Deep Dive
1. Purpose and use
Litecoin is a blockchain-based payment network: transactions are recorded on a shared public ledger, and users can transfer LTC between digital wallets without relying on a bank or payment company. It was created as a cryptocurrency focused on everyday transfers. Litecoin
2. Technology
Litecoin uses proof of work to validate transactions and secure its network. Its mining algorithm is called Scrypt; miners use computing power to compete to add new transaction records to the blockchain. Litecoin Core
3. Supply
Litecoin’s maximum supply is 84 million LTC, meaning no more than that amount is intended to be created. New LTC enters circulation through mining rewards, which decrease over time according to the protocol. Litecoin
Conclusion
Litecoin is a capped-supply cryptocurrency whose main purpose is to enable direct digital payments, secured by proof-of-work mining. How its payment network develops will depend on its continued usefulness for transferring value.
