You may know absolutely nothing about digital currencies at the moment. There is a wealth of material to be found on the internet where you can educate yourself about the subject.
Litecoin is a peer-to-peer crypto-currency. Its creation and transfer is based on an open source protocol and was intended by its developers to improve on Bitcoin, the first digital currency. There are 3 key differences between Litecoin and Bitcoin:
- Litecoin's speed of processing; producing a block every 2.5 minutes
- Litecoin is a based upon a "Scrypt" algorithm
- The number of coins that will be produced, being 84 million, is four-times that of Bitcoin.
Litecoin is the brainchild of Charles Lee. Although not as hard to contact at the inventor of Bitcoin, Charles certainly keeps himself to himself. Launched in October 2011, Litecoin wasn't Charles's first attempt at an alternative coin, but it has certainly been successful.
If you want to know more about Litecoin there are some great resources. Visit Litecoin.org or go to where you'll find interesting and instructive videos. Here's Professor Puppet explaining the basics:
Most digital currencies have a dedicated following. You'll find these communities are usually very friendly and that's certainly true of the Litecoin community. You can visit Litecoin Talk to get involved or just to ask questions.
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