Litecoin LitecoinLitecoinLitecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, st…en.wikipedia.org is a peer-to-peer cryptocurrencyCryptocurrencyA cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurr…en.wikipedia.org introduced by Charlie LeeCharlie LeeCharlie Lee is an English professional footballer who plays as a defender or midfielder.en.wikipedia.org on 7th Oct 2011. Litecoin is based on the Bitcoin protocol but varies in terms of the hashing algorithm. The coin uses the memory intensive ScryptscryptIn cryptography, scrypt is a password-based key derivation function created by Colin Percival, originally for the Tarsnap online backup service. The algorithm was specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amounts of memory.en.wikipedia.org proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.