Litecoin is a decentralized, peer-to-peer (P2P) digital currency and payment network supported by an open-source blockchain protocol. Through Litecoin, users can make payments to anyone in the world at relatively high speeds and low costs compared to traditional payment channels (i.e., SWIFT, ACH, FedWire system) and many other digital assets. It was launched in October 2011 by Charlie Lee, who held positions at Google, followed by Coinbase, until his departure in 2017 to head the Litecoin Foundation, a nonprofit organization committed to accelerating the development and adoption of the technology.
Learn more about Litecoin’s history and defining characteristics in our report, which is part of the Building Blocks series:
1 As of August 31, 2019.