10.90%
Litecoin uses a hashing algorithm called Scrypt. Scrypt is more memory-intensive and slower than SHA-256. But it found greater acceptance in the cryptocurrency community after the 2011 Tenebrix project modified Scrypt to work with regular CPUs for mining.
Litecoin originally implemented the Scrypt algorithm for its memory intensive properties, which made it more resistant to ASICs; however, over time Litecoin's ASIC resistant properties have eroded with Scrypt-capable ASICs having been developed. Furthermore, in order to smooth individual miner revenue as mining has become more competitive, mining is now done in pools where participants contribute hash power to the pool and receive a proportional share of the profits if the pool finds a valid block.
LTC is used as a native currency within the Litecoin network. LTC can be used for peer-to-peer payments and value storage within the Litecoin network. With its faster block times, Litecoin aims to offer higher on-chain throughout and quicker confirmation times than Bitcoin. However, similar to Bitcoin, Litecoin plans to ultimately scale using layer 2 solutions such as the lightning network.
$LTC was released with 150 pre-mined coins and has a total supply of 84 million coins. The cryptocurrency’s blockchain generates a new block every 2.5 minutes. The $LTC supply is designed to reduce over time to preserve the coin's value. As of April 2022, there are 14 million $LTC left to mine.
Halving dates for $LTC: