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Litecoin

Litecoin

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
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Description

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open-source, global payment network that is fully decentralized without any central authorities. The network is secured by mathematics, empowering individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency compared to Bitcoin. The Litecoin blockchain is capable of handling higher transaction volume due to more frequent block generation, which supports more transactions without needing future software modifications. This results in faster confirmation times for merchants. Wallet encryption is available to secure wallets, requiring a password for spending litecoins, which protects against viruses and trojans. Miners are currently awarded with 6.25 new litecoins per block, an amount that halves roughly every 4 years. The Litecoin network is scheduled to produce 84 million litecoins, four times as many as Bitcoin. Litecoin is an open-source software project released under the MIT/X11 license, allowing users to run, modify, and copy the software.