|Market Cap||5.53 B|
|24 Hour Trading Vol||654.03 M|
|Fully Diluted Valuation||6.28 B|
|Total Supply||84.00 M|
|Max Supply||84.00 M|
Charlie Lee developed the peer-to-peer cryptocurrency known as Litecoin. It was developed using the Bitcoin protocol, but uses a different hashing method. Litecoin employs the memory-intensive Scrypt proof-of-work mining method. Scrypt enables those currencies to be mined on consumer-grade devices such as GPUs. Litecoin is a cryptocurrency that has developed from Bitcoin as a result of the former's success in the market. This alternative cryptocurrency, or "altcoin," was created to enable investors to diversify their investments in digital currencies. Litecoin was the first to alter Bitcoin, and the most recognizable distinction is that Litecoin generates a block, or transaction, in 2.5 minutes as compared to Bitcoin's 10 minutes. Although it doesn't really matter to traders, Bitcoin miners who utilize hardware to power the network can't move to Litecoin. This pushes larger mining companies away from Litecoin since they can't readily maximize their earnings by switching to another coin, which contributes to a more decentralized ecosystem. Litecoin also has larger blocks and more coins in circulation, which makes it more economical and efficient to deal with. Litecoin has influenced many other prominent alternative currencies (for example, Dogecoin) due to its Scrypt hashing method, in order to prevent ASIC miners from mining those coins.
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