After some initial phase of development, Charlie Lee left Google and dedicated himself to full-time Litecoin development. Being one of the first Bitcoin forks and actually proposing some changes to the original code, Litecoin seemed like an independent currency, not standing on the primary currencyвЂ™s shoulders.

Miners liked it because they could mine it on their personal computers and laptops. The idea of Litecoin quickly became popular. Also, as it was supposed to be a cheap cryptocurrency, the maximum supply cap was raised to 84 million coins. Litecoin network uses a different consensus mechanism, called вЂњscrypt,вЂќ which isnвЂ™t so demanding in terms of resources. Instead of 10 minutes, it takes only 2.5 minutes per block. ThatвЂ™s why the block generation time for Litecoin is four times faster. Lee wanted to create a similar network, aimed at fast payments. It was a Bitcoin fork, but with a few differences. Litecoin was created in 2011 by Charlie Lee, a Google employee. It has a very long history of development, and we're going to explore it here. Litecoin is one of the oldest cryptocurrencies, and it still occupies the 7th place on Coinmarketcap list. But Litecoin still has a strong community, and that's more important for the coin, which is considered a digital silver, as well as Bitcoin is a digital gold. Recently, Litecoin hasn't been making it to the headlines, because it's not involved in scandals, disputes, it doesn't have recent forks, and it's creator doesn't have lunches with Warren Buffet. While many eyes are pointed towards the performance of Bitcoin, the crypto community sometimes forget about smaller cap coins, such as Litecoin.

Lite coin history