Litecoin Explorer
Explore the Litecoin blockchain
About Litecoin
Overview
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011.
History
Litecoin was created in 2011 by Charlie Lee, a former Google engineer. Lee wanted to create a "lite version of Bitcoin" with some distinct features. The Litecoin network went live on October 13, 2011. It was a source code fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI.
Technology
Litecoin uses the Scrypt hashing algorithm, which is less susceptible to custom hardware solutions such as ASICs. This was originally intended to ensure more decentralized mining, although ASICs for Scrypt have since been developed. Litecoin has a block time of 2.5 minutes, compared to Bitcoin's 10 minutes, allowing for faster transaction confirmations. Litecoin implemented Segregated Witness (SegWit) in May 2017, which helps improve scalability by increasing the block size limit. In 2022, Litecoin activated the MWEB (MimbleWimble Extension Block) upgrade, which enhances privacy and fungibility.
Economics
Litecoin has a maximum supply cap of 84 million coins, which is four times larger than Bitcoin's 21 million. Like Bitcoin, Litecoin undergoes halving events approximately every four years, where the block reward is cut in half. The initial block reward was 50 LTC, and it has been halved multiple times since then. Litecoin is often referred to as the "silver to Bitcoin's gold" and is frequently used as a testbed for improvements that might later be implemented on Bitcoin.
Key Contributors
Charlie Lee
Creator & Managing Director
Former Google engineer who created Litecoin in 2011. He leads the Litecoin Foundation and is a prominent figure in the cryptocurrency community.
Adrian Gallagher
Lead Developer
Lead developer of Litecoin Core who has been instrumental in implementing various protocol upgrades.
Xinxi Wang
Director
Director of the Litecoin Foundation and co-founder of Coinut exchange.
Alan Austin
Director
Managing Director of the Litecoin Foundation, focused on business development and partnerships.
Major Milestones
October 7, 2011
Litecoin Created
Charlie Lee created Litecoin as a "lite version of Bitcoin" with faster block times and a different hashing algorithm.
October 13, 2011
Litecoin Network Launch
The Litecoin network went live with the genesis block being mined.
November 2013
Price Surge
Litecoin experienced its first major price surge, reaching over $50 during the 2013 crypto bull run.
August 25, 2015
First Halving
The first Litecoin halving occurred, reducing the block reward from 50 LTC to 25 LTC.
May 10, 2017
SegWit Activation
Litecoin activated Segregated Witness (SegWit), becoming one of the first major cryptocurrencies to implement this scaling solution.
December 2017
All-Time High
Litecoin reached its all-time high of approximately $375 during the 2017 bull market.
December 2017
Charlie Lee Sells Holdings
Charlie Lee announced that he had sold all of his Litecoin holdings to avoid conflicts of interest.
August 5, 2019
Second Halving
The second Litecoin halving occurred, reducing the block reward from 25 LTC to 12.5 LTC.
May 2022
MWEB Upgrade
Litecoin activated the MimbleWimble Extension Block (MWEB) upgrade, enhancing privacy and fungibility.
August 2023
Third Halving
The third Litecoin halving is expected to occur, reducing the block reward from 12.5 LTC to 6.25 LTC.