Litecoin was created in 2011 by a Google employee Charlie Lee. Currently, this cryptocurrency is one of the largest by market capitalization. Litecoin was created as one of the first forks of the Bitcoin blockchain. Also, it is safe to say that Litecoin is one of the first altcoins. While Bitcoin is based on SHA-256 algorithm, Litecoin utilizes a lighter scrypt algorithm. Litecoin was created in order to fix some known issues Bitcoin has. For instance, Litecoin performs faster transactions and itis more efficient storage-wise. Litecoin was used for successful tests of Lightning Network— an innovation that is aimed to improve the long-time problem of cryptocurrencies — low transactions speed.

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