WHAT IS LTC?
Litecoin a peer-to-peer cryptocurrency created by Charlie Lee.
Based on the Bitcoin protocol but differs in terms of the hashing algorithm used.
Litecoin uses the memory intensive Scrypt proof of work mining algorithm.
Scrypt allows consumer-grade hardware such as GPU to mine those coins.
The Halving
Litecoin conducted its scheduled "Halving" on Aug. 5, a process built into the protocol as a measure to reduce inflation. Litecoin's recent halving reduced the rewards paid out to "miners" -- those who process transactions on the network --from 25 LTC to 12.5 LTC per block, and significantly decreased the number of new LTC hitting the market.
