Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project introduced on October 7, 2011 and released under the MIT/X11 license, by Charlie Lee, a former Google employee. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin is a fork of Bitcoin, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins (84 million Litecoins will be produced), different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI for its client. In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness.
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