Litecoin was created in 2011 with the intention of being the next best cryptocurrency and blockchain after Bitcoin. Its aim was to improve Bitcoin’s model and neutralize its defects.

Networks Mainnet, Testnet
Released 2011
Consensus Proof of Work (PoW)
Smart contracts No
Block time 2.5 minutes
Smart contract language(s) supported No
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Litecoin vs. Bitcoin

Litecoin includes considerable improvements over Bitcoin’s model. It produces significantly more coins, has faster transaction and processing speed, and uses a newer and better cryptographic algorithm - Scrypt. Litecoin also generates a new block 4 times faster.