The Litecoin Foundation is a registered 501(c)(3) nonprofit established in 2017, dedicated to the growth and adoption of Litecoin. It supports the development of Litecoin's technology, ecosystem, and capabilities. Litecoin, launched in October 2011, is a decentralized, inflation-resistant digital currency designed for everyday use. It has processed over 300 million transactions with no network downtime, offering faster and cheaper transactions than Bitcoin, with fees under $0.01. It is promoted as the most used crypto for payments, remittances, and peer-to-peer transfers, and features opt-in confidential transactions for financial privacy. Established in both Singapore and the US, the foundation consists of full-time, part-time, and volunteer support from around the globe and relies on community generosity to further its mission.
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.
