Litecoin - Definition from the Hotspot Shield Encyclopedia
This is a cryptocurrency that operates using a peer to peer system and is open source.
Litecoin is nearly identical to Bitcoin in its technicalities and is the fourth largest cryptocurrency in use on the digital currency market.
The main differences between Litecoin and Bitcoin concern block sizes, number of available coins and the algorithms used - Litecoin has a decreased generation time for blocks, has an increased number of maximum coins, and uses the Scrypt algorithm instead of SHA-256. Litecoin can process a new block every 2.5 minutes (against Bitcoins 10 minutes) and will produced 84 million coins which is currently four times the amount that Bitcoin will ever issue. Litecoin is available on many exchanges and can also be traded for USD, Euros and Chinese Yuan.