Litecoin or LTC is a peer-to-peer cryptocurrency. Its creation and transfer is based on an open source protocol. Litecoin is not managed by any central authority. For mining Litecoin uses scrypt.
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charles Lee, a former Google employee. There are total 84 million of LTC.
Litecoins are traded primarily for fiat currencies and other cryptocurrencies, mostly on online exchanges. Payments in the Litecoin network are made to addresses, based on digital signatures - strings of 33 numbers and letters and such signature always begins with the letter L.
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