Litecoin (LTC) is considered the "silver coin" of the cryptocurrency ecosystem . Created in 2011 as part of “an effort to create a real alternative currency similar to Bitcoin” , Litecoin is one of the most important currencies on the market, both for its market valuation and for its contribution to the Blockchain network.

To learn about the beginnings of Litecoin we have to go to its Source Code on Github , there it was explained that:

“Litecoin is an experimental digital currency that allows instant payments to anyone, anywhere in the world. Litecoin uses P2P technology to operate without a central authority: the management of transactions and the issuance of money are carried out collectively by the network. Litecoin Core is the name of open source software that allows the use of this currency. "

The Litecoin Core open source is released under license from the Massachusetts Institute of Technology (MIT), Alma Mater University from project founder Charlie Lee .

In addition to Bitcoin , Litecoin explains in its post on BitcoinTalk , that it relied on other cryptocurrencies to carry out its project . In particular, they evaluated the errors of “ixcoin” and “i0coin”, two currencies that were already dead for Litecoin's going to market. To determine the mining system they wanted to apply, they looked at the CPU's “ Proof to work ” system with “Scrypt” being applied by “Tenebrix” and “Fairbrix”, two very innovative cryptocurrencies at the time.

Litecoin, at least from the beginning, was not raised to compete against Bitcoin , in fact, its objective was to create a currency that had the same benefits of Bitcoin but not its problems. Likewise, they highlighted that by using the Scrypt system, users could continue to mine Bitcoin, which did not share or share the same mining system.