An Intro to the 2011 History of Litecoin: One of the most popular internet currencies after Bitcoin

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Litecoin, created by Charlie Lee and released in October 2011, is one of the leading cryptocurrencies in the world. Developed as an alternative to Bitcoin, Litecoin offers faster transaction confirmation times and a different hashing algorithm, known as Scrypt. This particular currency was designed to have a lower barrier for 'mining' the currency as explained in the book Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data. 'Mining' means giving someone some of the cryptocurrency in return for giving up some of their computer's resources to secure the decentralized database that the crypto operates from.

The history of Litecoin can be traced back to a post on the Bitcointalk forum on October 7, 2011, where Charlie Lee introduced the concept and rationale behind creating Litecoin. He aimed to address some of the limitations of Bitcoin, primarily its slow transaction confirmation time. Inspired by Bitcoin's success, Lee set out to create a cryptocurrency that could complement it. After that, Charlie launched Litecoin's code on GitHub on that day, allowing anyone to be able to create their own version of the cryptocurrency and the blockchain that it was backed by.

With the release of the initial Litecoin client and computers for the active decentralized database on October 13, 2011, the journey of Litecoin began. You can use the code for Litecoin to create your cryptocurrency or form of money, but it can also be used to create your own decentralized database if you are not interested in finance in any way.


Citations:

- Charlie Lee. (2011, October 7). [Forum Post]. Retrieved from https://bitcointalk.org/index.php?topic=47417.0

- The Litecoin Project. (n.d.). Retrieved from https://litecoin.org/


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