Litecoin is an altcoin that was created by Charlie Lee, a former Google employee, in 2011 as a lighter version of Bitcoin. Its main use-case is as a decentralized peer-to-peer digital currency for low-cost and censorship-proof payments anywhere in the world.
Litecoin is a fork of the Bitcoin client, with modifications to its block generation time making its transactions quicker than BTC’s. Litecoin also has a larger maximum supply and uses the Scrypt hashing algorithm instead of SHA-256 which Bitcoin uses. Litecoin is designed to be a currency for commerce that’s complementary to Bitcoin.
Litecoin, which uses the ticker “LTC,” is one of the top 10 cryptocurrencies by market capitalization. LTC is listed on all major crypto exchanges, including Binance and Coinbase, where users can buy, sell, and trade Litecoin easily. LTC’s price is known for being extremely volatile similar to most other cryptocurrencies.
The Litecoin Foundation, a non-profit organization, was set up to promote and advance Litecoin’s use in society through the development of state-of-the-art blockchain technologies. Its board of directors includes blockchain industry professionals like Xinxi Wang, Franklyn Richards, Zing Yang, and the Litecoin creator Charlie Lee.
The Litecoin Foundation also works closely with and financially supports the Litecoin Core development team, which includes all the developers of the Litecoin project. The Litecoin Foundation raises money through donations, partnerships, and the sale of merchandise. All funds raised are used directly for key Litecoin Foundation initiatives and the development of Litecoin. None of the directors receive a salary for their contributions.
The Litecoin Foundation recently teamed up with some major sports organizations to boost the awareness and adoption of Litecoin as a currency. Litecoin became the first crypto to sponsor a UFC event, and it is also the official cryptocurrency of the NFL’s Miami Dolphins.
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